BRK bought $10b of financial stocks.

Stocks A to Z
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From 1Q 2022 report:

Investments in equity securities.
Banks, insurance and finance, Cost Basis
March 31, 2022: $36,472
December 31, 2021: $26,822

$10 billions increase of financial securities. What banks has Buffett bought?

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And also very likely sold Verizon, at least according to Barron’s.

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No idea what Buffett bought, but I just checked Jamie Dimon’s annual letter was dated 4/4/2022.

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No idea what Buffett bought, but Jamie Dimon’s annual letter was dated 4/4/2022. So will Buffett buy the stock before reading annual?
M&T’s letter was on 3/1/2022, but that’s the only other bank I checked. Not sure about BAC.

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Didn’t they buy more Bank of America?

The year-end 13f showed 1,010,100,606 shares of BAC.
At March 31 price of $41.22 that would be $41.64bn worth. (gosh these are big numbers).

But the Q1 report states that they had $42.6bn worth, page 8, so it seems they bought a billion bucks more.
Maybe 23m+ more shares, at a guess?

Jim

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Didn’t they buy more Bank of America?

The year-end 13f showed 1,010,100,606 shares of BAC.
At March 31 price of $41.22 that would be $41.64bn worth. (gosh these are big numbers).

But the Q1 report states that they had $42.6bn worth, page 8, so it seems they bought a billion bucks more.
Maybe 23m+ more shares, at a guess?

Jim

No, they didn’t buy any more BAC. Plus they are over 10% and would have filed a Form 4 within 3 days. The 13F you are referencing doesn’t show all the shares because some are held at Gen Re New England Asset Management.

Berkshire held 1,032,852,006 BAC shares at year-end - unchanged at 3/31

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The 13F you are referencing doesn’t show all the shares because some are held at Gen Re New England Asset Management…

Good call. Sorry about that.

It’s quite common for the 13f to include shares not beneficially owned by Berkshire shareholders, but I sometimes forget that the reverse can also be true.

I admit I don’t understand why that is the case—I’d expect the Berkshire-related managers (Mr Buffett et al.)
to be the listed managers of all the sub holdings including Gen Re NEAM and consolidated in the report.
But I know it happens.

Jim

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