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Warren Buffett pocketing $12B profit on six-year-old investment



Warren Buffett has proven again why he is America’s most astute investor.

The billionaire’s Berkshire Hathaway on Friday moved to capitalize on a rejuvenated Bank of America — and in the process pocketed a tidy $12 billion profit on its nearly six-year-old investment.

Here’s how Buffett did it.

In August 2011, with many on Wall Street concerned that BofA didn’t have sufficient capital and with its shares in a swift retreat — they were down 30 percent in the first three weeks of the month — Buffett stepped forward with a $5 billion investment in the bank’s preferred shares.

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