Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, non-interest and interest-bearing checking accounts, and investment accounts and products; credit and debit cards; residential mortgages, and home equity loans; and direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The GWIM segment provides investment management, brokerage, banking, and trust and retirement products and services; wealth management solutions; and customized solutions, including specialty asset management services. The Global Banking segment offers lending products and services, including commercial loans, leases, commitment facilities, trade finance, and commercial real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, short-term investing options, and merchant services; working capital management solutions; debt and equity underwriting and distribution, and merger-related and other advisory services; and fixed-income and equity research, and certain market-based services. The Global Markets segment provides market-making, financing, securities clearing, settlement, and custody services; securities and derivative products; and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1784 and is based in Charlotte, North Carolina.

Bank of America Corporation

Key Points
Caldwell Investment Management Ltd. purchased 663,810 shares of Miami International Holdings, with an estimated transaction value of $27.06 million for Q3 2025.
The position represents 17.76% of 13F reportable assets under management for Q3 2025.
Post-trade, Caldwell owns 663,810 shares of MIAX valued at $27.06 million, as of September 30, 2025.
MIAX becomes the fund’s 2nd-largest holding by value following the trade on September 30, 2025.
On October 27, 2025, Caldwell Investment Management Ltd. disclosed a new position in Miami International Holdings (NYSE:MIAX), acquiring 663,810 shares in a trade estimated at $27.06 million on September 30, 2025.
What happened
Caldwell Investment Management Ltd. initiated a new equity position in Miami International Holdings, according to its quarterly report filed with the U.S. Securities and Exchange Commission on October 27, 2025. The fund reported ownership of 663,810 shares valued at $27.06 million for Q3 2025, marking the firm's first reported stake in the exchange operator during the quarter ended September 30, 2025.
What else to know
This new position accounts for 17.76% of Caldwell’s 13F reportable assets under management for Q3 2025 and has become the fund's second-largest holding.
Top holdings after the filing:
UNK:CBOE: $29.05 million (19.07% of AUM as of September 30, 2025)
NYSE:MIAX: $27.06 million (17.76% of AUM as of September 30, 2025)
NYSE:BAC: $18.34 million (12.04% of AUM as of September 30, 2025)
NYSE:ICE: $16.79 million (11.02% of AUM as of September 30, 2025)
NYSE:AEM: $9.79 million (6.43% of AUM as of September 30, 2025)
As of closing on October 27, 2025, Miami International Holdings is priced at $44.27 per share, up by 36.01% since its initial public offering on August 14, 2025.
Company Overview
Price (as of market close 2025-10-27)
$44.27
Market Capitalization
$3.58 billion
Revenue (TTM)
$1.26 billion
Net Income (TTM)
$1.79 million
Company Snapshot
Miami International Holdings operates multiple U.S. and international markets for options, futures, and equities, including MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, BSX, and TISE. It also provides clearing services and owns Dorman Trading, a full-service futures commission merchant.
The company serves institutional clients, professional traders, introducing brokers, and retail customers seeking access to multi-asset trading and clearing solutions.
Miami International Holdings is a diversified financial markets operator with a growing presence in options, futures, and equities trading. The company employs a multi-market strategy to capture trading volumes across asset classes.
Foolish take
Caldwell Investment Management made a significant buy in Miami International Holdings. The firm established a new position of more than 600,000 shares, making MIAX its second-largest holding at nearly 18% of its portfolio.
This is a big move for the institution, both in terms of the $27 million amount and the sizable position in its portfolio. Miami International Holdings held its initial public offering (IPO) just two months ago, and investing early after an IPO can be risky, as many stocks take time to find their footing after going public.
Since its IPO, MIAX has surged by more than 36%, as of October 27, 2025. Because it's such a new stock, though, it can be tough for investors to tell how much of its price and performance are rooted in hype versus substance.
While investing in IPOs isn't necessarily a bad move for everyday investors, it's important to keep a long-term outlook and ensure your portfolio is properly diversified. Miami International Holdings could be on track to become a blockbuster investment, but with only two months of performance data to examine, investors may want to stay cautiously optimistic for now.
Glossary
13F reportable assets: Assets disclosed by institutional investment managers in quarterly SEC Form 13F filings, showing certain U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Equity position: Ownership of shares in a company, representing a stake in that company.
Exchange operator: A company that owns and manages one or more financial markets where securities, derivatives, or other assets are traded.
Futures commission merchant: A firm or individual that solicits or accepts orders to buy or sell futures contracts and accepts money or property from customers to support such orders.
Clearing services: Processes that ensure trades are settled, including transferring securities and funds between buyers and sellers.
Introducing broker: A broker who brings clients to a larger brokerage firm but does not handle the actual execution or clearing of trades.
Multi-asset trading: Trading that involves multiple types of financial instruments, such as stocks, options, and futures, within one platform or strategy.
