Here’s Why Buffett Isn’t Worried About the Banking Industry

Investing guru Warren Buffett took the time to express his confidence in the U.S. banking system during Berkshire Hathaway’s (NYSE:BRK.A) annual shareholder meeting over the weekend.

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Berkshire has invested more than $19 billion in the banking industry, an investment that Buffet feels good about: “The American banking system is in fine shape. The European system was gasping for air a few months back.”

With a $12 billion stake, Buffett is the largest shareholder of Wells Fargo (NYSE:WFC). Berkshire also holds a $2.2 billion stake in U.S. Bancorp (NYSE:USB) and gave a $5 billion infusion to Bank of America Corp. (NYSE:BAC) last year.

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