Subject: Re: End of an era - profit slowdown
“Speaking of big positions being cheap---
I have never been a huge fan of Bank of America, but it does seem pretty cheap these days. It has been lagging the market for two years now.”

You may be spot on with its cheap price currently, but I’ve honestly been pretty frustrated owning it with only a 30% return since I initiated and added over the last 3-5 years. It has really trailed returns of other (smaller) financial positions I’ve become more fond of like JPM, AXP and V. I’ve become less confident in BAC mgt, and we’ve noted WEB has pulled out of all bank positions, except BAC. I sense WEB is loyal to BAC & really is fond of Moynihan and BRK obviously owns a huge position. JPM had only 30% ($40B) of the $130B unrealized losses that BAC had in Q3, and I just have more faith in JPM mgt team and units to execute. Just my 2 cents.

So I’ll likely sell BAC in the new year (taxable acct) but knowing my timing, it will probably soar in 2024 soon after I hit the sell button!