for many years, but sold the last of his shares in the first quarter of 2022.
"I did sell banks that we'd owned for 25 or 30 years," he said."I just think the system isn't set up quite right in terms of connecting punishment to culprits ... it's incredibly important that your banking system runs well."Berkshire has exited its stakes in JPMorgan, Goldman Sachs, Wells Fargo, M&T Bank, and PNC Financial over the last three years,It also slashed its BNY Mellon stake by 69% and its US Bank stake by 95%.
On the other hand, it built new positions in Citigroup, Ally Financial, Jefferies, and NuBank. It also boosted its stake in Bank of America by over 9%, and still counts the lender as its number-two holding after Apple." when he first invested in 2011, he likes CEO Brian Moynihan, and he simply didn't want to sell it.
Despite Berkshire's purchases, the overall value of its bank stocks has shrunk by 49% over the last three years, from $75 billion to $39 billion. Berkshire discloses the total value of its banking, insurance and financial stocks each quarter. That figure plunged from $102 billion at the
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