Multi-market strategy: An approach where a company operates across several trading venues or exchanges to capture more trading activity.
Institutional clients: Organizations such as pension funds, mutual funds, or insurance companies that invest large sums of money.
Stake: The amount of ownership or interest an investor holds in a company or asset.
TTM: The 12-month period ending with the most recent quarterly report.
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Bank of America is an advertising partner of Motley Fool Money. Katie Brockman has no position in any of the stocks mentioned. The Motley Fool recommends Cboe Global Markets and Intercontinental Exchange. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Caldwell Loads Up On Miami International Holdings (MIAX) With 663,000 Shares in Q3 Buy

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 (Symbol: SSO) where we have detected an approximate $288.2 million dollar outflow -- that's a 3.8% decrease week over week (from 65,400,000 to 62,900,000). Among the largest underlying components of SSO, in trading today Exxon Mobil Corp (Symbol: XOM) is trading flat, Mastercard Inc (Symbol: MA) is down about 0.2%, and Bank of America Corp (Symbol: BAC) is up by about 0.5%. For a complete list of holdings, visit the SSO Holdings page » The chart below shows the one year price performance of SSO, versus its 200 day moving average:
Looking at the chart above, SSO's low point in its 52 week range is $60.84 per share, with $117.4399 as the 52 week high point — that compares with a last trade of $117.10. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Institutional Holders of GNOV
Funds Holding RMT
QSI Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: SSO, XOM, MA, BAC

Key Points
Focus on profitable, proven companies with strong brands and steady cash flow.
Buffett recommends S&P 500 index funds for long-term wealth building.
Compounding works best for those who stay invested through market cycles.
Few investors command the same level of respect as Warren Buffett, the billionaire chairman and CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). Nicknamed the "Oracle of Omaha," Buffett has spent six decades compounding wealth at an extraordinary pace for the company -- generating a staggering 5,502,284% total return over that span.
To put that into perspective, Berkshire's long-term compound annual growth rate (CAGR) of 19.9% is roughly double the long-term performance of the S&P 500 (SNPINDEX: ^GSPC), even when accounting for dividend reinvestment in the index.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
While Buffett's track record is nearly unmatched, the good news is his investment strategy is surprisingly straightforward. His approach can be distilled into a few timeless principles -- simple enough for any first-time investor to follow, yet powerful enough to build generational wealth.
1. Focus on businesses you understand
Buffett's investing philosophy is refreshingly simple: Buy high-quality companies at fair prices and hold them for the long haul -- often decades. He avoids complex or speculative ventures, instead focusing on businesses with durable competitive advantages, steady earnings growth, and trustworthy management.
Buffett's portfolio reflects this discipline. It's concentrated in consumer staples, financial services, and energy -- sectors he believes will remain indispensable through all economic cycles. Berkshire's top holdings -- Apple, American Express, Bank of America, Coca-Cola, Chevron, and Occidental Petroleum -- share some common threads: predictable cash flow, powerful brands, and shareholder-friendly capital allocation programs.
Equally telling are the companies Buffett tends to avoid. He's long steered clear of unproven tech start-ups, cyclical industries, and commoditized businesses that lack pricing power.
For investors, his example underscores a timeless truth: Resist the temptation to follow herd mentality. In investing, such an approach is similar to being a victim of the greater fool theory. Instead, seek out businesses with a long record of profitability, reliable dividends, and management teams that treat shareholders as partners.
2. The power of passive investing
Buffett long acknowledged that most investors are better off buying index funds rather than picking individual stocks. His reasoning is simple: Over time, the S&P 500 mirrors the growth of the American economy. It's composed of world-class companies like Apple, Microsoft, Johnson & Johnson, Walmart, and JPMorgan Chase that consistently reinvest profits, raise dividends, and drive long-term wealth creation.
For first-time investors, buying an S&P 500 exchange-traded fund (ETF) through providers like Vanguard, Fidelity, or Charles Schwab is one of the smartest, most stress-free ways to follow Buffett's playbook. This approach provides instant diversification across hundreds of top U.S. companies -- with no need for market timing, stock picking, or guesswork.
3. Think long-term and stay consistent
Buffett's success never hinged on predicting market moves -- it's built on patience, discipline, and the power of compounding. He's held some of his core positions for decades, steadily reinvesting dividends and allowing time do the heavy lifting.
The key lesson for beginners is consistency. Invest regularly, reinvest your dividends, double down on winners, and trim laggards. Avoid chasing hot stocks, cryptocurrencies, or viral trends that promise quick riches but lack fundamental strength.
Market corrections and downturns will happen, but Buffett views them as opportunities, not setbacks. They allow disciplined investors to buy quality companies at attractive prices. As he has famously advised, "You want to be greedy when others are fearful, and you want to be fearful when others are greedy."
