Warren Buffett makes $3bn bet on banks On top of the Wells Fargo investment, a further $745m was spent over the same period buying the shares of US Bancorp, raising the billionaire's stake in the financial group to $2.8bn, while Mr Buffett increased his holding in Bank of New York Mellon by $161m. A frequent critic of the finance industry, Mr Buffett, through Berkshire Hathaway, provided billions of dollars in new capital to Goldman Sachs and Bank of America in the wake of the financial crisis. As well as banks, the Berkshire Hathaway filing revealed large investments in car maker GM, Canadian oil company Suncor Energy, as well as satellite TV broadcaster Dish Network. The investor spent $524m on shares in Suncor Energy, making Berkshire Hathaway the biggest shareholder in Canada's largest oil and gas producer, while a $634m investment in GM increased Mr Buffett's stake by 60pc. The company also bought a $23m stake in Dish Network. While the legendary investor has taken a more positive view on the banking industry, he drastically cut his stakes in food producers, reducing his holding in food and drinks company Mondelez International by 92pc and in Kraft Foods, the owner of Cadbury's, by 88pc. In total, Berkshire Hathaway offloaded shares worth about $200m in Mondelez; while the sale of Kraft shares reduced the value of the investment firm's holding in the company by $72m. As well as the food producer sales, Mr Buffett also cut his stake in scandal-hit pharmaceutical company GlaxoSmithKline by 2.3pc and by 12pc in credit ratings provider Moody's.