Buffett wins by losing as Bank of America shares surge

Warren Buffett ended up a winner after last year’s U.S. presidential election, even though the candidate he supported, Hillary Clinton, lost to Donald Trump. The victory came from a post-election surge in the shares of Bank of America Corp., in which Buffett’s Berkshire Hathaway Inc. owned warrants granted in August 2011 and exercised this week. The rally made Bank of America a far better performer for the six-year period than Wells Fargo & Co., Berkshire’s other top holding among the biggest U.S. banks.