In the end, wealth creation is less about timing the market and more about spending long periods of time in the market. Staying calm, patient, and committed to your long-term plan is what separates successful investors from emotional traders -- and it's the mindset that turns ordinary savers into extraordinary investors.
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Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Adam Spatacco has positions in Apple and Microsoft. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Chevron, JPMorgan Chase, Microsoft, and Walmart. The Motley Fool recommends Charles Schwab, Johnson & Johnson, and Occidental Petroleum and recommends the following options: long January 2026 $395 calls on Microsoft, short December 2025 $95 calls on Charles Schwab, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Warren Buffett's Investing Playbook -- Simplified for First-Time Stock Buyers

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in On Holding AG (Symbol: ONON), where a total volume of 23,953 contracts has been traded thus far today, a contract volume which is representative of approximately 2.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 47.9% of ONON's average daily trading volume over the past month, of 5.0 million shares. Especially high volume was seen for the $31 strike put option expiring November 21, 2025, with 17,001 contracts trading so far today, representing approximately 1.7 million underlying shares of ONON. Below is a chart showing ONON's trailing twelve month trading history, with the $31 strike highlighted in orange:
Grindr Inc (Symbol: GRND) options are showing a volume of 14,396 contracts thus far today. That number of contracts represents approximately 1.4 million underlying shares, working out to a sizeable 47.8% of GRND's average daily trading volume over the past month, of 3.0 million shares. Especially high volume was seen for the $19 strike call option expiring November 21, 2025, with 5,536 contracts trading so far today, representing approximately 553,600 underlying shares of GRND. Below is a chart showing GRND's trailing twelve month trading history, with the $19 strike highlighted in orange:
And Bank of America Corp (Symbol: BAC) options are showing a volume of 151,074 contracts thus far today. That number of contracts represents approximately 15.1 million underlying shares, working out to a sizeable 47.6% of BAC's average daily trading volume over the past month, of 31.7 million shares. Particularly high volume was seen for the $53.50 strike call option expiring November 21, 2025, with 12,064 contracts trading so far today, representing approximately 1.2 million underlying shares of BAC. Below is a chart showing BAC's trailing twelve month trading history, with the $53.50 strike highlighted in orange:
For the various different available expirations for ONON options, GRND options, or BAC options, visit StockOptionsChannel.com.
Also see:
EDIT Insider Buying
PLMT Historical Stock Prices
HRZN Options Chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Friday Option Activity: ONON, GRND, BAC

(0:30) - How Do You Know When To Sell Your Investments?
(4:10) - Breaking Down Warren Buffett's Recent Stock Moves
(12:00) - Should You Consider Selling These Stocks For Profit
(24:20) - Episode Roundup: AAPL, BAC, VRT, URI, HLT
Welcome to Episode #419 of the Value Investor Podcast.
Every week, Tracey Ryniec, the editor of Zacks Value Investor portfolio, shares some of her top value investing tips and stock picks.
Barron’s recently had an article discussing whether Warren Buffett sold shares of Apple AAPL from the Berkshire Hathaway portfolio too soon. He first started selling Apple in the fourth quarter of 2023 and sold throughout 2024.
But shares of Apple recently hit new all-time highs. Even though Buffett did not sell his entire Apple position, he certainly left some money on the table.
It was a similar story with Bank of America BAC, but Buffett didn’t start selling Bank of America until mid-2024 and continued into 2025.
Over the last year, Bank of America shares have gained 22%.
Berkshire Hathaway may not have it’s massive Apple position anymore, and it now owns less than a 10% position in Bank of America, but it still has a position in both. It also has $350 billion in cash to deploy at any time.
When Do You Sell a Winning Stock?
Is the business still performing up to expectations?
Have you reached your investing goal?
Have a plan. It helps investors to feel a sense of control when the stock market may be volatile or uncertain.
3 Stocks Near Their All-Time Highs
Vertiv Holdings Co. VRT
Vertiv is an AI infrastructure company that is in partnership with NVIDIA on the build out of the data centers. Shares of Vertiv recently hit new all-time highs and are up 872% in the last 5 years.
But valuations are stretched even though Vertiv recently beat and raised. It’s trading with a forward price-to-earnings (P/E) ratio of 44.
Should investors be cashing in Vertiv?
United Rentals, Inc. URI
United Rentals is the largest equipment rental company in the world. Shares of United Rentals recently traded near their all-time highs. It’s up 385.7% over the last 5 years.
But United Rentals recently missed on earnings. It is only expected to grow earnings by 1.5% this year. Additionally, the stock is not cheap, with a forward P/E of 22.5.
Should investors be cashing in United Rentals?
Hilton Worldwide Holdings Inc. HLT
Hilton Worldwide Holdings, the hospitality company with hotels around the world, recently beat again on earnings. Hilton has beat every quarter for the last 4 years. That’s an impressive earnings surprise streak.
