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Strategies & Market Trends : Joe Stocks Trader Talk
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To: Joe Stocks who started this subject2/14/2002 6:44:07 PM
From: Joe Stocks   of 787
 
Buffet dumps C. Buffett's Berkshire Reports Holding No Citigroup (Update1)
By Daniel Goldstein

Washington, Feb. 14 (Bloomberg) -- Billionaire investor Warren Buffett's Berkshire Hathaway Inc. reported holding no Citigroup Inc. shares, according to a regulatory filing.

Buffett had reported holding 7.4 million shares of Citigroup in September. Today's Schedule 13F filing with the Securities and Exchange Commission shows no holdings in Citigroup, the largest financial services firm. A 13F filing is used by institutional investors.

``It means Mr. Buffett thinks he has a better place to put his money,'' said Michael Stead, chief investment officer of the $700 million SIFE Trust Fund, which owns 400,000 Citigroup shares. ``Maybe they believe the stock is overvalued.''

Stead said he didn't intend to reduce holdings of Citigroup in his fund, which owns financial service stocks.

``I don't think there's anything better you could replace it with in the same industry,'' the fund manager said. ``Citigroup is a great company and continues to grow above average in the financial services sector.''

Citigroup shares rose 20 cents to $45.55. The shares have risen 15 percent since Sept. 17, the first trading day after the Sept. 11 terrorist attacks.
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