Buffett Didn't Buy Banks in Q2
After a big buying spree of Bank of America (NYSE: BAC) in July, many investors and analysts speculated that it might be a sign Warren Buffett had been increasing his position in many of his bank holdings, maybe even buying low during the market's recovery in the second quarter.
But he didn't.
Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) quarterly 13F filing, released after Friday's close, showed that from April 1 to June 30, Buffett and his team reduced their position in most of their bank holdings, including reductions in onetime favorites JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC). While it's still possible they've done more buying here in the third quarter, they did the exact opposite in the second, not increasing their position in any banks or other financial companies.
Source Fool.com
