Wells Fargo will replace four board members and face limits on growing its banking business after an unprecedented action announced Friday by the U.S. Federal Reserve, which cited “widespread consumer abuses.”
Wells Fargo is Berkshire Hathaway’s (Warren Buffett’s) largest common stock investment. At Friday’s closing price of $64.07 on the New York Stock Exchange, Berkshire’s 10% stake in the bank was valued at $32 billion. Berkshire has invested in Wells Fargo since 1989.
Wells Fargo is also Daily Journal’s (Charlie Munger’s) largest common stock investment.
Qualivian Investment Partners Up 30% YTD; Long ORLY Thesis
Qualivian Investment Partners commentary for the second quarter ended July 30, 2020. Q2 2020 hedge fund letters, conferences and more “Short-term investors will accept a 20% gain because they didn’t spend the time to develop the conviction and foresight to see the next 500%.” - Ian Cassell Executive Summary Readers of investment letters fall into Read More
Wells Fargo nightowl / Pixabay