Warren Buffett’s quarterly stock moves are always the first to be scrutinised and there were a number of key changes noted this quarter.
Buffett reduced his position in a number of household names that have been mainstays of his portfolio, including United Parcel Service (better known as UPS), pharmaceutical groups Johnson & Johnson and Procter & Gamble (NYSE:PG), Kraft Foods, Visa and General Electric.
He added to his holdings in IBM, Bank of New York, Viacom and the old Buffett favourite, Wells Fargo.
But the biggest news was generated by the addition of two oil companies: National Oilwell Varco and Phillips 66. These relatively small additions, and the notable sell-downs, have led many to speculate that Buffett is handing some control (and more capital) to the two young stockpickers he has appointed to his funds: Todd Combs and Ted Weschler.'
