CFRA Research分析师塞弗特表示：“此次出售代表了典型的投资组合再平衡。”
CFRA Research analyst Cathy Seifert believes that if the US stock market continues to plummet, it will be a "golden opportunity" for Buffett to buy low, and his record $276.9 billion in cash reserves will come into play.
The timing of Berkshire Hathaway's large-scale sale of stocks in the last quarter may be appropriate because Buffett has more cash on hand as the stock market plummets.
In the second quarter, the company net sold stocks worth $75.5 billion, including reducing its position in Apple by nearly half. This helped boost its cash reserves to a record high of $276.9 billion from $189 billion in the previous quarter.
CFRA Research analyst Seifert said, "This sale represents a typical portfolio rebalancing."
She explained that because Berkshire's investment portfolio is heavily skewed towards a few stocks such as Apple, there is a concentration risk. Some profit-taking may also be involved, as the market was hitting new highs at the time of the sale.
The biggest question is how Buffett will handle his accumulated cash, as Berkshire's investment portfolio has always been a topic of great interest to investors.
Buffett is known for his discipline and only buys when he sees a bargain. Over the years, he has been lamenting the lack of opportunities for trading due to high valuations. But with the stock market plummeting, it may soon be time to buy.
Seifert said, "If the market adjustment continues to accelerate, this could be a golden opportunity for them."
She said that Berkshire could also use cash to directly acquire a company, with the acquisition targets typically in the consumer, industrial and insurance sectors.
But Seifert pointed out that with the expansion of private equity, Buffett faces more intense competition in acquisitions than he did 20 or 30 years ago. She added that if borrowing rates continue to fall, valuations of private companies may rise.
Berkshire Hathaway can also continue to buy back more stocks with its cash on hand. As the company's funds grow, the issue of paying dividends for the first time may be raised more often. However, Seifert thinks that as long as Buffett is in charge, this is questionable.
Currently, Berkshire Hathaway's cash is invested in US bonds and other income-stable, secure investment projects, earning interest income. Although this easy money is rolling in, the company is unlikely to be in a rush to invest.
Seifert said, "They won't feel too much pressure to use this cash."
