A number of the major hedge funds and big money managers, including the Bill & Melinda Gates Foundation, which axed its Microsoft (NASDAQ:MSFT) stake by nearly 65%, were big net sellers of big tech in the third quarter.
Billionaire Warren Buffett is set to step down as CEO of Berkshire Hathaway at the end of the year. Despite being a long-term optimist who won't bet against America, Buffett has been an aggressive net seller of stocks for three years -- and valuation looks to be the key reason why.
Berkshire Hathaway's sale of Apple isn't entirely unexpected, considering its prior sales. Interestingly, Berkshire put some of its war chest of capital to work, taking a new stake in another "Magnificent Seven" company.
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