To some, Berkshire Hathaway Inc.’s gutting of its Apple Inc. stake could be interpreted as a lack of conviction in the iPhone maker’s growth story. But many on Wall Street are urging investors to look past the news and stay calm.
The Warren Buffett-led conglomerate revealed Saturday that it sold almost half of its position in the tech giant during the second quarter. Its stake now stands at roughly $84 billion, down from about $140 billion at the end of March. The selling took place during a torrid run in the stock market that sent Apple shares 23% higher and pushed the S&P 500 from one record to the next.