Shares are poised for a flat open; US stocks close higher, paced by tech rebound; China data at midday. Follow updates here.
Warren Buffett’s company appears to be betting on the US housing market picking up because Berkshire Hathaway bought more than $US700 million worth of home builder DR Horton’s stock this spring along with smaller stakes in fellow builders Lennar and NVR.
Berkshire revealed those new investments on Monday in a quarterly filing with the Securities and Exchange Commission that shows the conglomerate’s holdings as of the end of June.Investors always watch Berkshire’s moves closely because of Buffett’s remarkably successful track record over the years, but these filings don’t make clear which moves Buffett made and which ones were handled by one of the Omaha, Nebraska-based company’s two other investment managers.
Buffett typically handles all the biggest investments in the $US350 billion portfolio worth $US1 billion or more. The three home builder stakes together are worth around $US800 million .Buffett’s company made a number of other tweaks to its portfolio during the second quarter including reducing the size of its General Motors and Globe Life stakes while adding to its Capital One investment.
Berkshire almost halved its GM stake from 40 million shares to 22 million. And it reduced its Globe Life investment to 2.5 million shares from the previous quarter’s nearly 6.4 million.Buffett’s company also eliminated smaller investments in MarshBerkshire’s biggest holdings in Apple and Bank of America stock remained unchanged.
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