Aug. 15 - Billionaire investor Warren Buffett sold majority stakes in some food companies but boosted his exposure to GM and Wells Fargo. Fred Katayama reports.
Warren Buffett went on a diet. Regulatory filings show the billionaire investor with a craving for junk food sold his majority stakes in Kraft Foods and its snack spinoff, Mondelez International. Some analysts say Kraft, whose shares are up more than 20 percent this year, is getting expensive. And Buffett, the quintessential value investor, hates pricey stocks. General Motors, which has bounced back strongly after re-emerging from bankruptcy, got more love from Warren. He upped his stake in the world's largest automaker by 60 percent. Buffett also finds value in Dish Network, buying a small stake in the satellite TV company. Dish recently lost out to Softbank in its pursuit of wireless carrier Sprint Regulatory filings show Buffett still likes banking and energy. He's raising his stakes in traditional lenders: Wells Fargo, which has a big exposure to home mortgages and is one of his top holdings, and regional bank U.S. Bancorp. And he bought a stake in Canada's biggest oil producer, Suncor Energy, and upped his exposure to the oilfield equipment supplier, National Oilwell Varco. As for Buffett, the 82-year-old billionaire investor is beating the market yet again; his Berkshire Hathaway is up 23 percent this year.