Is JPMorgan Chase Still a Warren Buffett Stock?

Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B) CEO Warren Buffett has now been dumping bank stocks for three straight quarters. But I was still surprised to see the Oracle of Omaha virtually eliminate Berkshire's stake in JPMorgan Chase (NYSE: JPM) in the third quarter of 2020.

Berkshire cut its holdings of JPMorgan from 22.2 million shares, worth more than $2 billion, to less than 1 million shares, worth less than $100 million. That's down even more since the end of 2019, when Berkshire owned more than 59 million shares of JPMorgan, valued at nearly $8.3 billion. With just a fraction of the ownership Berkshire used to have in JPMorgan, is America's largest bank still a Warren Buffett stock? Let's investigate.

It's been well documented that Buffett follows the same school of thought as another legendary investor, Benjamin Graham. Buffett was a student of Graham's while studying at Colombia Business School, and also says that Graham's book, The Intelligent Investor, changed his life.

Source Fool.com