Subject: Re: Apple
Buffett used the depth and liquidity of U.S. markets as a strategic asset. The Apple sales were BRILLIANTLY executed in a manner that benefitted shareholder/owners of BOTH companies.

When you’re dealing in the most liquid equity market you can trim an enormous position quietly — if you do it patiently, gradually, and without broadcasting your intentions.

And that’s exactly what he did First small batches—-remember?
“Hmm, maybe he’s trimming. Next small batches?
“Okay, he’s reducing risk a bit.”
Later?
“This is prudent — and he still holds a gigantic core position.”

By the time anyone connected the full picture, the job was already done — without moving the stock, without spooking the market, without triggering a Buffett-is-dumping-Apple narrative.

I would never have believed Buffett could unload such a massive amount of stock with such little disruption.

To those of you make the illiquidity argument against Berkshire—take note.