Monday, 23 December 2024

Warren Buffett Has Dumped $7 Billion Of Bank Of America Stock


Warren Buffet BOA

Warren Buffett’s Berkshire Hathaway has, yet again, trimmed its Bank of America stake making the total sales since mid-July nearly $7 billion.

Berkshire continued selling BofA Corp. shares in September, bringing total sales to $6.97 billion since the offloading began in July. trimming its stake in nine straight trading sessions.

Could this indicate that an economic crash is looming on the horizon?

According to a Reuters report: The conglomerate, run by one of the world’s most revered investors, disclosed late on Thursday it sold 18.7 million shares of the second-largest U.S. bank between Sept. 3 and Sept. 5 to rake in roughly $760 million.

Berkshire continues to be BofA’s biggest shareholder with a stake of about 11.1%, according to LSEG data. Per regulatory requirements, Berkshire Hathaway has to keep reporting sales regularly until its holding falls below 10%.

Buffett started investing in the bank in 2011, when Berkshire bought $5 billion of preferred stock. That purchase signaled his confidence in CEO Brian Moynihan’s ability to restore the lender to health following the 2008 financial crisis.

In the following video Economist Dr. Kirk Elliot joins Alex Jones to explore these troublesome indicators and what you can do to secure your wealth


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