Many longtime Berkshire Hathaway devotees who have held its stocks for many years are unloading Berkshire shares. Even though Chairman Warren Buffett still causes headlines, Forbes Magazine wondered whether the "Berkshire Hathaway mystique” may be wearing thin.
Among the longtime Berkshire investors who have recently unloaded shares is the sterling Sequoia Fund. While it’s had had a "tight” relationship with Berkshire for four decades, Sequoia has still unloaded $650 million of Berkshire shares since the beginning of 2005, shrinking the portion of Sequoia’s portfolio from 35 percent to 256 percent.
Wallace Weitz, who runs Weitz Partners Value funds, has also had about 7.6 percent of his two funds comprised of Berkshire shares. He sold some shares last fall, reported Forbes, decreasing his holdings to 7.3 percent.
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Another Buffett loyalist, Christopher Davis and his firm Davis Advisors, has exited from Berkshire entirely in Davis Financial Fund. According to Forbes, Davis Advisors recently reported selling $49 million worth of Berkshire A shares for a $20 million profit.
On Aug. 30, Buffett assured shareholders that a change in management and a possible shift in control to the Bill & Melinda Gates Foundation would have no impact on Berkshire’s gains.
Still, stated Forbes, "The extraordinary rise in Berkshire’s share price during Buffett’s tenure is not necessarily over, yet it seems to be tapering off. Over the past five year, the share price growth has lagged behind the S&P 500’s.”
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