Warren Buffett says that Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) has substantial holdings in banks because it's a business he understands and "I think 10 years from now, they'll be worth more money," Yahoo Finance reports.
In Q3 2018, Berkshire Hathaway took a new position of 35.6M shares in JPMorgan Chase and added 14.5M shares in Q4.
The conglomerate also holds big stakes in Bank of America, Goldman Sachs, Bank of New York Mellon, and PNC Financial.
"I don't think it will turn out to be the best investments at all, of the whole panoply of things you could do, but I'm pretty sure that they won't disappoint me," he said.
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