Shares of Hilton are near 5-year highs and are up 182.9% during that period. It’s not cheap, however. Hilton has a forward P/E of 34.7. A P/E over 30 is considered to be an expensive stock.
Should investors be cashing in Hilton?
What Else Should You Know About When to Sell a Winning Stock?
Tune into this week’s podcast to find out.
[In full disclosure, Tracey owns shares of VRT in Zacks Value Investor and her own personal portfolio.]
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Did Buffett Sell Apple and Bank of America too Early?

Avery Dennison, a leading global materials science and digital identification solutions company, today announced that its Board of Directors has declared a quarterly cash dividend of $0.94 per share. The dividend is payable on December 17, 2025 to shareholders of record on December 3, 2025.
The Board of Directors of Gorman-Rupp has declared a quarterly cash dividend of $0.19 per share on the common shares of the Company, payable December 10, 2025, to shareholders of record November 14, 2025. The cash dividend will represent a 2.7% increase over the $0.185 dividend per share paid in the previous quarter. This action will mark the 303rd consecutive quarterly dividend paid by The Gorman-Rupp Company and the 53rd consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.
Kontoor Brands today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.53 per share of its common stock, an increase of $0.01 or 2 percent. The cash dividend will be payable on December 18, 2025, to shareholders of record at the close of business December 8, 2025.
Bank of America today announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.28 per share, payable on December 26, 2025 to shareholders of record as of December 5, 2025.
The Board of Directors of Charles Schwab at its meeting today declared a regular quarterly cash dividend of $0.27 per common share. The dividend is payable November 28, 2025 to stockholders of record as of the close of business on November 14, 2025.
VIDEO: Daily Dividend Report: AVY,GRC,KTB,BAC,SCHW
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Daily Dividend Report: AVY,GRC,KTB,BAC,SCHW

Key Points
Sold 56,738 shares of Bank of America; estimated transaction value of $2.77 million based on average pricing for Q3 2025
Post-trade stake: 293,285 shares valued at $15.13 million
The position now makes up 1.56% of the fund's AUM, placing it outside the fund's top five holdings
In a U.S. Securities and Exchange Commission filing dated October 20, 2025, DuPont Capital Management disclosed the sale of Bank of America (NYSE:BAC) shares during the quarter ended September 30, 2025.
What Happened
According to a filing with the Securities and Exchange Commission dated October 20, 2025, DuPont Capital Management Corp sold 56,738 shares of Bank of America during the quarter, with the estimated value of the transaction at $2,767,990 for the quarter. The fund retained 293,285 shares after the trade.
What Else to Know
The sale reduced the position from 1.78% of AUM in the prior quarter to 1.56% as of September 30, 2025.
Top holdings after the filing:
NVDA: $77.74 million (8.0% of AUM) as of September 30, 2025
MSFT: $64.21 million (6.6% of AUM) as of September 30, 2025
AAPL: $54.90 million (5.7% of AUM) as of September 30, 2025
AMZN: $42.81 million (4.4% of AUM) as of September 30, 2025
GOOGL: $34.78 million (3.6% of AUM) as of September 30, 2025
As of October 20, 2025, shares were priced at $52.04, up 24.62% over the year ending October 20, 2025; shares have outperformed the S&P 500 by 9.74 percentage points over the year ending October 20, 2025.
Company Overview
Revenue (TTM)
$195.02 billion
Net Income (TTM)
$29.65 billion
Dividend Yield
2.04%
Price (as of market close 2025-10-20)
$52.04
Company Snapshot
Bank of America Corporation is one of the largest diversified financial institutions globally, with significant scale in consumer banking, wealth management, and capital markets. The company leverages its broad distribution network and digital banking capabilities to serve approximately 67 million clients as of December 31, 2021.
The company offers a comprehensive suite of financial products and services, including consumer banking, credit and debit cards, mortgages, investment management, commercial lending, and global markets solutions. It generates revenue primarily through net interest income, fees from banking and wealth management activities, and trading and investment banking operations.
Bank of America serves individual consumers, small and middle-market businesses, institutional investors, large corporations, and government entities across the United States and internationally.
Foolish Take
DuPont Capital's decision to sell about $2.8 million worth of Bank of America shares looks like typical profit-taking. Here's why.
For starters, DuPont Capital chose to reduce its position in Bank of America by only about 16%. That indicates that the portfolio managers still rate Bank of America, as they could have reduced the position much further or closed it out entirely. Instead, Bank of America stock still makes up 1.56% of assets under management, making it the firm's 14th-largest holding out of a total of 109 stock positions.
Second, Bank of America stock has performed well recently. Year-to-date, shares have generated a total return of 20%. The S&P 500, by contrast, has generated a total return of 16%. Therefore, it is logical for DuPont Capital to trim some exposure to Bank of America simply as an act of sound portfolio management.
