Four-month high for Berkshire's stock portfolio

The market value of the publicly-disclosed U.S. stocks in Berkshire Hathaway's portfolio is at its highest week-ending level since roughly four months ago, when Wall Street's coronavirus sell-off was just beginning.

At $227 billion, the portfolio is still down $20 billion, about 8%, from where it was on February 21.  The S&P is down 7% over the same period.

From its March 20 low, the portfolio is up $68 billion, or 43%. The S&P is up 34%.

For Buffett's critics, that rebound represents a lost opportunity, because Berkshire didn't tap into its $137 billion in cash to buy when prices were relatively low in late March, and even sold its airline stocks close to their near-term bottom.

More mania warnings

Wall Street coronavirus roller coaster ride, however, may not be over yet.

Daytrader Dave Portnoy's boast that he's now better than Buffett as he's "just printing money" is one of the factors that has a bear warning of a "Portnoy Top."

Former Cantor Fitzgerald strategist Peter Cecchini sees retailer investors on platforms like Robinhood fueling "an unholy speculative mix."

He writes that it doesn't matter if Portnoy is serious or not. His "attention-getting, wild style is emblematic of just how emotional and extreme equity markets are now."

Crescat Capital's Kevin Smith, described as a "Buffett buff," says stocks are "insanely disconnected" from their earnings prospects.

"Speculation is rampant and being championed by a bold new breed of millennial day traders... The catalysts for reckoning are numerous as a major cyclical economic downturn has only just begun."

Burton Malkiel, Princeton economist and Wealthfront's chief investment officer, worries there's a "full-blown mania" in progress.

"Legions of new day traders have poured new money into stocks without a care for the risks involved, clearly unaware of Buffett's maxim that 'It's only when the tide goes out that you learn who's been swimming naked.'"

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BERKSHIRE STOCK WATCH

BERKSHIRE'S TOP STOCK HOLDINGS 

Berkshire's top stock holdings by market value, based on today's closing prices. The number of shares held is as of March 31, 2020, as disclosed in the company's May 15 13F SEC filing, except for U.S. Bancorp, which is as of May 12, 2020.

The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.

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-- Alex Crippen, Editor, Warren Buffett Watch