Author Topic: WFC - Wells Fargo  (Read 577198 times)

dutchman

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Re: WFC - Wells Fargo
« Reply #1150 on: February 14, 2020, 01:40:35 PM »
Looks like Berkshire is selling out


Foreign Tuffett

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Re: WFC - Wells Fargo
« Reply #1151 on: February 14, 2020, 02:13:09 PM »
Looks like Berkshire is selling out

Berkshire still needs to stay under 10% ownership, right? It has been selling its position down over time to stay well under that ownership %.
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dutchman

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Re: WFC - Wells Fargo
« Reply #1152 on: February 14, 2020, 02:20:06 PM »
Yeah it does. It just seemed like a big sell at first glance.
I know they're buying back a lot of shares, so I'm not sure.

John Hjorth

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Re: WFC - Wells Fargo
« Reply #1153 on: February 14, 2020, 02:21:45 PM »
Looks like Berkshire is selling out

Berkshire still needs to stay under 10% ownership, right? It has been selling its position down over time to stay well under that ownership %.

Not exactly the time for "talk", right? Dutchman, what do you have as the total share count of WFC, & and the number of shares held by Berkshire EOP 2019Q4 [including NEAM]?
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dutchman

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Re: WFC - Wells Fargo
« Reply #1154 on: February 14, 2020, 02:43:35 PM »
shares outstanding q4 2019: 4.134b

so Berkshire has 323,212,918 + 23000000 (gen re?)

which puts them at around 8.4%.  Im sure i messed this up.

Foreign Tuffett

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Re: WFC - Wells Fargo
« Reply #1155 on: February 14, 2020, 03:03:59 PM »
shares outstanding q4 2019: 4.134b

so Berkshire has 323,212,918 + 23000000 (gen re?)

which puts them at around 8.4%.  Im sure i messed this up.

Yeah, 8.4%. The filing says as much on page two.

https://www.sec.gov/Archives/edgar/data/72971/000119312520038282/d852259dsc13ga.htm
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dutchman

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Re: WFC - Wells Fargo
« Reply #1156 on: February 14, 2020, 03:19:38 PM »
Is this the first time he's not just under 10?

Mephistopheles

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Re: WFC - Wells Fargo
« Reply #1157 on: February 14, 2020, 03:55:28 PM »
This isn't good. Does he think the problems at the bank are permanent? The stock right now reminds me of BAC in 2011. They've got all the infrastructure to be a solid big bank and there aren't that many of them. Bizzarre to me that he's giving up. Just like it was bizzarre that he never built up the JPM stake to 10% of shares out after that first purchase. Never bought back enough BRK stock at 200. Meanwhile $130 billion cash doing nothing and now liquidating WFC at a good valuation when IT is repurchasing 10% of stock per year.

Is the old man losing it??

John Hjorth

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Re: WFC - Wells Fargo
« Reply #1158 on: February 14, 2020, 04:01:06 PM »
This isn't good. Does he think the problems at the bank are permanent? The stock right now reminds me of BAC in 2011. They've got all the infrastructure to be a solid big bank and there aren't that many of them. Bizzarre to me that he's giving up. Just like it was bizzarre that he never built up the JPM stake to 10% of shares out after that first purchase. Never bought back enough BRK stock at 200. Meanwhile $130 billion cash doing nothing and now liquidating WFC at a good valuation when IT is repurchasing 10% of stock per year.

Is the old man losing it??

Wake up.
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-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

Gregmal

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Re: WFC - Wells Fargo
« Reply #1159 on: February 14, 2020, 04:35:35 PM »
This isn't good. Does he think the problems at the bank are permanent? The stock right now reminds me of BAC in 2011. They've got all the infrastructure to be a solid big bank and there aren't that many of them. Bizzarre to me that he's giving up. Just like it was bizzarre that he never built up the JPM stake to 10% of shares out after that first purchase. Never bought back enough BRK stock at 200. Meanwhile $130 billion cash doing nothing and now liquidating WFC at a good valuation when IT is repurchasing 10% of stock per year.

Is the old man losing it??

I agree with your sentiment, but I also dont think WFC going from 10% to 8.xx% is anything to cry over given the other bank exposure in the BRK portfolio. All of which, IMO are of higher quality than WFC, although WFC is probably the cheapest. That said, and Ive long been a critic of Buffett's paralysis the last few years, with the markets behaving wilder than a group of co-eds on spring break, I'm glad Buffett has all of that cash in his portfolio, because I dont in mine. Its a nice little value hedge, which Ive quickly made about a 7% position, up from 0.0% in December.