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Buffett’s Berkshire buys stakes in Domino’s and Pool Corp.
Purchases come as Berkshire reduces its stake in Apple and Bank of America.
Kieran Ryan
November 18, 2024
TODAY’S STORY
In Q3, Warren Buffett’s Berkshire Hathaway surprised many by reducing its stock holdings by a net $36.1 billion while taking a stake in two unexpected sectors: pizza and pools.
Berkshire purchased $549 million of Domino’s shares and $152 million in Pool Corp, a distributor of pool supplies. Following the disclosure, Domino’s shares rose by 6.9%, and Pool Corp shares rose 5.7% in after-hours trading.
The moves could underscore Buffett’s thoughts on where the economy is headed. It doesn’t get more recession-proof than pizza, and Pool Corp said last month that demand for nondiscretionary repair and maintenance services helped offset pressure in its discretionary product segment as customers cut back on non-essential items.
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