Berkshire Switches Bets on Banks, Adds Wager on Barrick Gold
- JPMorgan cut and Goldman holding gone while BofA stake builds
- Even longtime Buffett darling Wells Fargo is trimmed back
This article is for subscribers only.
Warren Buffett’s Berkshire Hathaway Inc. shifted investments in banks -- paring stakes in many of the financial industry’s top names -- and bet on Barrick Gold Corp. despite years of chiding the precious metal.
Berkshire significantly reduced its stakes in JPMorgan Chase & Co. and Wells Fargo & Co. in the second quarter, according to a regulatory filing Friday. His Goldman Sachs Group Inc. holding, a remnant of the financial crisis, was gone and even a wager on PNC Financial Services Group Inc. was cut. But Berkshire isn’t giving up on banks, instead spending recent weeks further building its stake in Bank of America Corp.