Berkshire’s (BRK.A) Warren Buffett on what separates Wells Fargo (WFC) from the pack tat includes Bank of America (BAC), Citi (C) and JP Morgan (JPM).
Disclosure (“none” means no position):Long WFC, none
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Berkshire’s (BRK.A) Warren Buffett on what separates Wells Fargo (WFC) from the pack tat includes Bank of America (BAC), Citi (C) and JP Morgan (JPM).
Disclosure (“none” means no position):Long WFC, none
5 replies on “Buffett on Wells Fargo”
Is this the interview where Buffet also talks about Suntrust? I think he lumps Suntrust in there with wfc. Suntrust owns about $45mm shares of Coke. Worth about $2B.. Market cap of Suntrust now is about $6B. Now that says nothing about the liability side of Suntrust but I think that Buffett’s familiarity with banking sector and with Coke makes it something worth looking into.
they sold coke stake if I am not mistaken.
Your right. Sold it all in July 08…. I should have looked a little harder at the search results.
I like Buffett a lot. Huge fan. But I jut don’t get how he avoids being painted in a more negative light. He has the ear of the CEO of WFC, who knows what control he can exhibit. He did it with Coke when he ousted a CEO there a in the early 2000s. That’s not to say he hasn’t benefited people, but it isn’t as transparent as he pretends to be.
I agree with Anon2 here regarding Buffett. There was an article on WFC earnings shenanigans similar to what Todd has posted today for BAC. Even though I am long WFC and I know that they have avoided mistakes of others – I still think they are understating their losses with their mark to fantasy and other accounting tricks. Will try to post the link to the article if I can find it.