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Kirk Lindstrom
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Kirk Lindstrom has an engineering degree from the University of California, Berkeley. Following 20 years of research and development as a scientist and engineer at Hewlett Packard, Kirk turned his attention to investments where he edits "Kirk Lindstrom's Investment Letter," that... More
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  • Warren Buffett Sells More Moody's Stock 0 comments
    Dec 23, 2009 12:25 PM | about stocks: MCO
    This article was originally posted at Kirk's Market Thoughts as Warren Buffett Sells Moody’s Stock.

    Buffett's favorite holding period for stock may be "forever" but that doesn't mean he never sells. Today Reuters reported Warren Buffett's Berkshire Hathaway (BRKA Charts and Quote) sold Moody's Corp. stock (NYSE:MCO) for the sixth time since July.
    Dec. 23 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. cut its stake in Moody’s Corp. for the sixth time since July after the ratings company was hit by profit declines, lawsuits and criticism from regulators.

    Berkshire sold 87,992 shares on Dec. 18 for $26.77 apiece and remains Moody’s biggest shareholder, according to a regulatory filing yesterday. Omaha, Nebraska-based Berkshire’s stake is down about 34 percent from the 48 million shares it owned at the end of June.
    Remember that Moody’s, Standard & Poor’s and Fitch Ratings were blindsided by the financial meltdown when all three firms gave top grades to U.S. subprime mortgage bonds that caused the financial crisis.
    Our Favorite holding period is forever.”
    -Warren Buffett
    As of December 23, 2009, "Kirk's Newsletter Explore Portfolio" is up 33.6% YTD vs. DJIA up 19.2% YTD vs BRKA up 2.4% YTD (Kirk's Two Investment Letters)

    click charts courtesy of stockcharts.com for full size image

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    Disclosure: No positions
    Stocks: MCO
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