Buffett generally doesn't think much of Wall Street types who manage other people's money. He even has a $1 million 10-year bet underway in which he backs a low-cost S&P stock index fund versus several hedge funds. (After five years, he's now winning that wager.)
Buffett, however, does have a soft spot for Goldman.
In a statement, the Oracle of Omaha said that he intends to hold "a significant investment in Goldman Sachs, a firm that I did my first transaction with more than 50 years ago. I have been privileged to have known and admired Goldman's executive leadership team since my first meeting with Sidney Weinberg in 1940."
Weinberg, sometimes called "Mr. Wall Street," was Goldman's CEO from 1939 until he died in 1969.
In 2010, when Goldman was accused of fraud by the SEC, Buffett defended the company saying, "It's hard for me to get terribly sympathetic" with the alleged victim in the case. He did acknowledge, however, that Goldman had "lost the PR battle" at that point. (In July of 2010, Goldman agreed to pay a record $550 million to settle the SEC's charges, but didn't admit any legal wrongdoing.)
For years, Goldman also employed one of the few investment bankers to win Buffett's respect. In his 2003 letter to Berkshire shareholders, Buffett wrote of Byron Trott — then Goldman's vice chairman of investment banking — that "he understands Berkshire far better than any investment banker with whom we have talked and – it hurts me to say this – earns his fee."