Warren Buffett was willing to stand by Goldman Sachs Group Inc.’s side during the last economic crisis, at least for the right price.
Now, he’s bailing out just as the pandemic throws the U.S. economy onto uncertain terrain. Berkshire Hathaway Inc. sold 84% of its Goldman Sachs stock in the first quarter, marking a reversal for an investor who generally holds large stakes in the banking sector.
It was one of the most notable changes in Berkshire’s more-than $180 billion portfolio in the period, as the bank underperforms the broader U.S.
market. Buffett traces his relationship with Goldman Sachs back to a meeting with the bank’s longtime head, Sidney Weinberg, in 1940.