– Buffett Disposes 71 Million BofA Shares As Berkshire’s Cash Stockpile Rises:
Billionaire investor Warren Buffett’s Berkshire Hathaway has disclosed in multiple filings this month, the latest on Monday, that it is continuing to reduce its stake in Bank of America, locking in sizeable gains. This comes as Berkshire’s cash pile surged to a record in the first quarter, as Buffett has recently complained about the lack of meaningful deals.
Berkshire Hathaway began purchasing shares in late 2011 when they were around the $6 handle and has long been Bank of America’s top shareholder. However, Buffett is now taking a profit, selling about 71.2 million shares this month over the $40 handle.
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Did Buffett just call the top in the market?
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