' Buffett told CNBC in early 2019 that he thought bank stocks were appealing because of low valuations. At the time, he singled out JPMorgan stock, then trading around $100'it's now at $143.

'A business that earns 15% or 16% or 17% on net tangible equity, that's incredible in a world of 3% bonds. I mean, just imagine that you had a deposit account with JPMorgan that they made a mistake and they gave you 15% on it. And they couldn't redeem it. What would you sell that account for? You wouldn't sell it for 100 cents on the dollar. You wouldn't sell it for 200 cents on the dollar. You wouldn't even sell it for 300 cents on the dollar,' he told CNBC at the time.

That analysis suggested that the bank should trade for three times tangible book'or about $150 at the time. That is roughly where the stock trades now, although the current price to tangible book value is two, one of the higher valuations among its peers. JPMorgan's book value is higher since then.

While there has been great churn in the portfolio, the largest Berkshire holdings have shown little or no change in the past few years, including Apple (AAPL), American Express (AXP), Bank of America, and Coca-Cola (KO).

Berkshire bought a $12 billion stake in Occidental Petroleum in 2022, which Barron's estimates has gained more than $2 billion. Buffett's company also greatly expanded its holding in Chevron (CVX) to nearly 170 million shares worth around $29 billion in 2022. That holding could have a gain of close to $9 billion.' Bary wrote this piece.