3 ms·
From an article last month [1]: > Berkshire Hathaway (BRKB) owns nearly 470 million shares of Wells Fargo (WFC), a 9.5% stake. Buffett also personally owns a l
by tedmiston 10y ago
From an article last month [1]:
> Berkshire Hathaway (BRKB) owns nearly 470 million shares of Wells Fargo (WFC), a 9.5% stake. Buffett also personally owns a little more than 2 million shares in the bank. The combined value of that investment has dropped by nearly $1.5 billion since Friday.
I could see why he might be upset.
[1]: http://money.cnn.com/2016/09/14/investing/warren-buffett-berkshire-hathaway-wells-fargo-fake-account-scandal/ http://money.cnn.com/2016/09/14/investing/warren-buffett-ber...
- x0x0 10y agoI would also suggest Buffett is very focused on his reputation, and doesn't want to be seen tolerating behavior like this. From one of his letters to his managers: We can't be perfect but we can try to be. As I've said in these memos for more than 25 years: "We can afford to lose money — even a lot of money. But we can't afford to lose reputation — even a shred of reputation." We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly but intelligent reporter. http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethics-we-cant-afford-to-lose-reputation/ http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethi...
- bogomipz 10y agoIndeed, thats a lot of wealth that has evaporated in a short period of time. Interesting, from your link: "In fact, Berkshire Hathaway filed papers with the Federal Reserve this year for approval to boost its stake in Wells Fargo beyond 10%"