More U.S. railroads, less Chinese energy.
That's the trend in just five words based on the latest filings from Warren Buffett's Berkshire Hathaway.
Late Friday, we learned that Buffett's stake in Burlington Northern Santa Fe topped 17% as it exercised almost 8 million call options to buy shares.
Today, the news is from Hong Kong: a filing with the stock exchange there reveals that Berkshire's stake in the Chinese government-controlled energy company PetroChina dropped below 7%, as of September 21. That's down from 11% in mid-July when Berkshire began a series of sales that now totals 860 million shares, worth well more than one billion dollars.
Under Hong Kong rules, Berkshire only needs to reveal those sales ("events") that take its stake across a whole percentage number. Intermediate sales don't have to be individually revealed.
Each filing, however, does list Berkshire's total PetroChina holdings after each reported sale.
By looking at the "event" dates in the filings and the total number of PetroChina shares held following each one, we can plot the average rate of sales.