Warren Buffett Sold $133 Billion Worth of Stocks in 2024: Here Are 2 He's Not Selling

Berkshire Hathaway's Stock Portfolio Adjustments - Warren Buffett's Berkshire Hathaway sold $133 billion worth of stocks in the first nine months of 2024, including reducing its stake in Apple and selling nearly a quarter of its Bank of America holdings [1] - Apple, American Express, Bank of America, and Coca-Cola accounted for 70$271 billion stock portfolio in Q3 2024 [2] - Buffett is raising cash as the S&P 500 trades at a historically high 30 times earnings [2] Coca-Cola Investment Analysis - Coca-Cola remains a core holding for Berkshire, with 400 million shares worth $25 billion and paying$776 million in annual dividends as of Q3 2024 [6] - Coca-Cola's unit case volume declined slightly last quarter due to weak consumer spending, but management expects long-term revenue growth slightly above the global beverage industry's 4% historical rate [7] - The stock trades at 21 times 2025 earnings estimates with a 3.14% dividend yield, offering steady passive income despite limited growth potential [8] American Express Investment Analysis - Berkshire holds 151 million shares of American Express, a position it has maintained for 30 years [9] - American Express reported $9.9 billion in earnings over the past year, reflecting strong growth from$12.5 million in 1964 and $1.4 billion in 1994 [9] - Net card fees grew 18$2.2 billion in Q3, driven by strong customer service and a card membership model [10] - Total transaction volumes grew 6% YoY, with earnings expected to grow 25% in 2024 due to strong card fee growth and low delinquency rates [11] - The stock trades at 20 times 2025 earnings estimates, above its 10-year average P/E of 18, but long-term earnings growth is expected at 14% annually [12]