In summary, retail investors may want to take this stock sale with a big grain of salt. Bank of America has performed well recently, and this transaction looks more like a re-balancing move rather than a change in conviction by the portfolio managers.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC filings if they exceed $100 million.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Stake: The amount or percentage of ownership a fund or investor holds in a particular company.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value.
Outperformed the S&P 500: Achieving a higher return than the S&P 500 index over a specified period.
Dividend yield: The annual dividend payment expressed as a percentage of the stock's current price.
Net interest income: The difference between interest earned on assets and interest paid on liabilities by a financial institution.
Wealth management: Financial services that provideinvestment adviceand planning for individuals and institutions.
Capital markets: Financial markets where companies raise funds by issuing stocks, bonds, or other securities.
Distribution network: The channels and infrastructure a company uses to deliver products and services to clients.
Institutional investors: Organizations such as pension funds, insurance companies, or asset managers that invest large sums of money.
TTM: The 12-month period ending with the most recent quarterly report.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,032%* — a market-crushing outperformance compared to 192% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
*Stock Advisor returns as of October 20, 2025
Bank of America is an advertising partner of Motley Fool Money. Jake Lerch has positions in Alphabet, Amazon, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

DuPont Capital Sheds $2.8 Million of an Iconic Financial Stock. Here's What It Means for Retail Investors.

In this podcast, Motley Fool contributors Tyler Crowe, Matt Frankel, and Jon Quast discuss:
Earnings, outlooks, and conference call commentary from the big banks' third quarter.
Private assets' role in an investor's portfolio.
Stocks on their radar.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks »
A full transcript is below.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,028%* — a market-crushing outperformance compared to 190% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
See the stocks »
*Stock Advisor returns as of October 20, 2025
This podcast was recorded on Oct. 16, 2025.
Tyler Crowe: Private markets are becoming the public markets. This Motley Fool Money. Welcome to Motley Fool Money on Tyler Crowe, joined by longtime Fool contributors, Jon Quast and Matt Frankel. Now, we're going to cover the market buzz around private assets that are looking to make their way into retirement accounts and cover stocks on our radar, like we do every Thursday. But first, earning season is heating up. Yesterday, our colleagues discussed ASML's results, and we were tempted to also discuss Taiwan Semiconductor's strong earnings report and outlook. But I feel like we've discussed AI and the picks and shovels plays a lot lately on our episode of Motley Fool Money. We wanted to look at some of the non AI parts of the markets, and what better way to do that than with the big banks. The results from JPMorgan, Bank of America, Wells Fargo, and several others came out earlier this week. I don't want to rehash the numbers too much. Instead, I want to really focus on some of the big takeaways from either the outlooks or commentary that we saw in the market. Matt, what stood out to you on this most recent round of updates?
Matt Frankel: First of all, all the big banks, including all the ones you mentioned and others, beat expectations for earnings. Strong numbers so far, but there are some big winners among the group. I'd say, in order, my biggest winners of earnings season so far among the banks are Wells Fargo, Morgan Stanley, and Bank of America. With the latter two, Bank of America and Morgan Stanley, they both benefited from a robust IPO and M&A market, which I think Jon's going to talk about more in a second. This led to investment banking fee growth of 43 and 44% year year respectively for those two. Equities trading revenue was really strong at beat expectations. Not only that, Bank of America reported a surprise decline in their credit loss provision, which is going to come into play a little later in our conversation. But in general, investment banking was really strong, and Wells Fargo is particularly interesting because they don't depend as much on investment banking, and we're a big winner. Their stocks up 10% since earnings. One major thing is that management is now expecting 17-18% returns on tangible common equity over the medium term, up from the previous estimates, after the Federal Reserve lifted their asset cap finally after seven years. The bank is now going on offense. Charlie Sharf, the CEO, said that Wells Fargo aims to be the number one consumer bank, a lofty goal, and a top five investment bank, which they're not I don't even think they're a top 10 investment bank right now. Plus, like Bank of America, Wells Fargo decreased their loan loss provision significantly, so some really big surprises so far.
Jon Quast: As Matt points out here, the investment banking market right now is just red hot. Accounting firm Ernst & Young, they just released a report that showed that merger and acquisition deal values in September up over 110% year over year. Those are some big deals in there. Volume was a little bit lower, but even still the activity in September up 41%. I capped off a third quarter here, where value for M&A was up 239% from the third quarter of 2024, and volume was up 164%, so nearly tripling. Things are clearly heating up in this space. That was reflected in the banking numbers that Matt was just talking about. Just to drill down into these things a little bit further, JP Morgan CFO Jeremy Barnum said that there have been some IPO deals sitting in the pipes ready to go, and they've just been waiting for better valuation and lower volatility, and the third quarter delivered on that. The same applies to merger and acquisition activity. You also look at some of the comments from Bank of America, CFO Alastair Borthwick said that the fourth quarter is shaping up nicely, and then Morgan Stanley comes out and says, they're actually building their business with expectations that the next 3-5 years are going to show positive trends in this investment banking market, and so all this is really positive.
