Buffett’s firm adds stake in RH, trims Wells Fargo holdings

Buffett’s firm adds stake in RH, trims Wells Fargo holdings

Warren Buffett

Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. is winning his bet that an unmanaged index fund can beat a hedge fund.

OMAHA — Warren Buffett’s company has added new investments in luxury retailer RH and Occidental Petroleum while trimming its Wells Fargo holdings.

Berkshire Hathaway Inc. filed a quarterly update on its U.S. stock portfolio with regulators on Thursday. The filing shows what Buffett’s company held on Sept. 30.

Berkshire picked up 1.2 million shares of RH during the third quarter and acquired nearly 7.5 million shares of Occidental Petroleum as part of financing Occidental’s acquisition of Anadarko.

Investors follow what Berkshire buys and sells closely because of Buffett's successful track record.

Berkshire reduced its stake in Wells Fargo to 378.4 million shares from 409.8 million. In the past, Buffett has sold some Wells Fargo stock to keep Berkshire’s stake below 10%, even after the bank’s stock repurchases.

Reach the writer at 402-473-7391 or psangimino@journalstar.com. On Twitter @psangimino.


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