Warren Buffett said that Berkshire Hathaway (BRK-A, BRK-B) made a “mistake” by not investing in JPMorgan Chase (JPM).
Buffett, 87, has publicly praised JPMorgan’s CEO Jamie Dimon. He’s also a fan of Dimon’s annual shareholder letter and often recommends that folks read it. That said, Berkshire Hathaway has never owned a share of the company.
“I should’ve [invested],” Buffett told
“Very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.”
Berkshire Hathaway has put a large percentage of its capital in bank stocks over the years, including JPMorgan’s peers Wells Fargo (WFC), Bank of America (BAC), and Goldman Sachs (GS).
Buffett acknowledged that he owns some JPMorgan shares in his personal account. “I only have about five or six stocks. I have nothing, personally, to speak of in stocks,” he said. The majority of his net worth is in Berkshire Hathaway’s stock, and Buffett has “literally never sold a share.”
“We have had a pretty heavy weighting in banks right along. But I should have bought JPMorgan,” Buffett said. “I wish we bought a lot more. I made a mistake.”
Source: Bloomberg Pro Terminal
Trader Velizar Mitov
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