While Buffett is known as a buy-and-hold long-term investor, he does sell stocks from time to time. I want you to take the following information on stock sales with that in mind. Let's dig in.

Berkshire Hathaway sold 11 stocks during Q4 2020.

• Apple Inc. AAPL
• General Motors Company GM
• Liberty Latin America Class A LILAK
• Suncor Energy, Inc. SU
• U.S. Bancorp USB
• Wells Fargo & Co. WFC
• Barrick Gold Corp. GOLD
• JPMorgan Chase & Co. JPM
• M&T Bank Corporation MTB
• Pfizer Inc. PFE
• PNC Financial Services Group Inc. PNC

That theme is "legacy". Buffett has to be more concerned with his legacy and the future of his company than trying to knock it out of the park at this stage. Simply put, Buffett appears to be slowly selling out of some of his larger, older stock positions.

The bank stocks. There's no doubt about it. Berkshire Hathaway has been busy over a number of quarters selling out of many of its long-term bank investments. Berkshire Hathaway has long had major investments in a variety of large banks. They arguably got too heavy into banks. Buffett has had an infatuation with the banking business model for a very long time. Plus, it makes for better portfolio balance. Well, I would say bank stocks are not good sells. In fact, if anything, it's the opposite. High-quality bank stocks are more compelling as buys than sells.

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