Business

JP Morgan’s Shares Bought by Warren Buffett as He Ramps up Bets for Financials

Jamie Dimon who over a period of years has been the chief executive officer of JP Morgan have been praised publicly by an 88 years old investor Warren Buffett which is quite notable. But is not in possession of the stock. A huge fan of Dimon’s yearly letter, Buffett mistake of not investing in the bank’s stock was evident from what he told Yahoo finance’s editor- in chief earlier this year.

“I should have (invested),” this was said by Buffett at the time “very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.”

Moreover, at some point, Berkshire added to its position in bank of America (BAC) and Goldman Sachs (GS) by twenty-nine percent and thirty-eight percent, respectively. Also, Berkshire summed up 198.24 million shares to bank of America, which brought its stake to about 877.24 million, making it the number 2 largest equity holding.

Buffett also added to Bank of New York Mellon (BK) increasing the position by 20% the third quarter session. PNC is the new position in financial.

In addition, Buffett has trimmed Wells Fargo (WFC) by closely two percent selling just more than 9.6 million shares. It notes that Wells Fargo remained to be top 3 stock holding with a stake of 442.36 million shares.
Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B) just revealed its recent stock moves and the “Oracle of Omaha” is making a big bet on financials. During the third quarter, Berkshire Hathaway snapped up a new position in JPMorgan Chase (JPM) of 35.6 million shares, making it the 10th largest stock holdings

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