Warren Buffett buys GM stake, trims Intel image

Warren Buffett‘s company is apparently bullish on the U.S. auto industry and entertainment.

His company, Berkshire Hathaway Inc. (BRK.A) took a new stake of 10 million in shares in General Motors Co. (GM) in the first quarter. The stake in New York- based Viacom was about 1.59 million shares. The filing excludes some confidential data.

Berkshire’s total investment was $256.6 million. The publicly owned investment firm’s stake in GM is the 20th largest of all shareholders, according to Bloomberg.
The new investment in Viacom, which owns MTV, shows that Buffett is continuing to bet on entertainment.

Berkshire Hathaway, he said, “had an opportunity to buy at an attractive price, well-below the initial public offering price” of $33. Berkshire officials don’t typically comment on the quarterly investment reports, and they did not respond to a message on Tuesday about the latest update.

Buffett has had for several years a large stake in Chinese automaker BYD, known primarily for its electric car lineup. That big auto bet, originally recommended by Buffett right hand man and Berkshire chief operating officer Charlie Munger, recently turned somewhat sour, as BYD’s profit declined precipitously in 2011 and early this year.

Berkshire reduced its holdings in Intel Corp., Kraft Foods, Dollar General, Procter & Gamble and Verisk Analytics.