As you can see, Berkshire closed its position in Goldman Sachs. It also trimmed its positions in JPMorgan Chase JPM +0.9% and Wells Fargo WFC +1.3%. But it added to its holdings in Back of America Corporation. Now BAC is the company's second largest holding behind Apple AAPL -0.6%. It's silly, however, to suggest that Berkshire has dumped banks.

The value of its bank stocks exceeds $40 billion. In addition, Berkshire continues to hold other stocks in the financial sector. It has major stakes in American Express, AXP +1.6%Visa and MasterCard MA +2.7%. In fact, Amex is Berkshire's fourth largest holding valued at over $15 billion.

And do you see Barrick Gold on the list? Yeah, it is so small it's hard to find.