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Peter Davis

An writer at FOMOdrive

  • Nov 06, 2023
  • 2 min read

Warren Buffett has been selling stocks for four quarters in a row.

Warren Buffett has not found any appealing investment opportunities in the US stock market.

The famous investor's portfolio saw a decrease of $21 billion as a result of the decline in Apple stock.

Within the next 12 months, Bank of America is predicting double-digit growth for the S&P 500.

According to its third-quarter report, Berkshire Hathaway - the company of world-renowned investor Warren Buffett - has amassed an unprecedented $157.2 billion in cash.

Profinance reports that the figure has risen significantly in the past year, with $30.8 billion in cash and $126.4 billion in short-term US government bonds included in the total amount.

Due to Berkshire Hathaway having net sold shares for four quarters in a row, the net sales of securities over the past year totaled an unprecedented $38.3 billion.

RBC reported that the value of Buffett's portfolio decreased by $21 billion as a result of the decline in Apple's stock price. Apple's stock dropped by almost 12% during the third quarter, and as of June 30, it accounted for 51% of Buffett's holdings.

Berkshire Hathaway set a new record for quarterly operating profit, largely due to the success of its insurance business, which includes profits from both insurance and investments. The diverse businesses in its portfolio also contributed to the increase.

In recent years, Buffett's conglomerate has been faced with an issue - having too much cash with no viable options for investing, due to the high market valuations of potential companies to purchase.

Bank of America has forecasted that the S&P 500 will experience double-digit growth, according to their Sell-Side Indicator. Despite the high rates in the US, the US stock market is still expected to increase in the upcoming year.

The bank predicts that the S&P 500 will increase to 4,600 points by the end of 2020, a rise of more than 5% from current levels. Furthermore, they anticipate that the index will reach 4895 points by November 2024, a jump of 12% from current values.

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