Tyler Crowe: I guess it goes to show what personality I have because I focused in a little bit on the one negative market commentary that I think we saw in all of the banking stuff. It was during the JP Morgan conference call, Jamie Dimon made some, we can say comments on the state of private credit and lending to private credit. This comes on the heels of Auto Parts manufacturer First Brands Group and used auto dealer Tricolor both filing for bankruptcy. These are both private companies. Those companies had loans with private creditors who also just had those private creditors had loans with big banks. Jamie Dimon hinted that he thinks the private credit and other these non bank financial institutions, lenders to private equity and things like that. A lot of his commentary pointed to being a little bit of a weak point in the market. I'm trying to sparse between his commentary being like, we don't know how good these folks underwriting is, which it's either a commentary on the market or just Dimon trying to talk up JP Morgan's book, which that's obviously his job a little bit. It certainly gives me something to follow up in the coming quarters as to whether or not it was, again, just Jamie Dimon talking it up or, if there's actually really something here. Let me pass this back to you. What were the questions that you were left with on this most recentearnings call What do you want to follow up on?
Jon Quast: I would say that the investment banking commentary says that the economy is really in a healthy place or at least it's on the right track. My question is, what changes that and how secure is that? Investing is a lot to do with risk management. If I was to rewind the clock, go back to 2019, I just remember that economy feeling like a freight train in late 2019 and just asking, what would possibly change that? A once in a century pandemic. But this time it doesn't quite feel like a a freight train to me. It does feel a little bit more fragile, and maybe that's reflected in some of the comments you just brought out from Jamie Dimon. It feels like we're just a social media post away from changing some investor sentiment dramatically. I'm just looking at this. I'm saying, OK, the numbers are saying that the economy is very healthy or at least going in the right direction. What would it take to change that?
Matt Frankel: Look, I have mixed thoughts just like Tyler does, mainly because the sharp declines in the loss reserves from both Bank of America and Wells Fargo, really seem to contradict Jamie Dimon's statement on credit quality. I agree. I've been saying for a long time that the auto lending industry, especially the subprime market, could be a bit of a house of cards. It is far too easy to borrow, say, $50,000 to buy a depreciating asset, right now. It's harder to get a mortgage, which is a safer form of a loan. But that doesn't mean that all private credit is necessarily set for a collapse. It could just be specific to the auto lending industry. It's definitely worth monitoring over the next few quarters. But over the past few years, since 2022 when the bear market happened, pretty much every fear about deteriorating credit hasn't materialized as much as we thought it would.
Tyler Crowe: Coming up, private assets want to be in your retirement, and it could really affect the way we invest.
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Tyler Crowe: Admittedly, discussing first brands and Tricolors bankruptcy in the last segment isn't really exactly the best lead in for this next discussion, but not every transition could be perfect. The drumbeat around private assets has become becoming more available to the investing public is getting louder and louder. More and more asset managers are exploring ways to package private assets either as private equity or private credit into taxed advantage accounts like 401(k)s. Now, I myself have a lot of conflicting thoughts about this. On the one hand, making private assets available to individuals gives us a lot more investing choices, which most of the time more choices is better. Conversely, I can see asset managers that own these assets and trying to get them to individuals as a way of charging high fees for the privilege and access to private funds that they don't have anymore because low cost index funds and ETFs eroded a lot of fees that former mutual funds and asset managers used to enjoy. I'm going to put it both to you because there's a lot of stories out there of companies like Blackstone, BlackRock. All of these companies that are looking to find a new way to package private investments into 401(k)s or other types of retirement accounts. How do you see private assets fitting into your investment strategy?
Jon Quast: Personally, I'm a big fan of few regulations from Uncle Sam. On principle, I like the idea of being able to add private assets to my retirement account. There are some companies that I would have loved to in recent years, and one that comes to mind is Neuralink from Elon Musk. That's just a fascinating company to me, and I would love to be able to invest in my retirement account. I find it extremely interesting. That said, as I look about this from a broad perspective, opportunity without education is like giving a small child a box of matches. They can get hurt, and they can break things. I think there's a smart way to open this up, and I think that there's a bad way to open this up. Hopefully, we do it the smart way and not the way that creates a lot of problems, especially financially for people just getting involved in something that they don't really understand.
Matt Frankel: Tyler, you're right that so far, all of the deregulation around any type of private assets have allowed managers and investment platforms to charge high fees to investors. We've talked about this privately before. But there are funds out there that give investors private exposure to private companies like SpaceX and Open AI, and charge, let's say, ridiculous fees. But like you, I'm conflicted. It's both an opportunity and a threat to the retirement security of people in these 401(k) plans. The statement from the executive order that the president signed allowing this is misleading that the standard products like S&P 500 index funds are, "Are not letting people achieve secure retirements." The S&P 500 has been a great wealth builder over the long term. The problem is that the average person doesn't save enough for retirement. It's not that they haven't had opportunities to build wealth. I have conflicted feelings about this. Like Jon said, there is a right way and a wrong way to do it.
