Buffett Cut Stake in Disney, Wells Fargo

Billionaire investor Warren Buffett, who once counted Walt Disney Co. among his top investments, reported cutting his stake in the media giant about 31% during last year’s third quarter. Buffett’s Berkshire Hathaway Inc. also continued to cut its holdings in Wells Fargo & Co. in the third quarter of 1999, by 4.2%, or 2.6 million shares, to 59.1 million shares, according to a filing with the Securities and Exchange Commission. Berkshire cut its holdings in Disney by 8.8 million shares to about 20 million shares between June 30, 1999, and Sept. 30 of that year, the filing said. Omaha, Neb.-based Berkshire was allowed by the SEC to delay disclosure in order to maintain trading secrecy. Buffett had dropped Disney off his list of biggest investments in his annual letter to investors in May, but the SEC filing provided a more detailed picture of his moves. Disney shares fell $1.06 to close at $39.13 on the New York Stock Exchange. Wells Fargo closed off 38 cents at $44.25, also on the NYSE.