Warren Buffet Dumps BofA Stock, Buys Wells-Fargo

The old Charlotte rivalry of Bank of America vs. Wachovia is playing out in Warren Buffett's investment portfolio. Berkshire Hathaway revealed in SEC filings this week it dumped the last of its stake in Bank of America and used the money to buy more stock in Wachovia-owner Wells Fargo. Buffett has systematically shrunk his BofA investment over the years, selling his last five million shares for an estimated $745 million in the 4th quarter of 2010. At the same time, Buffett added 6.2 million shares of Wells Fargo to his collection, meaning the bank now accounts for one-fifth of his portfolio. BofA continues to struggle under the weight of faltering home loans and lost $1.2 billion last quarter. Wells Fargo fared much better, with a $3.4 billion profit. You can read a report from Bloomberg by clicking here.