David A. Grogan | CNBC
Banks are a big part of Berkshire Hathaway’s portfolio, which is worth more than $248 billion.
Goldman Sachs, JPMorgan Chase, Bank of America, BNY Mellon, and U.S. Bancorp were all among Berkshire’s 15 largest stock holdings.
“Banking is a good business if you don’t dumb things on the asset side, I mean, basically,” Buffett said. “The banks we own earn between … 12% and 16% or so on net tangible assets. That’s a good business, that’s a fantastic business against the long-term bond at 2%.”
— CNBC’s Fred Imbert contributed to this report.
This story is developing. Please check back for updates.
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