Warren Buffett’s favorite bank stock may be Wells Fargo, but he has room in his heart for more than one U.S. financial powerhouse or so says Forbes.
The Oracle of Omaha told CNBC Monday morning that he owns shares of JPMorgan Chase for his personal account. Buffett’s investment portfolio at Berkshire Hathaway included a 7.6% stake in Wells Fargo as of the end of 2011, according to SEC filings, a position worth about $12 billion at recent prices.
The billionaire called San Franciso-based Wells Fargo his favorite bank stock, but along with the JPMorgan holding for his personal account he has a number of other financial investments. Berkshire owns stakes in American Express, Bank of New York Mellon, Buffalo-based M&T Bank, US Bancorp and Visa, as well as General Electric which still has a considerable financial business in GE Capital. Berkshire also pumped $5 billion into Bank of America in August for preferred shares and warrants granting the right to buy additional common stock….
Find out more at http://www.forbes.com/sites/steveschaefer/2012/02/27/jpmorgan-gets-the-warren-buffett-seal-of-approval/
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