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Warren Buffett buys JPMorgan shares as he ramps up bets on the financials

Julia La Roche

Warren Buffett’s Berkshire Hathaway ( BRK-A BRK-B ) just revealed its recent stock moves and the “Oracle of Omaha” is making a big bet on financials. 

During the third quarter, Berkshire Hathaway snapped up a new position in JPMorgan Chase  ( JPM ) of 35.6 million shares, making it the 10th largest stock holding.’

It’s notable because the 88-year-old investor has   publicly praised JPMorgan’s CEO Jamie Dimon for years, but had not owned the stock.  A huge fan of Dimon’s annual letter, Buffett told Yahoo Finance’s editor-in-chief earlier this year that he made a “mistake” not investing in the bank’s stock. 

“I should’ve [invested],” Buffett said at the time. “Very obviously. I mean, it’s been a terrifically run operation. And it was very cheap, just like a number of others were.”

Warren Buffett, chairman and CEO of Berkshire Hathaway. (AP Photo/Nati Harnik)

Elsewhere, Berkshire added to its positions in Bank of America ( BAC ) and Goldman Sachs ( GS ) by 29% and 38%, respectively. Berkshire added 198.24 million shares to Bank of America, bringing its stake to 877.24 million, making it the No. 2 largest equity holding. 

Buffett also added to Bank of New York Mellon ( BK ) increasing the position by 20% during the third quarter. A new position in financials is PNC Financial ( PNC ).

Buffett trimmed Wells Fargo ( WFC ) by about 2% selling just over 9.6 million shares. Wells Fargo remained a top 3 stock holding with a stake of 442.36 million shares. 

In other moves, Berkshire initiated a new position is Oracle ( ORCL ), a stake of 41 million shares. Meanwhile, Buffett exited Walmart ( WMT ), selling all 1,393,513 during the third quarter. 

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on   Twitter .