BofA is a giant black hole of risk that is unanalyzable.
I think that this applies to more than just BofA.[/quote]
Undoubtedly.
[quote=ucodegen]
Ask Warren Buffett… he’s only down 70% on his BofA position.
I think he may be down more than 30%.. he was buying when it was in the 30s (price before Countrywide and Merrill). It is presently bouncing between 16 and 17. I haven’t checked to see if he added to his position in March 09 though.[/quote]
I’m not sure where you’re getting your numbers. Buffett bought a little over 10 million shares of BofA during 2008 for around $500 million, so his cost basis was almost $50/share. Since the end of the third quarter of 2008 he has liquidated 5 million shares into a falling market for a loss. Obviously the shares he still owns have roughly a 70% loss in them right now. We won’t know until the end of the year exactly how many shares he still owns. But he’s lost a lot more than 30% on his position.
