U.S. markets closed
  • S&P 500

    3,638.35
    +8.70 (+0.24%)
     
  • Dow 30

    29,910.37
    +37.90 (+0.13%)
     
  • Nasdaq

    12,205.85
    +111.44 (+0.92%)
     
  • Russell 2000

    1,855.27
    +10.25 (+0.56%)
     
  • Crude Oil

    45.53
    -0.18 (-0.39%)
     
  • Gold

    1,788.10
    -23.10 (-1.28%)
     
  • Silver

    22.64
    -0.81 (-3.44%)
     
  • EUR/USD

    1.1970
    +0.0057 (+0.48%)
     
  • 10-Yr Bond

    0.8420
    -0.0360 (-4.10%)
     
  • GBP/USD

    1.3314
    -0.0042 (-0.32%)
     
  • USD/JPY

    104.0850
    -0.1650 (-0.16%)
     
  • BTC-USD

    18,071.68
    +303.63 (+1.71%)
     
  • CMC Crypto 200

    333.27
    -4.23 (-1.25%)
     
  • FTSE 100

    6,367.58
    +4.65 (+0.07%)
     
  • Nikkei 225

    26,644.71
    +107.40 (+0.40%)
     

Buffett: I made a mistake not buying JPMorgan stock

Julia La Roche
·Correspondent

Warren Buffett said that Berkshire Hathaway (BRK-A, BRK-B) made a “mistake” by not investing in JPMorgan Chase (JPM).

Buffett, 87, has publicly praised JPMorgan’s CEO Jamie Dimon. He’s also a fan of Dimon’s annual shareholder letter and often recommends that folks read it. That said, Berkshire Hathaway has never owned a share of the company.

“I should’ve [invested],” Buffett told Yahoo Finance editor-in-chief Andy Serwer in a wide-ranging interview in Omaha, Nebraska, recently. “Very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.”

Berkshire Hathaway has put a large percentage of its capital in bank stocks over the years, including JPMorgan’s peers Wells Fargo (WFC), Bank of America (BAC), and Goldman Sachs (GS).

‘I made a mistake’

Buffett acknowledged that he owns some JPMorgan shares in his personal account. “I only have about five or six stocks. I have nothing, personally, to speak of in stocks,” he said. The majority of his net worth is in Berkshire Hathaway’s stock, and Buffett has “literally never sold a share.”

“We have had a pretty heavy weighting in banks right along. But I should have bought JPMorgan,” Buffett said. “I wish we bought a lot more. I made a mistake.”

Yahoo Finance will live-stream Berkshire Hathaway’s 2018 Annual Shareholders Meeting on Saturday, May 5th.

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.