- Berkshire Hathaway was a net seller of equities in 2020, and there is no overarching theme to the stock trades that were done.
- This marks another step in the evolution of Berkshire from investment-focused to operations-focused.
- The stock portfolio is still an important source of cash and capital growth for Berkshire but should not be used in isolation to evaluate the company.
- Berkshire will probably grow in line with the overall economy, but EPS can grow faster due to a smart buyback policy.
For further details see:
Berkshire Hathaway: Stop Obsessing Over Warren Buffett's Stock Picks