Berkshire Hathaway will show a LARGE purchase, likely in a new name, and a lot of activity in their equity portfolio when they file the 3Q 13-F either after the close or on Monday. In total, $BRK purchased $17.6B and sold $12.8B in common stocks during 3Q. 1/
It looks they sold at least another 100 million shares of $WFC early in the quarter, following the 42% sale previously announced in 2Q. They likely either sold the the rest of the Wells and/or continued to sell down the $JPM and $PNC positions. 2/
Look for $BAC to be materially upped by ~$2B. If all 3 banks were sold then there will be a buy of an additional financial company as well, on top of the $BAC increase. There is a likely sale of ~$4B of $AAPL with a $1B cost basis, so from Todd/Ted, most likely Ted. 3/
There are likely small trims in $DVA, $AXTA and $LBTYA. The purchase of the five Japanese trading companies may not be a 13-F disclosure but totaled $7B. $SNOW was a $735M investment. There will be an additional $7.9B purchase in something substantial. 4/
I’d bet on a big investment in integrated energy, like $CVX or $XOM. Not confident here, but that’s what I’d have done. Perhaps an increase in $GM or an infrastructure investment, but less likely. We could see an increase in $SU but not at the ~$8B level. Stay tuned... 5/
On top of portfolio activity, $9B in share repos at discounts to IV, the announced acquisition of $9.7B in gas transmission and storage assets from Dominion, sizable growth cap ex and a material lengthening debt at low rates, there’s lots of great capital allocation going on. 6/6
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