Warren Buffett, the world’s most famous stock picker, wants everyone to know that he also sells.
In his annual letter to shareholders, which was released on Saturday, Buffett, who is the CEO of , says there has been some misunderstanding about his investment method. He even added a line to a section that has been included nearly unchanged in the letter every year since 1983 to clear up the confusion.
But anyone following Buffett this year should have known that he sells, or has been recently. Last year, Berkshire Hathaway exited billion-dollar-plus stakes in , , and . But his most high profile stock sale was . In 2016, Berkshire sold near all of the shares it held of the giant retailer, which Buffett’s company first invested in back in 2005.
All of those sales, led to a major reshuffling of Berkshire’s portfolio. Among Berkshire’s top 15 holdings, four are shares of companies that Berkshire Hathaway didn’t own a year ago. The year before that none of Berkshire’s top holdings were new.
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The fact that his top holdings rarely change has led some to declare that Buffett is a buy-and-hold-forever investor. Buffett says that’s not the case--and he provides the proof for his claim. In this year’s letter, Buffett says there are some stocks that he doesn’t plan to sell anytime soon, but he says that’s not a commitment. Any stock Berkshire owns could be sold tomorrow, Buffett says. He added a line to the perennial section of the letter that describes Buffett’s investment philosophy to clarify his approach.
Buffett did not comment directly on Walmart, or any of his big stock purchases of the past year, including his most headline grabbing one--buying $6.7 billion worth of Apple stock. That investment has already gained at least $400 million. The stock purchases make up half of the new shares that Berkshire has added to its top holdings in the past year. The other three additions to his top 15 holdings are all airlines stocks, including , , and . Berkshire also invested more than $1 billion in a fourth airline stock, , which it puts it just out of the company’s top holdings. Buffett did own shares in any airline carrier a year ago.
Buffett doesn’t select every stock that is added to Berkshire Hathaway’s investment portfolio. And increasingly Buffett has been handing over more of the investment decisions to two recent hires Todd Combs and Ted Weschler. But given the size of the Apple investment, and the collective stake Berkshire has taken in the airlines, it is likely that Buffett was behind both of those investments.