Buffett’s Unloading Spree: Sells $5 Billion of Popular Bank Shares Since Last Month

Warren Buffett just sold off more shares of Bank of America (BofA), nearly $1 billion.

It makes you pause and wonder.

What does he know?

What is he expecting to happen?

With more and more people not spending due to Bidenomics, does he see bankruptcy in the future?

And he’s shed far more than $1 billion worth.

The sell off frenzy began a little over a month ago, and currently Berkshire has sold $5.4 billion worth of BofA shares!

Defaults incoming?

BREAKING: Warren Buffett sold another $981 million in Bank of America shares. pic.twitter.com/rtO3l07LHb

— The General (@GeneralMCNews) August 28, 2024

Warren Buffet sells nearly a billion dollars of Bank of America stock ..

The largest single shareholder at 12% he has spent the past few months selling stock like crazy.

A crash must be coming pic.twitter.com/WFpIAji333

— Casey Wright 🥖🎪 (@503i7) August 28, 2024

Reuters reports:

Billionaire Warren Buffett’s Berkshire Hathaway (BRKa.N), opens new tab has sold some more shares of Bank of America (BAC.N), opens new tab over the past few days, raking in $981.9 million, as the conglomerate continues to trim down its stake in the second-largest U.S. lender.

Berkshire has now shed about $5.4 billion worth of Bank of America shares in a string of sales since mid-July.

The conglomerate sold about 24.7 million shares of the lender between Aug. 23 and Aug. 27, according to a regulatory filing on Tuesday.

Shares of Bank of America were down 0.5% in premarket trading on Wednesday. They have fallen 4.8% over the last month, compared with a 1.7% fall in the KBW Bank Index (.BKX), opens new tab.

Buffett, one of the world’s most revered investors, started investing in Bank of America in 2011, when Berkshire purchased $5 billion of preferred stock.

The 93-year-old’s investment in the lender came at a time when some investors were worried about the bank’s capital needs.

Yahoo Finance adds:

Berkshire has not yet said anything about the motivation for selling some of its Bank of America stock. And it remains the bank’s largest stockholder, with over 900 million shares worth more than $35 billion.

The recent moves are notable because of Buffett’s long history with the bank. He injected $5 billion into Bank of America in 2011 as the lender struggled to overcome the wreckage of the subprime housing meltdown that caused the 2008-2009 financial crisis.

It wasn’t solely a bet on Bank of America’s recovery but also on the new leadership of CEO Brian Moynihan, who took over the top job in 2009.

And yet, back in May last year at Berkshire’s annual shareholder meeting, Buffett said:

“We’re very cautious … about ownership of banks and we do remain with one bank… I like Bank of America and I like the management,”

For those who want to dig deep into Bank of America and BlackRock:

Majority shareholder of Black Rock is Merrill Lynch, whose majority shareholder is Bank of America, whose majority shareholder is Warren Buffet’s Berkshire Hathaway, and Bank of America’s other secret is it was founded by Italian Gianninni. The world is run by a super monopoly. pic.twitter.com/LffSWbA1fx

— Scott Adams (@scottadamsshow) August 28, 2024

RELATED:

The Warren Buffett Indicator? Cash Hoard PERFECTLY PREDICTS Stock Market Crash?

This is really interesting….

We all know the “Oracle of Omaha” is a rare unicorn in the investing world.

Perhaps originally a man who outsmarted Wall Street, he is also famous (or infamous) for getting sweetheart deals during the 2008 Stock Market Crash.

Remember that?

He coughed up a few billion to bail out some “too big to fail banks” and in return basically received a guarantee of his “investment” from the Federal Government.

If you or I had done that, they might just call it insider trading, but for Uncle Warren it was deemed “patriotic”.

But that’s not the main focus of this article.

The main focus is something I’m now calling the “Warren Buffett Indicator”.

This short video below explains it in video format, but basically as Warren Buffett’s cash hoard grows, it almost always seems to top out right before a huge stock market crash hits….

And guess who’s there to scoop up all the great assets for pennies on the dollar?

Uncle Warren.

Look, I’m not suggesting he’s doing anything wrong, not at all.

