There are roughly 300 million reasons that Warren Buffett is probably hoping the Federal Reserve starts raising interest rates sooner and faster, than later or slower. The famed billionaire investor's investment vehicle, Berkshire Hathaway , has 44.8% of its portfolio invested in the financial sector, according to FactSet. Financial stocks tend to benefit in a rising rate environment, because they can make more money on the spread between the interest they earn on assets and the interest they pay on liabilities. Wells Fargo & Co. , Berkshire's largest holding at 470,292,359 shares, was up 0.9% in afternoon trade Friday, meaning Buffett is making $235.15 million in one day on his investment in the mortgage lender. Including the money he's making on his investments in U.S. Bancorp , Goldman Sachs Group , Bank of New York Mellon and M&T Bank , Buffett's U.S. bank bets are making him $303.88 million richer in one day. The yield on the 10-year Treasury note spiked up to an eight-month high of 2.438% in intraday trade following strong May jobs data, before pulling back slightly to 2.384%.
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