Buffett spent $20B on stocks in quarter

Nov. 7, 2011 at 6:06 PM

NEW YORK, Nov. 7 (UPI) -- Warren Buffett considered the third quarter a good time to go shopping for stocks, a Berkshire Hathaway regulatory filing revealed.

In July, August and September, Buffett's investment firm bought $20 billion in stocks, a significant increase from the second quarter, when Berkshire Hathaway bought $3.6 billion in stocks and the first quarter, when the firm spent $1 billion, CNNMoney reported Monday.

Buffett's biggest shopping day for the third quarter was the first day of trading after Standard & Poor's cut the U.S. credit rating, for the first time ever, from a triple A rating to AA+.

The S&P 500 index dropped more than 6 percent, which Buffett said later was "like buying on sale."

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