Warren Buffett sticks with Bank of America as crisis rocks bank stocks

Warren Buffett conceded at the Berkshire Hathaway (BRK-A, BRK-B) annual meeting on Saturday he doesn’t know the next move in bank stocks amidst considerable turmoil in the sector.

But he does like one bank in particular for the long-term, crisis or no crisis — Bank of America (BAC).

“We’re very cautious… about ownership of banks and we do remain with one bank… I like Bank of America and I like the management,” Buffett said at the shareholder gathering in Omaha, Nebraska.

Buffett has a long history with Bank of America.

The ‘Oracle of Omaha’ injected $5 billion into Bank of America in 2011. It wasn’t solely a bet on Bank of America’s leadership position, but also in the steady hand of CEO Brian Moynihan.

Investor Warren Buffett (L) and Bank of America CEO Brian Moynihan speak to students at Georgetown University at an event co-sponsored by Bank of America and the Global Social Enterprise Initiative (GSEI) at Georgetown’s McDonough School of Business in Washington September 19,…

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This article was written by and originally published on finance.yahoo.com