Warren buffett
Gerry Miller | CNBC
Warren Buffett added this week to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the economic outlook for the United States and the world.
A presentation by the Securities and Exchange Commission showed that Buffett’s conglomerate Berkshire Hathaway bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire’s stake in Bank of America by $ 813.3 million to more than $ 24 billion.
Bank of America shares rose nearly 1%, offsetting the overall negative market trend on Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has interests in JPMorgan and Wells Fargo.
In May, Buffett gave an optimistic tone at the Berkshire annual shareholders meeting, which was held virtually due to the coronavirus pandemic.
“Basically, nothing can stop the United States,” Buffett told shareholders. “The American miracle, American magic has always prevailed and will do so again.”
However, the Omaha Oracle also revealed that it sold all of its airline’s properties due to the uncertainty caused by the outbreak.
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