Well, he's often said the only reasons he will sell is if a business's competitive advantage disappears, he's lost faith in management, or he needs the cash. J

Well, he's often said the only reasons he will sell is if a business's competitive advantage disappears, he's lost faith in management, or he needs the cash. Johnson & Johnson would be one recent (2012) example where I think neither the first nor the third conditions applied (though he only said they'd "obviously messed up in a lot of ways in the last few years" in an interview, and didn't discuss it in the shareholder's letter at all).