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Warren Buffett's Berkshire Trims Bank of America Stake for the First Time Since 2019 After Strong Rally
I've been keeping a close eye on Warren Buffett's investment moves, and his latest decision caught my attention. Berkshire Hathaway, the conglomerate led by the legendary investor, has trimmed its stake in Bank of America ($BAC) for the first time since 2019. This move comes after a strong rally in the bank's stock price.
The reduction in Berkshire's stake is significant, as it marks a shift in Buffett's strategy. He initially invested in Bank of America in 2011, and the stake had remained steady until now. The sale of 2.8 million shares, worth around $850 million, brings Berkshire's holding to 11.8% of the bank's outstanding shares.
This move is intriguing because it suggests that Buffett might be taking profits after the bank's stock surged 33% this year. Bank of America's strong performance has been driven by its solid financials, including a 10% increase in quarterly profits. The bank's ability to navigate the current economic environment has clearly impressed Buffett.
What's next for Berkshire and Bank of America? Only time will tell, but one thing is certain – Buffett's investment decisions are always closely watched and often emulated. This move could signal a broader shift in his investment strategy, and I'll be keeping a close eye on his next moves.
Original Article: https://www.cnbc.com/2024/07/22/warren-buffetts-berkshire-trims-bank-of-america-stake-for-the-first-time-since-2019-after-strong-rally.html
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