Deals
Warren Buffett Cuts Crisis-Era Bet on Goldman
- ‘Historical relationship’ no barrier to Berkshire’s retreat
- Wall Street bank is in transition with new CEO David Solomon
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Warren Buffett was willing to stand by Goldman Sachs Group Inc.’s side during the last economic crisis, at least for the right price. Now, he’s bailing out just as the pandemic throws the U.S. economy onto uncertain terrain.
Berkshire Hathaway Inc. sold 84% of its Goldman Sachs stock in the first quarter, marking a reversal for an investor who generally holds large stakes in the banking sector. It was one of the most notable changes in Berkshire’s more-than $180 billion portfolio in the period, as the bank underperforms the broader U.S. market.