Legendary investor Warren Buffett appears to be cutting his losses on his IBM investment, slashing his shares by one-third in the last quarter.
Going against his own received wisdom of not buying stakes in companies he doesn't understand, Buffett revealed in 2011 that he had amassed a 5.5 per cent share in IBM during that year.
However, during the last quarter, Buffett's Berkshire Hathaway offloaded one-third of its shares, according to its latest regulatory filing.
As of the latest November filing, Berkshire owned 37 million shares of IBM, worth about $5.5bn (£4.1bn), down from 54.1 million shares worth $8.32bn filed the previous quarter.
Berkshire Hathaway has slowly being shedding its IBM stake this year.
Back in March it owned 64 million shares, but now appears to be offloading them at a sharper rate.