Warren Buffett, the world’s most famous stock picker, wants everyone to know that he also sells.
In his annual letter to shareholders, which was released on Saturday, Buffett, who is the CEO of Berkshire Hathaway, says there has been some misunderstanding about his investment method. He even added a line to a section that has been included nearly unchanged in the letter every year since 1983 to clear up the confusion.
But anyone following Buffett this year should have known that he sells, or has been recently. Last year, Berkshire Hathaway exited billion-dollar-plus stakes in AT&T (T), Deere (DE), and P&G (PG). But his most high profile stock sale was Walmart (WMT). In 2016, Berkshire sold near all of the shares it held of the giant retailer, which Buffett’s company first invested in back in 2005.
All of those sales, led to a major reshuffling of Berkshire’s portfolio. Among Berkshire’s top 15 holdings, four are shares of companies that Berkshire Hathaway didn’t own a year ago. The year before that none of Berkshire’s top holdings were new.
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The fact that his top holdings rarely change has led some to declare that Buffett is a buy-and-hold-forever investor. Buffett says that’s not the case—and he provides the proof for his claim. In this year’s letter, Buffett says there are some stocks that he doesn’t plan to sell anytime soon, but he says that’s not a commitment. Any stock Berkshire owns could be sold tomorrow, Buffett says. He added a line to the perennial section of the letter that describes Buffett’s investment philosophy to clarify his approach.
Buffett did not comment directly on Walmart, or any of his big stock purchases of the past year, including his most headline grabbing one—buying $6.7 billion worth of Apple stock. That investment has already gained at least $400 million. The Apple (AAPL) stock purchases make up half of the new shares that Berkshire has added to its top holdings in the past year. The other three additions to his top 15 holdings are all airlines stocks, including Delta (DAL), Southwest Airlines (LUV), and United Continental (UAL). Berkshire also invested more than $1 billion in a fourth airline stock, American Airlines (AAL), which it puts it just out of the company’s top holdings. Buffett did own shares in any airline carrier a year ago.
Buffett doesn’t select every stock that is added to Berkshire Hathaway’s investment portfolio. And increasingly Buffett has been handing over more of the investment decisions to two recent hires Todd Combs and Ted Weschler. But given the size of the Apple investment, and the collective stake Berkshire has taken in the airlines, it is likely that Buffett was behind both of those investments.
When it comes to the Walmart sale, some observers have detected clues in Buffett’s comments about one of the retailer’s rivals. He has routinely praised Amazon and its CEO Jeff Bezos. Many have interpreted Berkshire’s sale of Walmart shares to suggest that Buffett no longer thinks large retailers can compete with online competitors. (Buffett does still own some retailers, including Nebraska Furniture Mart.)
The reshuffling of Berkshire’s portfolio may remove a risk that some Berkshire commentators had a made a bigger deal of in recent years. Buffett’s investment performance has appeared to cool off in recent years. Some have said that’s because Berkshire is stuck holding onto large positions in a small number of companies, like IBM or Walmart that are all seem to be face big challenges to their business models. The stock sales may suggest that Buffett is more willing to shake up his portfolio than it appeared in the past.
That may be the case. Here’s the companies Buffett made big new bets on in 2016 (all data is as of Dec. 31, 2016):
Apple
Berkshire’s Investment: $6.75 billion
What it was worth as of Dec. 31, 2016: $7.09 billion
Profit so far: $340 million
Investment return: 5%
Delta
Berkshire’s Investment: $2.30 billion
What it was worth as of Dec. 31, 2016: $2.70 billion
Profit so far: $400 million
Investment return: 17%
Southwest
Berkshire’s Investment: $1.76 billion
What it was worth as of Dec. 31, 2016: $2.15 billion
Profit so far: $390 million
Investment return: 22%
United Continental
Berkshire’s Investment: $1.48 billion
What it was worth as of Dec. 31, 2016: $1.94 billion
Profit so far: $460 million
Investment return: 31%
