2024-08-03 08:06:57 ET
Warren Buffett is a Wall Street icon who runs Berkshire Hathaway . The stock picks that this conglomerate makes are, basically, Buffett's stock picks. Right now Berkshire Hathaway is selling down its position in large U.S. bank Bank of America (NYSE: BAC) . But the longer-term story here helps explain why you might want to invest in Toronto-Dominion Bank (NYSE: TD) today.
Like most U.S. banks, Bank of America got caught up in the mortgage crisis during the Great Recession . In fairness, the bank itself seemed to be weathering the situation in relative stride; it was the company's efforts to use the downturn to expand that really caused it the most trouble. Specifically, it bought Countrywide Financial, which was a subprime mortgage lender.
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Warren Buffett Took Profits in Bank of America. TD Bank Looks Like a Good Place for the Cash.