Warren Buffett says he will own Bank of America for a 'long, long, long time'

Bank Of America Building

The chairman and CEO of Berkshire Hathaway Warren Buffett said Tuesday he is very optimistic over the future of Bank of America .

CNBC's Becky Quick asked the billionaire investor which bank stock was his favorite.

"What's your favorite child?" Buffett joked on CNBC's "Squawk Box" adding, "Bank of America has done a sensational job under Brian Moynihan."

Berkshire is the largest shareholder of Bank of America, according to FactSet.

CEO Moynihan "has really done a job. We will be holders of BofA stock for a long, long, long time," the investor added.

Berkshire Hathaway has major stakes in several other financial firms including Bank of New York Mellon, Wells Fargo and Synchrony Financial.

Buffett joined CNBC from Omaha, Nebraska — home of Berkshire and where Purpose Built Communities was holding its annual conference.

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