Buffett dumps Bank of America for Wells Fargo

Berkshire Hathaway's Warren Buffett has sold out his position in Bank of America and added to US retail bank Wells Fargo.

According to a Securities and Exchange Commission filing, Buffett eliminated six other positions in Q4 last year, taking the number of stocks he owns down to 21, compared to the 33 held at the start of June. The Sage of Omaha sold out positions in Nike, Comcast , Lowe's, Nalco, Nestle and Fiserv. He used the money generated from the sell-offs to buy a further 6.2 million shares in Wells Fargo. The stock now accounts for one-fifth of his $52bn portfolio. The Wall Street Journal suggests the sales are linked to the retirement of Louis Simpson, a portfolio manager at Berkshire. "Ea...