Exclusive: Buffett not concerned by drop in BofA shares


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.

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