Subject: Re: WEB's Taiwan Semi Sale
Be sure to include "changed their opinion of the valuation level" in your definition.
The price went up. It's pretty likely they made a quick billion. Nothing wrong with that.

Assuming we are still talking about TSM shares here, I think it is more likely that the 86% of the TSM shares that were sold in Q4 were the shares held at a loss. I suspect the overall average cost the the position was also at a loss at year end if no sales had taken place.

The 60 million TSM shares were purchased during the 3rd quarter of 2022, when prices ranged between $91.94 and $67.74. The end of year closing price was $74.49 / share.

Berkshire would have made a quick billion dollars if they hadn't sold in Q4 but most the pop (from their cost basis) occurred after year-end.

I think the most likely explanation is that Warren Buffett thought about it some more and changed his mind.