Buffett's initial $5 billion investment in BofA in 2011 was a crucial vote of confidence, particularly following the tumultuous 2008 financial crisis. This strategic move not only provided stability to the bank but also turned into a lucrative investment with shares soaring over 446%, demonstrating Buffett's adeptness in recognizing potential amidst market challenges.
Moynihan expressed admiration for Buffett, stating, "I don't know what exactly he's doing because, frankly, we can't ask and we wouldn't ask... But he's been a great investor for our company and stabilized our company when we needed it at the time." This underscores the mutual respect and trust in their long-standing relationship.
Collection
[
|
...
]