Exclusive: Buffett not concerned by drop in BofA shares

Published October 04, 2011

| Reuters

LAGUNA NIGUEL, California (Reuters) - Billionaire investor Warren Buffett is not concerned by the sharp drop in Bank of America Corp <BAC.N> shares in the last couple of days, despite his $5 billion investment in the company last month, he told Reuters on Tuesday.

"We agreed to hold it for at least 5 years, so what I'm thinking about is where Bank of America will be in 5 years; and nothing in the last 24 hours or 48 hours has changed my views on that," the Berkshire Hathaway Inc <BRKa.N> chief executive told Reuters on the sidelines of Fortune magazine's Most Powerful Women Summit.

(Reporting by Lisa Richwine in Los Angeles, writing by Ben Berkowitz in New York,, editing by Gerald E. McCormick)

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http://www.foxbusiness.com/markets/2011/10/04/exclusive-buffett-not-concerned-by-drop-in-bofa-shares/