Berkshire Hathaway shares closed at four consecutive record highs, rising 19.1% since the start of the fourth quarter while the S&P 500 fell 1.2%. Its Class B shares are 7.5 percentage points ahead of the benchmark this year after gaining about 29% from August’s lows. Berkshire’s quarterly filing indicates that the company likely continued reducing its Bank of America stake, with an estimated 30 million to 40 million shares sold in the third quarter. The company also sold $2.8 billion of equities and bought $2.4 billion during the quarter, excluding share repurchases. Berkshire is issuing more than 182 billion yen, or $1.1 billion, of bonds to hedge its Japanese investments against currency fluctuations.
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