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Wells Fargo & Company Message Board

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  • mingsphinx mingsphinx Dec 31, 2008 7:06 PM Flag

    Why Buffett Sold

    This coming rally may be the last chance for sensible investors to sell WFC for many years to come. After a review of the major banks, I am convinced that Buffett has and will be unloading Wells Fargo. If he did not like the Bank of America/Merrill Lynch deal, then you can be certain that he hates the Wells Fargo/Wachovia match up even more. Despite all its problems, Merrill Lynch is at least one of the best in the business. Wachovia was big but underperformed in just about every segment it competed in. And Wachovia has large contingent liabilities that will come due as problems start to surface. February 13th, mark the date on your calendar. That is when we find out if Buffett has actually sold his holdings of Wells Fargo stock. If he has, WFC can be expected to trade well below $20 a share.

    Take heed!

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    • Well, tomorrow is the 13th. Friday the 13th.

    • Move to Greenland (they could use your hot air) and quit bumping this meaningless thread. Your mindless drivel and speculation have run their course....

      • 1 Reply to srjohnt
      • Buffett walked away from Fannie and Freddie at the right time because "they" were being forced to loan to dirt bags or be called racists if the didn't.

        Buffett knows numbers hence he walked out on them.

        I think he knows when enough is enough so he is bailing.
        He keeps his buffalo news paper even though it sucks and loses money but he pulled the plug on WFC.... That says a lot.

    • Once again you use a lot of bandwidth to say nothing factual, speculate a lot and try to frighten people!

    • Wach Sec the fastest growing major firm in the brokerage business with the biggest profit margin. Merrill, Morgan, SB, and UBS pale in comparision on profitability

      As far as Wach Corp goes, 21 of 22 lines of business were in top three of their peer groups, one line of business lost money, the mortgage company, and it brought down the firm. Go through the annual report, its all there.

      Wach Sec + WFC is the best, most stable financial services firm for advisors and, more importantly, their clients in the market place today (and will be for a long long time!!!)

      • 1 Reply to danny71717171
      • Merrill Lynch, Morgan Stanley, Smith Barney and UBS pale in comparison to Wachovia Securities? Hunny, none of the companies that you mentioned can compare with Wachovia Securities. Wells Fargo likes to make a big deal about the retail brokerage operations of Wachovia as if it is some kind of mother lode cash cow that will make the whole deal work. Sweet heart, the brokerage business can be profitable, but not by much. In a good year, brokers barely earn in excess of the net interest income they get from their inventory. And if it is news to you, commissions were liberalized in the 1970s and full service brokers have been trying to paddle their way out of the slime every since. Without the investment bank that Wells Fargo is intent on closing down, the retail brokerage is a nonstarter. Where will you get the research or the pipeline of products? Keep the investment bank and Wells Fargo is going to be infected with a lot of embittered, stupid but vicious people.

        Face it, buying Wachovia was a very bad decision and Wells Fargo will have to pay much more than you realize.

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