Legendary investor Warren Buffett and his company, Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), have really gone all in on Bank of America (NYSE: BAC), the second-largest bank in the U.S. by assets.

The conglomerate owns more than 1 billion shares of Bank of America, which equates to 12.9% of the shares outstanding. The stock is also now the second-largest position in Berkshire's roughly $324 billion equities portfolio, making up almost 11% of the total.

While the stock has sold off this year as investors fear a deep recession in 2023, the earnings outlook for Bank of America is really quite rosy right now. Here's why.

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Source Fool.com