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This blog post originally appeared on RealMoney Silver on Feb. 18 at 8:21 a.m. EST.
"I used to be Snow White ... but I drifted."Yesterday, after the close, Warren Buffett's Berkshire Hathaway (BRK.A) announced a number of portfolio changes. Since I penned my "Kass Katch: 11 Reasons to Short Berkshire" in March 2008, I have consistently questioned Buffett's style drift -- specifically, his $30 billion-plus notional short put position on the U.S. stock market. I have also questioned whether the commoditization of financial industry products has flooded the moat surrounding some of Berkshire's largest financial positions, including American Express (AXP), U.S. Bancorp (USB) and Wells Fargo (WFC). My critical views of the Oracle of Omaha's investment strategy were not very popular. In particular, the responses I received after I highlighted my Berkshire short in a May 2008 Barron's interview were a collective Bronx cheer. Meanwhile, in the interim interval, Berkshire Hathaway's common stock has slipped dramatically in value from $140,000 a share to $84,000 a share.
-- Mae West
"All for one! One for all! Every man for himself!" -- The Three Stooges: "Restless Knights" (1935)As Jim Cramer opines, yesterday's release of the changes to the Berkshire portfolio raises more questions than answers. Specifically, Buffett has surprisingly sold off portions of some meaningful core positions, including Johnson & Johnson (JNJ), ConocoPhillips (COP) and Procter & Gamble (PG). Placing a terminal value on some meaningful investments and then selling them goes to the root of Buffett's long-held investment strategy and questions the basic notion that his favorite holding period is forever.
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