Billionaire Warren Buffett Buys More Apple, Sells Shares of Wal-Mart

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Most investors dream of becoming billionaires one day by purchasing and selling securities on the open market, but the harsh truth is that only a few will ever manage to reach the $1 billion mark. Nonetheless, investors could at least invest like a billionaire by closely following the quarterly moves completed by billionaires like Warren Buffett. The Oracle of Omaha oversees Berkshire Hathaway, one of the most valuable corporations in the United States that owns companies like Dairy Queen, GEICO and Fruit of the Loom, as well as makes significant equity investments in a large pool of publicly traded companies.

Warren Buffett, perhaps the nation’s most revered investor and one of the richest men in the world, is the most well-known advocate of long-term investing, with the stocks he buys on the open market considered to be trading at a bargain. Mr. Buffett still reckons that his best investment was buying Benjamin Graham’s legendary book called “The Intelligent Investor,” a book any long-term-oriented investor should read. Without deviating too much from the primary purpose of this article, let’s lay out a list of noteworthy moves completed by the Oracle of Omaha during the second quarter of 2016.

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Billionaire Warren Buffett Cuts Stake in Suncor Energy Inc. (USA) (NYSE:SU)

– Shares Owned by Berkshire Hathaway (as of June 30): 22.28 Million

– Value of Berkshire Hathaway (as of June 30): $617.70 Million

Berkshire Hathaway trimmed its position in Suncor Energy Inc. (USA) (NYSE:SU) by 7.72 million shares during the second quarter of 2016, having ended the three-month period with 22.28 million shares valued at $617.70 million. The largest crude oil producer in Canada has seen its market capitalization jump by 9% since the beginning of the year. The company’s net loss for the second quarter widened by around 1% year-on-year to $559.3 million, mainly reflecting depressed crude oil prices and oil-sands production cuts in response to the forest fires in the Fort McMurray area. Suncor Energy posted oil-sands operations production of 177,500 barrels of oil a day for the second quarter, down from 423,800 barrels a day recorded for the same quarter of 2015. Nevertheless, production at the company’s oil-sands operations assets had returned to normal rates by mid-July. Steve Cohen’s Point72 Asset Management L.P. cut its stake in Suncor Energy Inc. (USA) (NYSE:SU) by 1.34 million shares during the June quarter to 1.77 million shares.

Follow Suncor Energy Inc New (NYSE:SU)

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