Berkshire Hathaway Increases Bet on Banks and Other Financial Services Firms in 3Q
As we noted last week, wide-moat rated Berkshire Hathaway spent some $14 billion on the purchase of financial services stocks in the third quarter, with the sector accounting for 40.7% of Berkshire's reported equity portfolio at the end of September (much higher than the 13.8% financials weighting in the S&P 500 Index). The insurer's second largest sector weighting at the end of the third quarter was in technology, which accounted for 27.7% of Berkshire's equity portfolio, but much of that w...JPMorgan Chase is a financial holding company. Through its subsidiaries, the company's segments include: Consumer and Community Banking, which provides services through bank branches, ATMs, digital (including mobile and online) and telephone banking; Corporate and Investment Bank, which consists of Banking and Markets and Securities Services, provides a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services; Commercial Banking, which provides financial solutions, including lending, treasury services, investment banking and asset management products; and Asset and Wealth Management, which is engaged in investment and wealth management.
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