Reported about 1 month ago
Warren Buffett significantly reduced his stake in Bank of America, selling nearly $10 billion worth of shares, which amounts to almost a quarter of his original investment in the bank. This move comes as Buffett considers the changing market conditions, particularly in the banking sector, while simultaneously investing $345 million in his own company, Berkshire Hathaway. His actions reflect both a response to favorable tax conditions and concerns about potential losses due to past investments in low-yielding debt securities.
Source: YAHOO