Warren Buffett Sold Bank of America and Citigroup and Is Piling Into This High-Yield Investment Instead
Buffett added $13.8 billion to this holding last quarter.
One of the most popular Warren Buffett quotes on investing is, "Our favorite holding period is forever."
Many take this to believe the Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO never sells stocks. Of course, anyone who's been paying attention to Buffett's moves over the last few years knows that's not true. Buffett sold $143 billion worth of stocks on Berkshire's behalf last year.
While Buffett buys stocks in companies he plans to hold forever (or at least a very long time), he's also mindful of valuation. In his 1994 letter to shareholders, he said, "We try to price, rather than time." When a stock becomes expensive, Buffett is more inclined to sell it.
