BBUS, page-8359

While buying Airlines is currently a bold move, Banks are a traditionally cautious holding. They are already priced to accept the economic conditions ahead (recession, high unemployment, losses etc) and give they are the OG "to big to fail" your downside is low. They're at a 25-30% discount to their Feb highs and given the level of stimulus payments going out and unemployment support, arguably they shouldn't be in this poor a shape given the level of economic support the FED is willing to provide. Keep in mind that the expected corporate defaults are largely avoided due to the FED providing a corporate bond backstop. The retail lending is obviously a concern, but the banks have already set aside provisions for expected bad debts. They really are a decent buy even if you hold a very strong bearish sentiment.

All that said - BRK held 925m shares in BoA as of 31 March and this is only adding 12m more. Which is peanuts.

It's wishful thinking that this contradicts a bearish view.