Buffett's sale of BYD shares more about China than electric vehicles
Plus: Yellen begins South American pivot, raises estimate for global climate financing to $3 trillion a year.
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Warren Buffett isn’t known for market timing. When he gets a hold of a winning investment, he rides it out. For a long time. He has held Coca-Cola KO 0.00%↑ shares for more than 30 years, for example.
So when Buffett and his Berkshire Hathaway (BRK.B) began slashing their massive stake in Chinese electric vehicle maker BYD last year, it raised a few eyebrows. Last week, the Hong Kong Stock Exchange disclosed that Buffett had cut his position to under 5%, from an original 25% when he bought the stake in 2008.
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