Warren Buffett Is Now Betting $29 Billion on This Bank Stock -- Here's Why

There are quite a few bank stocks in Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) portfolio, and most were chosen by Warren Buffett himself. At the end of the first quarter, Berkshire owned shares of 10 different banks, and these positions have a current market value of more than $91 billion.

However, we just learned that Buffett and his team have added even more to the company's largest bank-stock investment, Bank of America (NYSE: BAC). In fact, Berkshire's latest Bank of America stock purchase pushes the stake past the 10% ownership threshold. Here's why that's such a big deal.

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