, Columnist
The World Still Needs Goldman Sachs, Even If Warren Buffett Doesn't
Investors are worried that Berkshire’s move into all-digital banks amounts to a strike against traditional lenders. It's a bit more nuanced than that.
Has the Oracle spoken?
Photographer: Daniel Acker/Bloomberg
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Warren Buffett, until last year a devoted shareholder of big U.S. banks, has moved on to their challengers. Does that spell the end of his faith in the traditional financial sector?
This week, Berkshire Hathaway Inc. poured $500 million into Brazil’s Nubank — the fintech company’s largest single investment — giving it a valuation of $30 billion. Nubank is one of the world’s biggest so-called neobanks, or all-digital lenders, with 40 million users in Latin America.