WARREN BUFFETT Quote : Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Tuesday, August 20, 2013

Warren Buffett and BofA CEO Moynihan share a meal

The CEO of Bank of America and billionaire investor Warren Buffett met for dinner in Omaha two weeks ago, reports CNBC's Kayla Tausche. On the menu: Berkshire Hathaway's investment in BofA.

this is the pursuit of perfection. bank of america ce oe brian moynihan meeting up. kayla teschy joining up with what to discuss. did you sit at the table? i would have liked to have sat at the table. they heard a little bit about what was discussed and how it went down. the ceos meet very often with the top shareholders and as of two years ago. he met buffet on tuesday, august 6th at the happy hollow where buffet is a member. buffet expects bullishss on the banking sector especially for institution that is have a strong deposit base accng to them. they praised moynihan for his efforts at the bank. more than 100% in the two years since he took that large preferred stake in the company. at one point sources say buffet thanked moynihan saying he had matched a $5.27 billion profit on that investment. that's double his money. it's of course a painful fact. there was $300 million. the real money was there. 7.14 a piece. double that. the big question that remains is whether they discussed how buffet would exit that. he's tending to exercise that. goldman scks. he got his shares in the company three years later. the potential buffet exit was not the purpose of the dinner. nonetheless, it came out. what did they eat? i don't know what they ate but i know that they -- they have a good buffet there. they have a good buffet there. one tea, not two teas. crab. just saying it didn't have a purpose doesn't mean anything. that's definitely what was going on. they had to have discussed it. it can't not come up when you have a two-hour long private dinner when you have one of your biggest private shareholders who is a shareholder. you're paying in $300 million. you keep your powder dry for when there is blood in the streets and the money you make is unbelievable. ge, goldman and bank of america. i mean, holy smokes. you have guts of steel and be ready at the moment. you are getting a 10% dividend from goldman and he argued that the bank of america stake while it wasn't stuck in a time of crisis, it was extremely expensive for a bank whose cost of funding is higher than that. Scroll upScroll down RELATED ARTICLES AND CONTENT More Related Videos » Buffett thanks BofA's CEO for $5.3 billion profit » INTERVIEW--Oil-by-rail pioneer US Development Group cashing up, not out Show German election: 'Euro zone policies won't change' Tue 20 Aug 13 | 03:45 AM ET Company/Contributor Table for two: Buffett & BofA's Moynihan meet Mon 19 Aug 13 | 07:50 AM ET Most Popular Art Cashin: If 10-year hits 2.9%, 'alarm bells go off' Mon 19 Aug 13 | 11:40 AM ET Most Popular