For decades, Berkshire Hathaway (NYSE:BRK.B) Chairman and CEO Warren Buffett maintained a pretty conservative approach to investing, favoring retail and banking stocks while giving a wide berth to more volatile sectors such as tech and energy. In fact, big American banks have been Warren Buffett’s favorite investment because they are part of the infrastructure of the country, a nation he continually bets on. As recently as late 2019, Berkshire had large stakes in four of the five biggest U.S. banks, with Wells Fargo remaining Buffett’s top stock holding for three straight years through 2017. But Buffett appears to have changed his investing ethos quite dramatically over the past couple of years, taking new multi-billion dollar stakes in energy and computer corporations while shunning the banking sector. After the onset of the coronavirus pandemic in early 2020, Buffett unloaded Wells Fargo (NYSE:WFC), JPMorgan (NYSE:JPM), and Goldman Sachs (NYSE:GS) on the cheap, despite many stocks in the sector becoming significantly cheaper to own. "I like banks generally, I just didn’t like the proportion we had compared to the possible risk if we got the bad results that so far we haven’t gotten," Buffett told investors at last year’s shareholder meeting. Various […]
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