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Warren Buffett pulls back on banks and bets on drugmakers

Billionaire investor’s Berkshire Hathaway put $5.7bn into four US pharma stocks in Q3

©The Financial Times Limited 2020 Nov 17, 2020 / 11:03 AM IST
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Warren Buffett pulls back on banks and bets on drugmakers

Eric Platt in New York Warren Buffett’s Berkshire Hathaway placed a $5.7bn bet on four US pharmaceutical stocks in the third quarter, as the billionaire investor dumped holdings in several of the largest US banks. Berkshire added 21.3m shares of AbbVie, 30m shares of Bristol-Myers Squibb, 22.4m shares of Merck and 3.7m shares of Pfizer to its $245bn equity portfolio, according to a filing with the US securities regulator on Monday. The investment in drugmakers by “the Oracle of Omaha” will be...

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