Berk­shire sells off much of its stock in IBM

Houston Chronicle - - BUSINESS -

OMAHA, Neb. — War­ren Buf­fett’s com­pany sold al­most a third of its re­main­ing IBM shares in the third quar­ter and made sev­eral tweaks to its stock in­vest­ments.

Berk­shire Hathaway filed a quar­terly snap­shot of its port­fo­lio with the Se­cu­ri­ties and Ex­change Com­mis­sion on Tues­day. In­vestors watch Berk­shire’s fil­ings closely be­cause of Buf­fett’s suc­cess­ful record.

The com­pany sold off nearly 32 per­cent of its re­main­ing IBM shares to leave it with 37 mil­lion shares at the end of the quar­ter. Be­fore this spring, Berk­shire held more than 80 mil­lion IBM shares.

Berk­shire of­fi­cials don’t gen­er­ally com­ment on the quar­terly fil­ings or the rea­sons for their port­fo­lio moves.

But Buf­fett has said that IBM hasn’t per­formed the way he ex­pected since he bought shares in 2011.

IBM’s stock rose to $215 in March 2013 but closed Tues­day at just un­der $149, a de­cline of more than 30 per­cent, as the com­pany has faced stiff com­pe­ti­tion in the cloud com­put­ing busi­ness from Mi­crosoft and Ama­zon.

Andy Kropa / In­vi­sion

War­ren Buf­fett at­tends the Forbes 100th an­niver­sary event this fall in New York. Buf­fett has said that IBM hasn’t per­formed the way he ex­pected.

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