The Oracle of Omaha, the man, the myth, the legend, Warren Buffett has sold off another $982 million shares of Bank of America Corp. stock as his conglomerate continues to downsize his investment in the second-largest bank in the U.S. This is a sure sign that he’s preparing himself for a stock market crash of apocalyptic proportions. In fact, Buffett now has $278 billion in cash while also selling off stocks left and right, including big ones like Apple. This does not bode well, ladies and gentlemen.
JUST IN: 🇺🇸 Warren Buffett sold another $981 MILLION shares of Bank of America.
‼️Buffett now holds $278 Billion in CASH and selling stocks like never before, including Apple.
He's getting ready for a crash… pic.twitter.com/XUkxj3whAd
— Radar🚨 (@RadarHits) August 28, 2024
According to a report from Yahoo News, Buffett’s Berkshire Hathaway Inc. has been slicing an dicing his stake in the bank by a whopping 13 percent in a series of sales that have been made since the middle of July, which has generated proceeds for the Oracle of Omaha in the range of $5.4 billion. The company has disclosed its latest sales in a regulatory filing that was made on Tuesday, which detailed sales that happened on Aug. 23, 26, and 27.
Buffett has held silent about his reasoning while whittling the highly profitable bet — an investment that began when the stock was trading near $5 in 2011. The shares were up 31% this year before the selling spree. They have since slid about 10% to $39.67. The string of sales signals Buffett’s biggest pullback from an investment that long served as a stamp of approval on the leadership of Bank of America Chief Executive Officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.
Berkshire still remains the bank’s biggest stockholder — with 903.8 million shares worth $35.9 billion, based on Tuesday’s closing price. A representative for Bank of America declined to comment. Berkshire didn’t immediately respond to a request for comment outside of normal business hours.
Another report from Yahoo said that out of the last six weeks, starting since the middle of July, have featured a sale by Berkshire of BofA stock. The BoA has now fallen a total of 9 percent during this time.
It’s not a sign of good things to come.
We are currently still in the throes of an economic downturn and signals like this clearly indicate we’re still in for a bumpy ride. The rest of 2024 isn’t going to be easy, folks. Better prepare now for the inevitable crash that is on its way. And if, by some miracle and blessing of God, we don’t experience more hardship, at least we have what we need if things ever do drop to the bottom.
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