If he bought BAC during the 2nd quarter of last year when it was between 49 & 52 and now it's ~37, yah........he's underwater with it. Since Buffett doesn't sell anything, it doesn't matter because he'll carry the stock to his grave.
you don't follow buffett. he does do a good amount of selling. just look at the recent positions he took in the railroads.
?..........Buffett's railroad holdings that he's believed to have accumulated from April and August of last year?........if he still owns them, those too are underwater! Then again, it doesn't matter because he'll never sell them. He'll be buried with copies of the stock certificates in his casket.
I'd say Buffet's pretty active considering the size he moves: As of 10-05-07: New positions: KMX, WBC Added Positions: BNI, DJ, JNJ, UNH, USB, WFC Reduced Positions: AMP, NSC, UNP Sold Out: COV, FDC, PTR, TEL, TYC, WU http://www.stockpickr.com/port/Warren-Buffett/