Other weres luckier, and the rich(est) got richer, as Warren Buffett's Berkshire Hathaway boosted its stake in Apple from 239.6 million shares to 252 million shares, and added to Teva and Goldman Sachs, while trimming holdings in Wells Fargo, American Airlines, and United Continental.
Also observed during Q2: hedge fund managers made big Q2 bets that the US economy would continue to expand despite increasing concerns about a broadening trade war.
Greenlight Capital, run by billionaire investor David Einhorn, added new positions in low-to-middle income retailers including Dollar Tree, Dollar General , Gap Inc and TJX Companies (or maybe he just hired a new and convincing retail analyst).
As noted earlier, a number of prominent HF managers sharply cut their stake in Apple only weeks before it became the first publicly traded US company to be worth more than $1 trillion.
Other big holders, including Sanders Capital and Adage Capital Partners, trimmed only small amounts in the second quarter.