Buffett offloads Fiserv stake
16 February 2011 | 9307 views | 0
Warren Buffett's Berkshire Hathaway has offloaded its entire stake in fintech vendor Fiserv as part of a $1.2 billion selling spree that also saw Bank of America stock dumped.
The Sage of Omaha placed a $220 million bet on the prospects of a rosy future for banking technology firms by snapping up 4.4 million shares in Fiserv last August.
However, the stock has already been sold, along with all of Berkshire Hathaway's holdings in BofA, Nike, Nestle, Loews, Becton, Dickinson & Co and Nalco.
All of the positions exited were holdings of Berkshire subsidiary Geico Corp, a car insurer. It coincides with the retirement of long-time Geico money manager Louis Simpson and his replacement by former hedge-fund manager Todd Combs.