After Much Praise, Buffett Finally Buys JPMorgan Shares
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking.
Warren Buffett’s Berkshire Hathaway grabbed a new position during the third quarter in JPMorgan Chase of 35.6 million shares. This is the 10th largest stock holding.
This move is worth noting, because although Buffett has always publicly praised JPMorgan’s CEO Jamie Dimon, he has never owned stock.
“I should’ve [invested]. Very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.” -Warren Buffett
Along with the JPMorgan position, Berkshire Hathaway increased its position in Bank of America by 29% and Goldman Sachs by 38%. Berkshire’s stake in Bank of American now sits at 877.24 million shares, which makes it the No. 2 largest equity holding. Buffet increased the position of Bank of New York Mellon by 20%. The position with Wells Fargo was decreased by 2% by selling a little over 9.6 million shares.
A new position for Berkshire was also started with Oracle, with a stake of 41 million shares. The Walmart position was exited, selling all of the 1,393,513 shares during the third quarter.
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