The California State Teachers' Retirement System, the second-largest public pension by assets in the U.S., bought more shares of movie-theater chain $AMC Entertainment (AMC.US)$ and analytics-software firm $Snowflake (SNOW.US)$, acquired shares of the $Tilray Brands (TLRY.US)$, and reduced its holdings in $Berkshire Hathaway-B (BRK.B.US)$, Buffett's investment juggernaut. Calstrs, as the pension is known, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
Calstrs said it doesn't comment on its holdings or on individual investment managers. The pension managed $321.9 billion in assets as of Oct. 31.
AMC stock caught fire during the meme-stock frenzy early in the year, when small investors communicating via social media bought shares of beaten-down companies in hopes of triggering gains that would force people who had bet against those stocks to buy in order to close their bets. The trend led to a surge in volatility that prompted the Federal Reserve to warn this month that meme-stock related market swings could be a risk to the financial system. AMC's third-quarter results were better than expected, and the chain is now accepting cryptocurrencies for online payments.
Yesterday, AMC shares fell 15% to their lowest close since May. The Omicron variant of coronavirus has revived fears that new lockdowns could keep movie-goers away from theaters.
Mooers, what do you think of the giant pension's investment in these most-volatile stocks?