Will Warren Buffett Sell Wells Fargo?
After Berkshire Hathaway's (NYSE: BRK.A) most recent investor day, I think it's safe to say that no one really knows what Warren Buffett is thinking. The company and the "Oracle of Omaha" caught everyone off guard by revealing that it did not conduct any significant share repurchases in the first quarter -- that it sold its entire stake in four major airline companies, and grew its pile of cash and short-term investments to a whopping $137.2 billion.
Buffett's conservative gameplay in the first quarter begs another question: Will he make any moves on Wells Fargo (NYSE: WFC)? Buffett has owned the stock since 1990 and it's been widely considered one of his favorite banks. But in recent years, the legendary investor has blasted the bank for its phony-account scandal in 2016, in which bank employees created two million fake bank accounts. Buffett also recently reduced his stake in Wells Fargo by nearly 15% in the fourth quarter of 2019. As the coronavirus pandemic continues to hamper the economy and the bank continues to face regulatory scrutiny, will Buffett do anything?
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Source Fool.com
