Business
Golden touch: Is Warren Buffett betting against America? – Sydney Morning Herald
The uncertainty around financial markets has led Warren Buffett to make an uncharacteristic play.
There are good reasons for selling bank shares. Low interest rates and the coronavirus recession will choke bank earnings amid rising loan losses.
The exception Bank of America may relate to its relative lack of exposure to volatile trading and capital markets activity, a perceived more conservative and lower risk balance sheet and cheaper valuation metrics than the shares Berkshire Hathaway sold.
There are also good reasons for buying gold.
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