Wednesday, June 5, 2013

Warren Watch: Buffett’s buying banks, but….

According to MW Buffett has been on a bank-buying tear. Financial companies made up nearly 40% of the Berkshire portfolio at the end of March and it’s growing.

The bank-buying foray began last summer as Buffett dumped Intel Corp.  and bought more shares of Wells Fargo & Co,  Bank of New York Mellon , and U.S. Bancorp .  In the quarters since, Buffett has been loading up. He’s added more Wells Fargo in the three months ended in March. He bought more U.S. Bancorp. In the last year, Bufffett has bought into at least eight financial firms, including three financial technology companies….

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