Warren Buffett, the widely followed chairman of Berkshire Hathaway, sold the company’s entire stake in Bank of America while adding to his holdings in Wells Fargo, one of Bershire’s core holdings for more than two decades.
Berkshire’s stake in BofA (NYSE: BAC) was relatively small at just 5 million shares, worth about $745 million. California’s largest bank has not been among Buffett’s long-term financial holdings that include American Express (NYSE: AXP) and M&T Bank (NYSE: MTB) in addition to Wells. (NYSE: WFC)
Buffett picked up 6.2 million shares of Wells Fargo in the fourth quarter, according to a filing with the Securities and Exchange Commission. The Wells Fargo stake of about 342 million shares now accounts for a fifth of Berkshire’s $52 billion investment portfolio.
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1 comment:
Fine, Warren, now clean up Wells Fargo while you are at it.
Thank you
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