3 Value Stocks Billionaires Sold During the COVID-19 Pandemic
Since February, Wall Street and investors have had their resolve tested like never before. The proliferation of the coronavirus disease 2019 (COVID-19) pandemic pulled the rug out from under the U.S. economy and stock market at an unprecedented rate. The benchmark S&P 500 shed 34% of its value in a mere 33 days, while the U.S. unemployment rate has skyrocketed from a 50-year low of 3.5% to highs not seen since the Great Depression nearly nine decades earlier (13.3%, as of June 2020).
Generally speaking, stock market corrections and bear markets have always been a good time for investors to put their money to work. After all, every previous correction in the S&P 500 has eventually been erased by a bull market rally.
While most billionaires were, indeed, putting money to work in high-growth businesses during the COVID-19 pandemic, some were actually selling brand-name value stocks. Based on 13F filings with the Securities and Exchange Commission, we can see that the following three value stocks were on the chopping block as the COVID-19 crisis unfolded.
Source Fool.com
