' Looking at the top 15 stocks listed in the 2019 annual letter published in February 2020, Delta Air Lines (DAL), Goldman Sachs Group (GS), JP Morgan Chase (JPM), Southwest Airlines (LUV), United Continental Holdings (UAL), and Wells Fargo (WFC) have been eliminated. Holdings of U.S. Bancorp (USB) and Bank of New York (BK) have been cut back significantly.

Buffett has sharply reduced Berkshire's bank-stock holdings and now is concentrated in a $36 billion investment in Bank of America (BAC). The bank-stock sales'especially Wells Fargo'weren't well-timed. Barron's estimates that Berkshire got roughly half of Wells Fargo's current price of $48 a share, for what had been a longtime stake of nearly 350 million shares. Overall, Barron's estimates that Berkshire has left more than $10 billion on the table with its bank-stock sales.

The airline stocks were sold after the onset of the pandemic in the second quarter of 2020 at prices below current levels.'