Perhaps he’s just really, really smart and really, really patient and disciplined.

More power to him.

But the indicator appears to be dead on.

Take a look:

WARREN BUFFET’S CASH POSITION OVER TIME

ONE THING THAT STANDS OUT IS RIGHT BEFORE A STOCK MARKET CRASH HIS CASH POSITION BALLOONS LOOK AT 1999 , 2007 AND 2019pic.twitter.com/a0Zk0ZEJrZ

— GURGAVIN (@gurgavin) November 9, 2023

The scariest part is right at the end….

Look at this:

When people keep telling you the next crash is going to be much worse than the 2008 crash (which for most of us was by far the biggest of our lifetimes), this is what they mean…

Look how his cash hoard dwarfs 2008.

The size and scope of what is coming is going to dwarf anything you’ve seen before.

It has to, the amount of money printed since then is astronomical.

It’s what Bo Polny told my on my show earlier this week….

Look at this chart and the chart above and tell me if they don’t look extremely similar:

It’s all connected to 1971 when they removed us from the Gold Standard…..

And the years that followed when they printed magic money to infinity and the money machine went BRRRRRRRRR on overdrive!

You know how growing up your parents would say money doesn’t grow on trees?

To these people it does!

It grows on printers, they just turn on the printer and out spits new money…..as much as they want!

Now it’s just extra zeroes in a computer program, but it used to be actual printing of greenbacks.

Same difference.

Speaking of, have you seen this?

Do you know what happens if we suddenly shocked the world and went BACK to a Gold Standard?

This:

“Gold Revaluation” Incoming? Price Could Be $10,000-60,000 Per Ounce!

Make sure you read that.

Bookmark it, print it out, save it and study it, because it could be life-changing very soon.

Or life "saving".

Got Gold?

Got Silver?

Got XRP?

Got Bitcoin?

As always, I'm not a financial advisors, but I sleep a WHOLE lot better at night holding Gold, Silver and Crypto.....

Speaking of gold, have you seen this?

https://wltreport.com/2023/10/15/gold-now-classified-as-tier-1-risk-free/

Ok, Bo's links above will get you all set for crypto!

You're in good hands there.

But what about Gold and Silver?

If you want Gold and Silver, I have you covered there too.

Keep reading for the hookup...including for a way to get GOLD without paying anything out of pocket!  Yes, really!

But first, here's the most important part you have to understand -- make sure you get PHYSICAL gold and silver.

Not paper traded garbage on the stock exchanges that isn't backed by anything.

Don't touch that stuff.

I have two special hook-ups for you.

Both involve PHYSICAL gold and silver.

Because if you do NOTHING else, make sure you own "physical" gold and silver, not paper contracts.

The paper contracts (like stock ticker SLV and GLD) could very well go POOF one day and disappear or go to zero, because they're not actually backed by the gold and silver they claim to represent.

It's a massive game of musical chairs out there and when the music stops (and I think it will stop soon...) people who only own paper might find themselves owning something not worth the paper it's literally written on.

Now...WHERE do you get physical gold and silver and how do you know it's real and safe?

And that you're getting the best price?

Oh, and how about personal one-on-one real customer service?

You know, like you were some Big Wig millionaire at Goldman Sachs who could just call their personal banker and get help?

That's what I'm about to tell you.  

I have two killer connections for you...

The first is for purchasing gold and silver bullion.

That means bulk bars.

That's the cheapest and most economical way to do it, to stretch your dollar into as much gold and silver as possible.

The website is called WLT Precious Metals and when you see my logo in the top left-hand corner, you'll know you're in the right place.

You'll get a personal phone call with Ira Bershatsky (or someone on his team) and they will work with you free of charge for as long as needed to answer any questions you have and get you taken care of.

How about that!

You don't see that much anymore, but Ira and his team pride themselves on good old-fashioned real customers service:

No sales pitch, just real, actual help.

And the best prices you will find.

Here's the only disclaimer I will give you: because they do pride themselves on dedicated service, it might take a few days before you get a phone call back.  Just be patient.

Good things come to those who wait!