CEO snapped up nearly 34 million shares at an average price of about $24 between Monday and Wednesday, meaning he spent about $813 million.Warren Buffett isn't warning about sky-high stocks because he 'doesn't want to make people mad,' veteran investor Bill Smead says
The purchases boosted Berkshire's stake in the banking titan by about 3.6% to nearly 982 million shares, or 11.3% of the company. Berkshire's enlarged holding is worth about $23.9 billion, based on Bank of America's stock price of $24.31 as of Wednesday's close. The bank's shares have plunged 32% this year, meaning Berkshire's stake would have been worth around $35 billion at the start of January.
Buffett has been criticized in recent weeks for failing to deploy Berkshire's massive cash hoard, which ballooned to $137 billion in the first quarter of this year.
This info is not taken from a 13f filing for which we are still waiting... It is further strange because Buffett always mentions he wont exceed 10% ownership in individual financial companies because of regulatory issues...
surprisingly minor add, actually. they have 130 bil and spent less than one?
Buffett extended his existing position in $bac by less than 4%. A minor adjustment, no big deal
Apart from Dangote, are there any other black folks making these kinds of deals ?
Clever
He knows banks will make money off of crypto trading fees and custody services In the future
Thank you. God bless. Means alot.
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