> Warren Buffett Blog: Berkshire sells all its GE holdings

Wednesday, August 23, 2017

Berkshire sells all its GE holdings

According to recent SEC filings, Berkshire Hathaway, has sold off its remaining 10.6 million shares of General Electric in the second quarter of 2017. As of June, Buffett's investment had been worth $315 million.

The timing of the sale was good as those 10.6 million shares would have been worth $46 million less today than three months ago.

2017 has been particularly rough on GE. The stock has cratered 20% since January. In June, CEO Jeff Immelt resigned after 16 years on the job. And the company continues to offload struggling legacy businesses as it tries to stay relevant in the digital age.

Still, Buffett made hay off the investment. He poured $3 billion into GE in 2008 when the company was hit hard by the financial crisis. GE's stock grew about 40% during the time Berkshire held stock in the company. Even better: GE pays a huge dividend, helping pad Buffett's profit.