BUFFETT MUM ON $12B STOCK SPREE.

Warren Buffett added to his stock portfolio at Berkshire Hathaway Inc. in a big way after Nov. 8.

“We’ve, net, bought $12 billion of common stocks since the election,” he said in an interview with Charlie Rose. Buffett didn’t identify the securities that he picked.

Purchases of that magnitude represent a major pickup in activity for Omaha, Nebraska- based Berkshire. During the first nine months of last year, the company bought $5.2 billion and sold or redeemed roughly $ 20 billion worth of stocks, according to a regulatory filing (all figures US). In 2015, Berkshire bought about $ 10 billion of equity securities.

Stocks rallied after Donald Trump was elected president in November, as investors speculated the Republican’s policies will stimulate the economy. That sentiment cooled Monday after the turbulent rollout of an immigration order raised concern that the new administration may follow through with isolationist policies, overshadowing a pro-growth agenda.

Buffett told Rose he was skeptical that the U.S. could increase output at a four-percent annual clip, as the president has said he’s aiming to achieve.

“That’s pretty high,” Buffett said. “Two per cent will produce miracles.”

Rose asked if Buffett’s most recent purchases included airlines. Buffett ducked the question, saying only Berkshire held stakes in airlines as of Sept. 30.

In November, Berkshire disclosed it held positions in American Airlines Group Inc., Delta Air Lines Inc., and United Continental Holdings Inc. at the end of the third quarter. The billionaire said that month Berkshire also bought a stake in Southwest Airlines Co. since Sept. 30.

Buffettt old Rose he wouldn’t get into why Berkshire bought the shares, but said that it was “in large part” his decision.

Buffett supported Democrat Hillary Clinton in the presidential race. He has long said he’s confident in the U.S. economy’s long- term prospects no matter who wins an individual election.