Subject: Re: He sold more BAC
I think it's quite possible he just doesn't think large banks are as good a business as they used to be. Look at what he is purchasing vs. what he is buying. Purchasing Chubb with large and stable negative funding costs (impressive and consistent underwriting gains) and selling BAC with funding costs above 4%, earning low returns on equity, trading at a premium to equity, highly regulated. He already has a nice utility operation, he doesn't need exposure to every economic calamity through banking to earn utility-like returns.

No matter what the next industry to blow up the economy ends up being, it's a safe bet they bank with BAC.