The Real Reason Warren Buffett Sold Goldman Sachs Shares

30, Berkshire owned 59.3 million shares of AT&T, after owning none of the telecommunications giant’s stock as of June 30.

Other notable portfolio changes include Berkshire’s new stake in AT&T acquired as part of AT&T’s completed merger with DirecTV, while Berkshire liquidated prior holding in Viacom.

Many investors like to copy Buffett’s moves because of his remarkably successful record, so these quarterly filings are watched closely. Berkshire disclosed Monday that it added more than 1 million IBM shares in the third quarter.

Unrealized losses on Berkshire’s stake in IBM widened to $2 billion as of September 30, or about 15 percent of what Buffett paid.

The sale of these stocks will enable Berkshire Hathaway to fund its $37 billion acquisition of aerospace-equipment maker Precision Castparts Corp.

However, the company’s other big holdings – American Express Co.

Berkshire Hathaway shares edged up 0.25% in the stock market today. Goldman stock was lower Monday, while Wal-Mart shares gained. And as previously disclosed, the firm announced in August a spike in its Phillips 66 (PSX) stake, and is a major owner of Kraft Heinz (KHC). (T) and boosted its holding in General Motors Co.

Correction: An earlier version of this story incorrectly stated that Berkshire had purchased shares of AT&T in the quarter. The current value of the additional shares is $282.86 million.

H.J. Heinz Co’s purchase in July of Kraft Foods Group Inc transformed Berkshire’s 52.5 percent stake in Heinz into a 26.8 percent stake in Kraft Heinz. “However, I have pledged to you, the rating agencies and myself to always run Berkshire with more than ample cash”.