Buybacks can continue for as long as Berkshire has at least $30 billion in cash and equivalents on its balance sheet. Since the conglomerate is sitting on a staggering $347 billion in liquidity right now, Buffett and his team can authorize more buybacks whenever they feel the time (or the price) is right.

Berkshire Hathaway dumped a total of 19.2 million BofA shares over the past three days for almost $779 million, according to a new regulatory filing.

Berkshire sold 48,660,056 shares of Bank of America ( BAC 0.58%), a stock up 520% since Buffett first took a stake in August 2011. The sale reduced the position 7%, but it's still his company's fourth-largest holding.

Investing may seem like a complex world reserved for experts, but Warren Buffett, one of the most successful investors on the planet, has shown that common sense, patience and discipline can take you far.

Key Points As this is Berkshire’s second-biggest position, Buffett has certainly found some traits he appreciates. This premium credit card brand boasts superb charge-off rates that are the envy of the industry.

Warren Buffett is arguably the most successful investor of the modern age. As the "Oracle of Omaha," and CEO of Berkshire Hathaway, he has built a fortune worth over $150 billion. With such success, many investors look to this legend for financial advice,