How Truly Long-Term Investors Should Approach Bank Of America

In the 2013 letter to shareholders of Berkshire Hathaway, Warren Buffett noted this: “It is important for you to realize that Bank of America is, in effect, our fifth largest equity investment and one we value highly…We can buy 700 million shares of Bank of America at any time prior to September 2021…We are likely to purchase the shares just before expiration of our option.” Even though Buffett’s terms on the deal are much, much better than what any investor could get by going online, typing in the ticker symbol BAC, and clicking the purchase button, the fact that Buffett values the position highly and will likely make Bank of America such a … Read the rest of this article!