Many people scrutinize Warren Buffett’s moves on the stock market.

Why? Some want to copy his trades. Others simply want to understand the choices he makes and how he thinks, to emulate his entire style.

Fortunately, it’s easy to gain insight into what he’s investing in.

Every quarter, he has to disclose what stocks his company Berkshire Hathaway has bought or sold to the U.S. Securities and Exchange Commission (SEC).

It’s that time of year when those trades are being disclosed for the third quarter.

Let’s take a look…

Warren Buffett’s Stock Purchases


In the third quarter, Warren Buffett bought shares in:

– Media company Liberty Media Corp (LLYVK and LLYVA)

– Media company Sirius XM Holdings (SIRI)

– And baseball team Atlanta Braves Holdings (BATRK).

Before you rush out to buy shares in these three companies, you should know that he bought very small positions.

Together, these three companies make up less than 0.20% of his portfolio of publicly traded stocks.

This tells us that it’s probably not Warren Buffett himself making these investments, but one of his two managers, Ted Weschler or Todd Combs. They run their own portfolios that are small, relatively speaking.

It may be challenging to draw any meaningful conclusions from tiny purchases without looking at what Berkshire Hathaway is selling…

Warren Buffett’s Stock Sales

The Oracle of Omaha has spent the third semester doing some fall cleaning in his stock portfolio. He has completely sold out of seven companies and reduced his stock position in six others.

Completely out are:

– Shipping service company UPS

– Industrial conglomerate Procter & Gamble

– Food company Mondelez International (known for Toblerone, among other things)

– Medical, pharmaceutical and personal care company Johnson & Johnson

– Car manufacturer General Motors

– Gaming company Activision Blizzard

– Chemical company Celanese

He has trimmed and cut positions in:

– Insurance company Globe Life

– Insurance company Markel

– Software and IT company Hewlett Packard (HP Inc).

– Energy and oil company Chevron

– Consulting company Aon

– Retail giant Amazon

Warren Buffett’s company Berkshire Hathaway still owns shares in 45 publicly traded companies (as well as many companies where they own 100%).

You can see Warren Buffett’s portfolio of publicly traded stocks here and stock trades here, and the entire portfolio of subsidiaries here.

What Can We Conclude About Warren Buffett’s Stock Moves?

Berkshire Hathaway sold far more stocks in the third quarter of 2023 than they bought.

They sold approximately $7 billion USD (about 48 billion DKK) and bought for $1.7 billion USD (just under 12 billion DKK).

It may sound like a lot of money, but it’s not for Warren Buffett, who has a war chest of over $157 billion USD.

It’s an enormous amount of money to keep out of the market.

What is he doing? Either the 93-year-old investor has fallen asleep… or he’s reacting to the fact that…

…The Market is Overheated


Shiller’s P/E ratio – which is a measure of how expensive the market is – is now around 30, which is as high as it was just before the crash in 1929. You can see Shiller’s P/E ratio here

P/E relates the stock price to earnings (hence the name price/earnings).

A P/E of 30 essentially means that you are paying 30 dollars for one dollar of profit in the company. The historical average and reasonable level for stocks is a P/E of 15-16.

A P/E of 30 also means that you can expect a return of around 3% in the market. That’s below the interest rate of many bonds. So what is he doing? He is waiting for good opportunities and is probably frustrated that he isn’t finding any elephant-size opportunities.

In the next blog post, I will take a look at what other value investors are buying stocks in.

Not everyone is as restrained as Warren Buffett.

Make sure to get on the mailing list so you don’t miss out. You can sign up to receive emails at the bottom of this page.

If you want to learn how I invest in stocks without fearing a crash, you can download my free e-book Free Yourself here.