Warren Buffett has always looked for high-quality stocks. However, the Oracle of Omaha knows that the price performance of a given stock doesn't necessarily correlate with its quality.

Bank of America (NYSE: BAC) serves as a great example. Its shares have fallen nearly 20% year to date and are around 25% below the previous high. But Buffett-led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) owns over $28 billion of this beaten-down stock. Here's why BofA is a no-brainer buy right now.

The primary culprit behind Bank of America's dismal stock performance so far in 2023 is the banking crisis that erupted earlier this year. Three regional banks failed, sparking concerns about the broader banking industry. In August, credit rating agencies downgraded the long-term credit ratings of several banks, including some relatively large banks.

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Source Fool.com