Subject: Re: BACk to selling BAC
" Buffett’s Berkshire Hathaway Sells $550 Million of BofA Stock
Berkshire Hathaway has cut its stake in Bank of America to 12% with CEO Warren Buffett seemingly taking advantage of the strength in financial stocks.

Berkshire resumed its sales of the stock in recent days, unloading 14 million shares for about $550 million. The BofA holding is its third largest equity stake behind Apple and American Express.
The stock was sold on Thursday, Friday, and Monday at an average price of about $39.50 and Berkshire now holds 928 million shares of BofA worth nearly $37 billion, according to a filing with the Securities and Exchange Commission Monday.
Berkshire’s moves accounted for nearly 20% of the trading volume in BofA stock on Monday. It was also an active seller of the stock in late July and has offloaded about 100 million shares in total.
What’s Next: The big question is when Buffett will stop selling the stock. He may want to get the BofA stake down to 10%—at which point Berkshire would no longer have to report sales within two business days as it does now. Often when Buffett starts selling a stock, he ends up eliminating it entirely. BofA, however, is Berkshire’s only outsize stake in a traditional bank.

—Andrew Bary"