Warren Buffett Is Selling Apple Stock and Buying This Magnificent Oil Stock Instead

Warren Buffett finally did it. After making a monster investment in Apple (NASDAQ: AAPL) many years ago and watching it appreciate by multiples of his cost basis, the legendary investor is trimming Berkshire Hathaway's (NYSE: BRK.B) stake. According to filings with the SEC, Buffett has sold approximately half of Berkshire's stake in Apple, raising around $80 billion in cash. Yes, that's how big a winner Apple was for the company. What is he doing with all this cash? The largest stock purchase for Berkshire Hathaway in the second quarter was Occidental Petroleum (NYSE: OXY). Here's why he is selling Apple and buying this oil stock instead.Apple has made its investors a fortune over the last few decades. After releasing the revolutionary iPhone -- perhaps the most successful single product in history -- its stock has generated huge returns for shareholders. Total return in the last 10 years alone is close to 1,000%.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool