Buffett Backs Bank Of America

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About: Bank of America Corporation (BAC)
by: Saibus Research
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Saibus Research
Long/short equity, Deep Value, value, special situations
Summary

Warren Buffett is Bank of America's Most Notable Shareholder due to his preferred stock & warrant investment in the bank.

Bank of America is trading at a 28.3% discount to its book value.

Bank of America has settled 95% of the unpaid principal balance of all RMBS litigation brought against all Bank of America related entities.

Bank of America reduced its operating expenses by 6% year-over-year in Q2 2014 versus Q2 2013.

When Warren Buffett stepped in with a $5B investment in Bank of America (NYSE:BAC) in 2011, the company was reeling from its misguided acquisition spree under former CEO Ken Lewis. When Warren Buffett