Investing legend Warren Buffett has said that his favorite holding period is forever, but his conglomerate, Berkshire Hathaway, sells stocks all the time. In fact, in the most recent quarter, it was an overall net seller.

Buffett looks for certain qualities in a company that he wants to own, and companies can change over time. For example, in the quote about his favorite holding period being forever, he qualified that statement.

The Oracle of Omaha said "forever" applied "when we own portions of outstanding businesses with outstanding managements." Although a defining feature of companies with outstanding management is that executive changes usually have limited impacts on the business, management teams do shift over time, and those changes could affect how Buffett and Co. view their investments.

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Source Fool.com