In August 2011, Mr. Buffett invested $5 billion in preferred shares and warrants for the first time, when the bank was still under the impact of the 2008-2009 financial crisis.
Bank of America shares, which are down 32% this year, are one of the worst performing stocks in Berkshire Hathaways portfolio, along with big banks and airlines to date.
In May, Mr. Buffett delivered an optimistic speech at Berkshires annual shareholders meeting, which was actually held under the influence of the coronavirus pandemic. Nothing can fundamentally stop the U.S., Mr. Buffett told shareholders that the American miracle, the American magic, has been and will continue to emerge.
At one point, Mr. Buffett was criticized for missing out on the rally, with as much as $137 billion in cash in his hands until the first quarter.
In early July, Berkshire reached an agreement to acquire most of dominion energys gas assets and repurchased $5 billion to $6 billion of its shares from the end of April to the beginning of July.
Source of this article: Chen Hequn, editor in charge of CFA_ NB12679