I bought some Berkshire Hathaway for some accounts I watch for friends and family.  They like me to keep their accounts fully invested.  Here's what I sold and why:

Full Sale: Dow Jones Diamonds Trust (DIA - $132.53)
This is the Exchange Traded Fund that holds the 30 stocks of the Dow Jones Industrial Average.  With so much cash on hand and a good portfolio, Berkshire Hathaway is both as good as the Dow Jones but offers less exposure and cheaper fees.

Full Sale: Blackrock Floating Rate Income Strategies (FRB - $18.84)
Floating Rate Income funds are all trading near NAV.  I don't see the advantage anymore.

Partial Sale: Deagio (DEO - $83.85)
Diageo is nearing full value.  Its valuation means it is no longer a value stock.

Partial Sale: Tsakos Energy Navigation (TNP - $57.15)
This shipping company is so darn cheap, but I had to take a little profits from the $35 where I bought it.

Bought: Berkshire Hathaway B- shares (BRK.B - $3630)
Large capitalization stock is undervalued.  Lots of cash.  Underpaid management.  I don't think I've ever referred to management of any other company as underpaid.  I normally prefer the "A" shares, as they have 30 times the claim and 200 times the voting rights.

Disclosure:  I own DEO, TNP and BRK.A for my personal account.  I do not professionally manage money. The accounts to which I refer are not managed under any professional contract, I simply have limited trading authority and help my friends with suggestions. I am not compensated as an asset manager by anyone.  I am not a professional asset manager nor do I seek to be one.  Please do not contact me asking if I will manage your assets.

Disclaimer