Posted on 08/31/2024 5:21:15 AM PDT by Pontiac
Aug 28 (Reuters) - Billionaire Warren Buffett's Berkshire Hathaway (BRKa.N), has sold some more shares of Bank of America (BAC.N), opens new tab over the past few days, raking in $981.9 million, as the conglomerate continues to trim down its stake in the second-largest U.S. lender.
Berkshire has now shed about $5.4 billion worth of Bank of America shares in a string of sales since mid-July. The conglomerate sold about 24.7 million shares of the lender between Aug. 23 and Aug. 27, according to a regulatory filing on Tuesday.
(Excerpt) Read more at reuters.com ...
Is Buffett getting ready for a coming crash?
I offloaded BOA probably 30 years ago. Their history is interesting but their business practices rank right up there with Wells Fargo.
If you’re still banking perhaps it’s time to consider a healthy credit union.
My guess is that the corporate parameters originally present are not there now.
As a side issue, BoA may have very large commercial real estate loans that have become uncollateralized as the buildings become vacant
That has been going on for at least a year.
I don't see Buffett being that slow to realize the trend.
There seems to be a mass exodus towards the door
Jamie Dimon Dumps Billions Of JPM JP Morgan Stock As Banks Burn
https://m.youtube.com/watch?v=bTKH7CooByU&pp=ygUZcmVhbCBlc3RhdGUgbmluamEgY2hhbm5lbA%3D%3D
Part 2 Jamie Dimon Selling JPM Stock As Banks Crash
Ladies and gents, you have your clue... act now or weep later...
I would like to know what he thinks is coming down the road.
Does the mere act of selling that amount of one stock cause the cost of that stock drop?
Usually yes
We’re talking about the stock here, not being a customer.
Sometimes companies with sleazy practices make good investments.
Check
“Is Buffett getting ready for a coming crash?”
He does a lot of backing and filling with his holdings to keep them in balance. Apple has done so well he took some profits and will use them elsewhere. So, after the sales, what is now Buffet’s largest holding out of $1 Trillion? Apple.
Cash: Yes, he’s sitting on billions in cash. His cash holding are 16% of his total portfolio. That’s a normal amount of cash equivalent to hold, though somewhat high for him. Plus, he’s got that cash working in T-Bills making over 5% while he waits for some good deals.
I just buy Buffet and relax. I’m 60% in T-Bills because I’m being conservative. He knows what he’s doing, he has beaten the S+P 500 on a regular basis for decades.
If everybody knew what was “next” there would be no markets. Everyone would own and sell the same things and there would be virtually no price movement.
You have to have some people who are mistaken and/or dumb to have markets.
I have been with a large credit union since adulthood. I have no way to compare it vs the big banks. I’m happy but I do think my credit union wastes too much money and pays crap for savings (0.45%).
By July BoA was up 30% for the year. Then he sold a bunch and it dipped. Now it is still up 20% for the year. Not bad timing for Brk.
.45%? That’s a total ripoff! I’m getting an average of 4.25%, almost 10 times that! 4.5%, on liquid money I can withdraw any time with the push of a button. And insured by the Feds. Also getting 5.15% on safe 3-month Treasury Bills, and no state tax on T-Bills in my state.
“… perhaps it’s time to consider a healthy credit union.”
Be careful. Our credit union, Northwest Federal, was very conservative when we first joined years ago, but has changed a lot over the years. They said they wouldn’t sell our mortgage, but 10 years later, they set up their mortgage division as a separate company, which promptly sold our mortgage. They’ve done other things over the years, but the latest farce is buying the naming rights to the Washington Commanders’ stadium.
Bankrate.com is your friend.
You are correct however, we don’t know precisely when he made the decision and began to wind down the large position.
Just a thought.
BTw..... He’s 90+ and apparently hasn’t let the3 Old Man In.
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