Is Warren Buffett Losing His Patience With Wells Fargo?
Wells Fargo (NYSE: WFC) has been a staple of Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) closely watched stock portfolio for years. It's actually the largest stock position in the portfolio in terms of market value as of this writing.
After the news of the now-infamous "fake accounts" scandal broke a little over a year ago, Warren Buffett spoke favorably of the bank's long-term prospects, and it appeared that Berkshire's Wells Fargo stake would remain just under the key 10% regulatory threshold. Well, fast-forward a year, and Berkshire's third-quarter SEC filings show that the Wells Fargo stake has decreased in size by nearly 3.8 million shares.
This raises the question -- is Warren Buffett starting to lose faith in Wells Fargo?
Source: Fool.com
