Post #8630 by DTB on the Berkshire Hathaway board

Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤

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Buffett made it clear that he wouldn’t own banks anymore. The only reason for the BAC position was that he initiated the deal. I think it was 2023 AM discussion.

Maybe somewhere else? I'm not seeing that in the 2023 AM. Here is one quote:

Q27. Quick: What do you think of the business models for the big banks as compared to the regional banks?

Buffett: If you follow sound banking methods, a bank can be a perfectly decent investment. We were going to buy banks until the Bank Holding Company Act of 1970 forced us to divest the one bank we had bought. Banking was more attractive to us than insurance. I’ve got my own money with a local bank probably above the FDIC limit. I don’t worry about it in the least. We do have a large investment in Bank of America. I like the management. I proposed the deal with them.

dtb

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