I Just Bought This Warren Buffett Stock
I've covered Bank of America (NYSE: BAC) for several years now and have always liked the stock. But up until recently, I had never pulled the trigger on actually buying the stock, largely because I was a tad more aggressive in my long-term outlook, which still has a considerable amount of runway.
Warren Buffett's company Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has been going all in on Bank of America in recent years. Berkshire snapped up more than $2 billion of the stock in 12 consecutive days of trading in 2020 and now owns more than a billion shares of Bank of America, or close to 13% of outstanding shares. It's the second-largest position in Berkshire's nearly $319 billion equities portfolio.
I recently followed Berkshire's lead because right now I believe the bank has sufficient upside and is also prepared to weather any kind of severe recession that comes its way.
Source Fool.com
