Warren Buffett has sold 41% of his Bank of America stake since July 2024, likely locking in big gains as the stock now trades at a premium to book value. While BofA once benefited from high Fed rates, the tide could turn if rate cuts accelerate. Meanwhile, Buffett has quietly boosted Berkshire Hathaway’s stake in Sirius XM to over 37%. Unlike ad-driven radio, Sirius XM gets most of its revenue from subscriptions, providing stable cash flow even during downturns. Its dividend yield approaches 5% and shares trade at a steep discount to history.