Overview
- Greg Abel’s 18‑page letter identifies Apple, American Express, Coca‑Cola, and Moody’s as core holdings expected to compound over decades with limited trading.
- Bank of America, despite ranking among Berkshire’s largest positions, was not designated a core holding.
- Berkshire has reduced its Bank of America stake by roughly half in recent years after an investment that began with a 2011 preferred-and-warrants deal.
- Bank of America shares trade at about 175% of tangible book value, placing the stock toward the higher end of its 10‑year valuation range.
- Analysts view the omission, alongside Berkshire’s cash hoard and light recent buying, as a sign bank exposure could be pared, though no changes have been announced.