Tyler Crowe: There's been a lot of deregulation of access to things like this. It started with the 2012 Jobs Act is something I can think of. I think, ultimately, and this is I give my concluding thoughts, I guess, and moves like this feel like an appeal to the inattentive investor, the ones that sign up for whatever plans your company's 401(k) signs up for. To that, the good marketing of private equity isn't subject to the whims of the market or something like that for long term investments. You can see the marketing. It writes itself. But individual investors like us who put the time and effort into finding individual stocks to buy and hold over the long term. I don't know if we'll see as many benefits from this because we want to do our due diligence. We'll see how this shakes out, but I think that's where I'm going to end up landing unless somebody really blows me away with a really interesting offer in private capital. After that, we'll do stocks on our radar.
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Tyler Crowe: Guys, unfortunately, none of us were the recipients of that $300 trillion stablecoin fat finger that happened at PayPal either yesterday or today. I think we're just going to have to keep on building wealth, the old fashioned way, with some buy and hold stocks. With that in mind, what's actually on your radar this week? Jon, we're going to start with you.
Jon Quast: On my radar this week is company called TripAdvisor, symbol TRIP. At Hidden Gems, we value misunderstood companies, has something that the market's not appreciating, and TripAdvisor certainly has that, in my opinion. It's not just the TripAdvisor brand that you get here. You also get another brand, which is called Viator. Now, I want to just talk about Viator because I believe that the real value here, and this goes along with our discussion regarding investment banking. I think that TripAdvisor has something more valuable in Viator than what TripAdvisor is itself, and spinning it out or IPOing it in some way may unlock that value. You just look at Viator by itself for a moment. It's generated 882 million in trailing 12 month revenue. It's growing at 11%, which is double digits, high gross margin. It is profitable on a stand-alone basis. You look at something like Airbnb, a price to sales ratio of seven. Let's give Viator half that valuation at 3.5 times sales. Viator would have a $3 billion market cap on a stand alone basis. You look at TripAdvisor right now, it has a $1.8 billion market cap. Potentially more value in Viator as a stand-alone business than what it is right now under TripAdvisor. I think this is an underappreciated thing and why it's on my radar.
Matt Frankel: I'm going to talk about one of my longtime favorite real estate companies to follow Empire State Realty Trust, ESRT. They own the Empire State Building and a portfolio of about two dozen other primarily office buildings in Manhattan. Not only is the stock about 35% below its 52 week high, despite pretty strong performance from its business and the observatory on the Empire State Building, but I'm seeing signs that the New York City office market could be stronger than most experts think. Just consider that competitor SL Green just agreed to buy a 36 story office tower right near Park Avenue for $730 million. It's a big bet that the New York City office market will strengthen in the years to come. If it turns out they're paying the right price, the Empire State Building alone could be worth more than the current market cap of the company. Forget the other two dozen properties. Talk about a Hidden Gem. I think if the New York City office market does what SL Green thinks it's going to do, the Empire State could be a bargain.
Tyler Crowe: On the deregulatory thing, there's been another story about the Trump administration looking to privatize its portfolio of student loans, which I don't know if it's going to happen or not, but it gives me a pretty lame excuse to talk about SLM Corp. Ticker is SLM. This people might also know it as Sallie Mae, which is basically the bank similar to Fannie Mae & Freddie Mac, but it's focused on student loans. It is actually a publicly traded company. One of the things that makes it so appealing to me is if you actually look at the credit quality that it has, you think of student loans, they tend to be a relatively secure loan in the sense of paybacks. Our default rates are relatively low. They actually can't even be discharged in bankruptcy. They also get things like high rates of cosigned with parents and things like that, and a lot of what they actually have on their books is for masters in business or premed or law or something like that. It tends to have very high amounts with also good credit quality for future payments. It's just a business to me that looks incredibly well. If you look at things like net interest spreads, which is the difference between the interest rate on the loans and how much its depositors get, it's quite high compared to most other banks. You get a secure payment at a high net interest rate. This is a business right now that's trading for about 11 or 12 times earnings. I think people are worried about credit quality, but I think that might be a little overblown for a business that if we talk about hidden, it really is quite hidden out there and a very quality business for something. Matt, Jon, that's all the time we have for today. Thanks for sharing your thoughts.
As always, people on the program may have interests in the stock they talk about, and the Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our shows. Thanks again to our producer Dan Boyd, for keeping us on schedule for Matt, Jon and myself. Thanks for listening, and we'll chat again soon.
