Buffett has long been a fan of Bank of America, singing the praises of CEO Brian Moynihan time and again, and he's owned the stock since he bought preferred shares of BofA in 2011.

Bank of America’s Brian Moynihan said he doesn’t exactly know what Warren Buffett is doing by selling BofA stocks, “because, frankly, we can’t ask him.” During the Barclays Global Financial Services Conference on Tuesday,

Buffett has sold over $7 billion worth of Bank of America stock since the start of the third quarter. Meanwhile, one of the few stocks that he's consistently bought over the last two years is sitting near a two-year low,