Tips for restaurant workers are falling, according to data from Square. It’s a possible sign that consumer confidence in the economy may be slipping. but could it also reflect a broader shift in how Americans feel about tipping—especially in situations where it wasn’t expected before? In this episode of America Unfiltered, CBS News’ Anthony Salvanto breaks down new national polling data and hears directly from people across the country to explore how Americans really feel about tipping.
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Warren Buffett’s Berkshire Hathaway built a $1.6 billion stake in UnitedHealth last quarter.
The wager is likely to be one of the last under Buffett’s watch as he prepares to step down as CEO.
Berkshire also pared its key Apple stake again and made several other tweaks to its portfolio.
It seems Warren Buffett has healthcare on his mind as he approaches retirement.
The 94-year-old investor’s Berkshire Hathaway scooped up just over 5 million shares of UnitedHealth stock last quarter, securing a stake in the health insurer worth $1.6 billion at the end of June. The new holding was revealed in the conglomerate’s quarterly portfolio update, known as a 13F, on Thursday.
It’s unclear whether Buffett or one of his two investment managers, Todd Combs and Ted Weschler, made the stock pick. But it’s certainly notable as one of Berkshire’s final bets with Buffett at the helm. The “Oracle of Omaha” is set to retire at the end of this year.
UnitedHealth shares soared over 10% in after-hours trading, likely due to the “Buffett Effect” where other investors trust the industry legend to make shrewd wagers and mimic his choices.
The healthcare giant, which is still navigating the fallout from the December 4, 2024, shooting death of its CEO Brian Thompson, saw its stock plummet from about $600 in mid-April to around $310 by the end of June. Buffett, a value investor known for bargain hunting, may have determined it was oversold and decided to pounce.
Berkshire also pared its top holding, Apple, by another 7% to 280 million shares, worth $57 billion at the end of June. It has sold more than two-thirds of the position since the beginning of 2024, when it was worth a hefty $174 billion.
Buffett and his team also revealed stakes in homebuilders DR Horton and Lennar as well as steel producer Nucor, after securing regulatory approval to keep those positions confidential in Berkshire’s first-quarter portfolio filing as they were still actively establishing them.
Berkshire also disclosed new positions in Lamar Advertising and Allegion, while boosting its stakes in companies such as Chevron, Constellation Brands, and Domino’s Pizza. It exited T-Mobile US and reduced positions, including Bank of America — a longtime Buffett favorite — and Charter.
The latest filing adds context to Berkshire’s recent earnings, which showed the company sold a net $3 billion of stocks last quarter as it bought $3.9 billion worth but sold $6.9 billion worth. The conglomerate, which owns businesses such as Geico and Fruit of the Loom, has been a net seller of stocks for 11 straight quarters.
The stock sales have contributed to Berkshire growing its cash pile to $344 billion, a sum that exceeds the market capitalization of Coca-Cola.
Buffett, who turns 95 this month, has struggled for years to find compelling ways to spend Berkshire’s cash as public and private company valuations have soared. That has led to Wall Street keeping an extra close eye on any purchases he does make, such as UnitedHealth stock last quarter.
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