Buffett sells consumer staples Kraft, Johnson and Johnson and Procter and Gamble. Builds up cash $KFT $PG $JNJ $WFC
Buffett pared Berkshire’s Kraft holdings in 2010 and continued to cut it in four consecutive quarters to 78 million shares through March 31, according to regulatory filings. The billionaire called the foodmaker’s takeover of Cadbury Plc and the sale of its pizza brands in 2010 “dumb” at Berkshire’s shareholder’s meeting that year. Kraft has advanced37 percent since his remarks through Aug. 3 to $40.51.