Buffett's Faith in BofA

Bank of America (BAC) has been hit hard over the past few days, and has dipped over 37% since Warren Buffett bought his stake in late August, but he says he's not concerned.

WallStNation.com Sponsors - Become one Today

According to SeekingAlpha.com Buffett said: "We agreed to hold it for at least five years, so what I'm thinking about is where Bank of America will be in five years, and nothing in the last 24 hours or 48 hours has changed my views on that."

Bank of America Corp (BAC) shares have traded between today's new low of $5.13 and $15.31 over the past 12 months.  In 2011 BofA shares have declined 57% and today they closed at $5.76.