Warren Buffett further trimmed his position in the bank stocks

September 5, 2020

New York (Sept 5)  Warren Buffett, the legendary investor known for his nickname ‘Oracle of Omaha,’ has been making headlines quite often recently. The expert investor, who recently turned 90, first made the news when he decided to invest in Barrick Gold, rather than the stocks of major banks and companies, as he usually did in the past.

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Then, Buffett started investing in Japanese companies, rather than the local, US firms. The two moves inspired a lot of speculation, clearly indicating that Buffett is moving away from the damaged US economy, and seeking investments in foreign firms, gold, and alike. Some even suggested that Bitcoin might be the next on his list.

Buffett’s newest move once again made headlines, as it confirms the speculators’ suspicions of him cutting loose everything that might endanger his wealth in the near future.

He, and his company Berkshire Hathaway, just sold 100 million Wells Fargo shares. This is a major move, since Berkshire, at one point, held as much as $32 billion in equity in Wells Fargo. Now, it is estimated that it only holds $3.36 billion, or 3.3%.


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