Billionaire Warren Buffett Sold 45% of Berkshire's Stake in Bank of America and Piled Into a Virtual Monopoly That's Gained Nearly 13,000% Since Its IPO

The soon-to-be-retiring Oracle of Omaha has pared down Berkshire's stake in Bank of America for five straight quarters, but recently loaded up on shares of a company that's far more "magnificent."One month from today, a new era will begin for conglomerate Berkshire Hathaway (BRK.A +0.29%)(BRK.B +0.51%).In May, at Berkshire's annual shareholder meeting, billionaire CEO Warren Buffett announced his intention to retire from the CEO role at the end of the year and hand the reins over to his predetermined succes ...