Here's Why Bank of America Is a Warren Buffett Stock
Bank of America is Warren Buffett's largest bank stock investment by a wide margin. As of the latest available information, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) owns over 1 billion shares of the bank worth about $32 billion, which translates to a stake of just under 12%.
What's more, Berkshire was building its Bank of America stake in 2020 while simultaneously selling other banks. In 2020, Buffett sold shares of nine different financial stocks, including big sales of JPMorgan Chase, Wells Fargo (NYSE: WFC), and Goldman Sachs (NYSE: GS). This begs the question, "Why Bank of America?"
While we don't know exactly why Buffett is apparently much more confident in Bank of America than other banks, we do know quite a bit about Buffett's investing style that could shed some light on why the Oracle of Omaha might see so much promise in BofA.
Source Fool.com
