Berkshire Hathaway (BRKB) is one of the notable holdouts in this afternoon’s rally, with the “B” shares currently down 1 cent at $72.27.
The folks at InsiderScore.com this afternoon point out that value investment shop Ariel Investments sold half its stake in B and A shares in the first quarter, and isnt’ done selling.
Insider cites the following commentary from Ariel management: “Considering that the shares trade near our calculation of intrinsic value and much of the ‘dry powder’ of excess capital has been deployed in the recent correction, we sold half of our position in the quarter. We have a bias toward a complete exit in the near-term given our discipline of selling stocks trading above our estimate of private market value.”
Meantime, Fairholme Fund also cut its stake, in their case by 70%! The fund was betting on a recovery for the stock and betting on the Burlington Northern deal being a success, but apparently they’ve had enough.
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