Wells Fargo is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Jon Quast has positions in Airbnb. Matt Frankel has positions in Bank of America, Empire State Realty Trust, and PayPal. Tyler Crowe has positions in SLM and has the following options: short December 2025 $32 puts on SLM. The Motley Fool has positions in and recommends ASML, Airbnb, Blackstone, JPMorgan Chase, PayPal, and Tripadvisor. The Motley Fool recommends BlackRock and Empire State Realty Trust and recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2025 $75 calls on PayPal. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Private Assets Meet Public Markets

In today's video, I will talk about the recent fears around the banking sector, more specifically, regional banks and lenders. Watch the short video to learn more, consider subscribing, and click the special offer link below.
*Stock prices used were from the trading day of Oct. 17, 2025. The video was published on Oct. 17, 2025.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
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JPMorgan Chase is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Neil Rozenbaum has positions in SoFi Technologies. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is This the End of the Bull Market or Another Buying Opportunity?

Key Points
Buffett is considered the greatest investor of all time.
These six stocks are representative of iconic Buffett stocks.
Just $1,000 can build a mini-Buffett portfolio.
They don't call him the Oracle of Omaha for nothing!
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO and Chairman Warren Buffett is widely considered the greatest investor of all time, inspiring millions of investors along the way. Over his six decades at the helm of the giant conglomerate, he and his hand-picked team have worked to identify stocks of good companies with good management that are undervalued by the market.
It's worked extremely well. Berkshire's stock has generated a compound annual growth rate of almost 20%, double the average annual return of the S&P 500 over that time.
Why not replicate that success?
It's not difficult to build a similar portfolio by studying Buffett's methods. The current portfolio of publicly traded U.S. stocks owned by Berkshire Hathaway has more than 40 stocks and is worth more than $300 billion.
And that doesn't even include the scores of companies Berkshire owns outright, like GEICO Auto Insurance, BNSF railway, and Fruit of the Loom.
A broad portfolio
The stocks Berkshire owns minority stakes in range in price from about $8 (Liberty Latin America Series A) to more than $7,600 a share (NVR Inc). It would be extremely difficult and expensive (not to mention time-consuming) to attempt to mirror that portfolio, even if you bought just one share of each stock.
But if you have just $1,000 to invest and want to create a portfolio that looks a lot like something Buffett would hold (and does), here are six stocks to start with. And you can get a share of each for a combined total price of less than $1,000.
Six iconic Buffett stocks
1. Apple
Let's start with Apple (NASDAQ: AAPL), the giant consumer electronics company and third-largest public company on the planet by market cap. Buffett and Berkshire first invested in Apple in early 2016 with a $1 billion share purchase and continued to increase the stake over the years. Today, Berkshire owns $69.8 billion in Apple shares. That makes it the company's largest holding, at more than 23% of its portfolio. It has netted the company a gain of 524% so far.
Apple is the only stock in this mini portfolio that's down for the year, but Buffett continues to hold it and has great confidence in its long-term prospects. The share price is currently around $249.
2. Bank of America
Berkshire made its initial investment in Bank of America (NYSE: BAC) in August 2011 by purchasing preferred stock and warrants. It converted its warrants to common stock in 2017. The national bank accounts for more than 10% of Berkshire's portfolio. And the stock is up 17% this year. Plus, it pays a nice dividend yield of 2.14%. A share costs about $51.50.
3. Coca-Cola
Coca-Cola (NYSE: KO) is currently Berkshire's fourth largest holdings. A big believer in holding businesses with natural economic moats, Buffett began buying the iconic beverage company's shares in 1988 because he believed it was undervalued. The stock has a yield of 3.04% and is up 9.4% so far this year. Shares trade at about $68.
4. American Express
American Express (NYSE: AXP) has been in the Berkshire portfolio since 1998, though Buffett has increased Berkshire's stake since then and it now owns nearly 22% of outstanding AXP shares worth $51.3 billion. This stock is relatively expensive, at about $340 a share. It has climbed almost 15% in 2025.
5. Chevron
Berkshire made an initial investment in the energy giant Chevron (NYSE: CVX) in 2020 and has been buying and selling since. It's one of Buffett's most actively traded holdings, and it has an attractive 4.5% yield. The stock is currently priced at around $153 a share. It's up 6% this year.
6. Nucor
Nucor (NYSE: NUE) is a steel manufacturer that Berkshire first bought back in the 1990s, considering it a great value play. Buffett purchased another 6.6 million shares this year for about $850 million. Its current price per share is about $133. The share price is up almost 14% this year.
These six stocks are spread across different sectors of the economy, from technology and energy to financials, consumer defensive, and basic materials.
Purchasing one share of each will cost a total of about $995. That will buy you a nice mini-Buffett starter portfolio. And you'll have $5 left over for a latte.
Should you invest $1,000 in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $669,449!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,110,486!*
Now, it’s worth noting Stock Advisor’s total average return is 1,076% — a market-crushing outperformance compared to 191% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of October 20, 2025
American Express is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Matthew Benjamin has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Chevron, and NVR. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.