Buffett had long praised JPMorgans Dimon even as Berkshire didnt invest in the stock.Bloomberg|Feb 15, 2019, 09.20 AM ISTBerkshire reduced its Apple stake by 1 percent in a period that marked its first holiday quarter sales decline in 18 years.By Katherine Chiglinsky and Ben FoldyWarren Buffetts Berkshire Hathaway Inc.
took advantage of a plunge in bank stocks to pile even further into his bet on financials, while trimming a giant stake in Apple Inc.Berkshire spent the last half of the year snapping up more shares of banks and insurers, moves that made the company a major shareholder in four of the five largest United States banks.
The Omaha, Nebraska-based conglomerate boosted its stake in JPMorgan Chase Co.
and Bank of America Corp.
in the last three months of the year.Key InsightsBerkshire reduced its Apple stake by 1 percent in a period that marked its first holiday quarter sales decline in 18 years and saw shares plunge 30 percent.
Its still the biggest holding in Buffetts portfolio, and the stock has rebounded about 8 percent this year.Buffett didnt enjoy his time investing in International Business Machines Corp., but he may have made quite a haul on its latest purchase.
Berkshire owned 4.2 million shares of Red Hat Inc.
at year-end, though its unclear if they were bought before IBMs purchase of the company sent the stock up 45 percent on Oct.
29.Berkshire also boosted its stakes in regional lenders, including PNC Financial Services Group Inc.
and United States Bancorp.
That could be a bet on consolidation in the industry, as this months announced merger between SunTrust Banks Inc.
and BBT Corp.
has led to speculation that more deals are coming.Market ReactionOracle shares dropped 1.3 percent at 4:56 p.m.
in New York, after the end of regular United States trading.
Apple was down as well, losing about 0.5 percent.Get MoreBuffett had long praised JPMorgans Jamie Dimon even as Berkshire Hathaway didnt invest in the stock.
Berkshire eventually plowed in when the timing aligned, according to Vice Chairman Charles Munger.
As investment has gotten harder and the banks have done better and better, weve finally reached a crossing point where he was willing to act, Munger said Thursday in an interview after the Daily Journal Corp.
meeting in Los Angeles.Berkshires dalliance with Oracle Corp.
was short-lived.
After taking a $2.1 billion stake in the software firm in the third quarter, Berkshire had sold out by year-end.
Buffett has typically taken a more cautious approach to technology companies, given his lack of familiarity with the space.Buffett likes to take advantage of what he views as fear in the markets, and that certainly hit banks last quarter.
The SP 500 Financials Index dropped 14 percent in the fourth quarter, the worst period in more than seven years.
Buffett speculation lifts Kotak stockWarren Buffett's Duracell, Energizer in race to charge up EvereadyView: Warren Buffett, we hardly recognise you1st rule to success Warren Buffett says invest in yourselfCommenting feature is disabled in your country/region.