Wells Fargo & Company

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“I knew a lot about Wells Fargo. I knew a lot about U.S. Bank, so.”

RARE Charlie Munger 2017 Daily Journal AFTER Interview

“invested in just three stocks. Wells Fargo, Berkshire, Hathaway, and Bydo. I just thought you'd be interested.”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“when he bought Wells Fargo at the bottom tick in 2009, he had no fear, no anxiety, nothing about it”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“when he bought Wells Fargo at the bottom tick in 2009, he had no fear, no anxiety”

RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

“when he bought Wells Fargo at the bottom tick in 2009, he had no fear, no anxiety”

Buffett: More banks may fail but U.S. depositors will be OK | April 12, 2023

“Some of the banks that you've sold include USB, Wells Fargo, Goldman Sachs, JPMorgan, PNC.”

Morning Session - 2022 Meeting

“hoping something would happen. A Wells Fargo truck or something would pull up with a bunch of gold or something”

Munger: We don't have to agree on "every damn little thing we do"

“it looks like Charlie and Warren have some different opinions recently, like Costco and Wells Fargo”

Part 1 - 2021 Meeting

“Charlie and Warren have some different opinions recently, like Costco and Wells Fargo”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Wells Fargo has disappointed long-term investors like Berkshire because the old management...had terrible judgment in having a culture of cross-selling”

Daily Journal Annual Meeting 2021 — Munger Q&A

“Wells Fargo has disappointed long-term investors like Berkshire because the old management...had terrible judgment in having a culture of cross-selling”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“in the fourth quarter, Berkshire sold 55 million shares of Wells Fargo. Should shareholders view this as a lack of confidence”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“we've sold Wells Farter in the fourth quarter and we sold earlier”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“we've bought Bank of America and we've sold some Wells Fargo”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“JPMorgan Chase off 3%. Wells Fargo down a little less. It's down by about 1.9%.”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“Over the last two quarters, he sold almost a quarter of his longstanding Wells Fargo steak... Wells Fargo's classic in terms of one lesson”

Buffett: Coronavirus threat shouldn't change how you invest | February 24, 2020

“Well, the incentive structure was set up so that some of the employees didn't make money. It was the dumbest incentive system... Wells Fargo shareholders would be a lot better off.”

Morning Session - 2019 Meeting

“after the years-long fraudulent behavior of Wells Fargo employees”

Morning Session - 2019 Meeting

“Wells just pays civil penalties and changes management... looks to me like Wells made some big mistakes... they set up fake accounts, a couple million of them... they probably made a mistake at Wells ”

Morning Session - 2019 Meeting

“Wells has become, you know, exhibit one in recent years, but go back a few years, you know, you can almost go down. There's quite a list of banks where people behave badly.”

Morning Session - 2019 Meeting

“if we own 9% of wells, whatever this is cost, 9% of it is being borne by us”

Morning Session - 2019 Meeting

“Berkshires need to trim its stake in Wells Fargo and any other banks you hold, each year in order to bring Berkshire's ownership stake below the 10%”

Morning Session - 2019 Meeting

“We went in many years ago and got permission with Wells, but then our permission expired, and we went in again a few couple of years ago”

Buffett: We need to help free trade's "roadkill" | March 28, 2019

“another one of your major investments, Wells Fargo, has been kind of hounded. Maxine Waters, who heads the House Financial Services Committee”

Buffett: We need to help free trade's "roadkill" | March 28, 2019

“So it's so easy just to kind of shove it off or hope somebody down the line solves it. And you pay a huge price for that and Wells Fargo has.”

Buffett: I didn't pull the trigger to buy Amazon | May 2, 2019

“Tim Sloan was still running the bank... Tim Sloan, from everything I know about him, is an excellent banker”

Buffett: I didn't pull the trigger to buy Amazon | May 2, 2019

“wells came out of the panic better than i think any major bank and when wakovia needed saving it was it was great that wells was there”

2019 Berkshire Hathaway Shareholder Letter

“Wells Fargo 8.4% 705 730”

2019 Berkshire Hathaway Shareholder Letter

“345,688,918 Wells Fargo & Company ..................... 8 . 4 7,040 18,598”

Daily Journal Annual Meeting 2019 — Munger Q&A

“You're famous for bottom ticking Wells Fargo in March of 2009. What made you decide to buy Wells Fargo in March of 2009”

Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019

“We still haven't gotten to Wells Fargo, and Charlie Munger is here, too.”

Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019

“shares of wells fargo and and just the company to this point i got a lot of questions that were sent to me by shareholders questioning why you all have been standing behind wells fargo”

Buffett: Stocks are 'ridiculously cheap' if rates don't move | May 6, 2019

“well if i've been picking it it would have been temp sloan but now they're going to get somebody... wells fargo and told her that you think what about no they they call me”

Criticizing the cryptocurrency craze | May 7, 2018

“Wells Fargo has run into trouble time and time again. The fines have continued...you've stuck with this stock and said that you're not selling”

Criticizing the cryptocurrency craze | May 7, 2018

“Wells Fargo was not stopping bad incentives immediately. It was quashing whistleblowers who were behaving properly and firing them.”

Criticizing the cryptocurrency craze | May 7, 2018

“Wells Fargo is...They've still got the accounts, they've got the loan customers...Wells had theirs in the particularly egregious way, which was really kind of thumbing their nose at the public.”

Criticizing the cryptocurrency craze | May 7, 2018

“Wells Fargo was, you know, was founded and they show stage coaches and everything they did and then they just go to a complete blank where they say but this happened”

Criticizing the cryptocurrency craze | May 7, 2018

“after you had commented on Wells Fargo during the meeting when we discussed it on Saturday”

Criticizing the cryptocurrency craze | May 7, 2018

“I think 10 years from now, I think if you look at the 10 year record of Wells Fargo 10 years from now, you will, you're very likely to find that it outperforms most of its competitors”

Criticizing the cryptocurrency craze | May 7, 2018

“I wish I'd bought the other stocks, bank stocks and then sold them now so I'd be buying Wells Fargo now. I mean, Wells Fargo actually is buying a lot of shares”

2018 Annual Meeting Highlight Reel

“I like it as an investment. I like Tim Sloan as a manager, you know, and it, it, he is correcting mistakes made by other people. I think Wells Fargo is going to be better going forward”

Buffett sticks by Wells Fargo

“I see no reason why Wells Fargo as a company from both an investment standpoint and a moral standpoint going forward is in any way inferior to the other big banks”

Buffett sticks by Wells Fargo

“unauthorized accounting scandal at Wells Fargo, of its admission that it charged customers for duplicate auto insurance”

Buffett sticks by Wells Fargo

“Wells Fargo is a company that proved the efficacy of incentives. And it's just that they had the wrong incentives.”

Buffett sticks by Wells Fargo

“I like it as an investment. I like Tim Sloan as a manager... I think Wells Fargo is going to be better going forward”

Morning Session - 2018 Meeting

“In light of the unauthorized accounting scandal at Wells Fargo, of its admission that it charged customers for duplicate auto insurance”

Morning Session - 2018 Meeting

“I see no reason why Wells Fargo as a company from both an investment standpoint and a moral standpoint going forward is in any way inferior”

Afternoon Session - 2018 Meeting

“we will stay just slightly under 10% of Wells Fargo. We've actually sold a few shares just to stay below 10%.”

Morning Session - 2018 Meeting

“Wells Fargo going forward is other than a very, very large, well-run bank that had an episode in its history”

Morning Session - 2018 Meeting

“if I had to say which bank is more likely to behave the best in the future, it might be Wells Fargo”

Morning Session - 2018 Meeting

“our share of the earnings, which can be used by them, whether it's Apple or American Express or Coca-Cola or Wells Fargo or whatever”

Buffett tells CNBC he's boosting Apple stake by $13B | May 3, 2018

“we are there's several companies like this were we're right at the 10% level so they repurchase shares we try to anticipate that just by a tenth of a percent or a two-tenths of a percent because we do”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“Wells Fargo. It's understandable. Yeah, there was a question that came in from Value Mojo, who says, what are your current thoughts on Wells Fargo? Do you think the market reaction was justified after”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“Yeah, I have confidence in Tim Sloan. But Wells did, it goes way back, but they came up with some terrible incentives”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“pervasive and persistent misconduct at any bank. And the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“Wells Fargo is suffering through those. But they will get through it. And they're not the consequences of what Tim Sloan did.”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“Back in 2009 at the annual meeting, you were asked if you had one stock that you put all your money in. You said it would be Wells Fargo at that point.”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“I've been cheering for what was going on on Wells Fargo if I known about it years ago. But Wells Fargo, we do lots of business with them. They made a big mistake”

Buffett's health care partnership is "determined" to contain costs | February 26, 2018

“cases like America. like American Express or Wells Fargo where you're not allowed to buy more.”

Daily Journal Annual Meeting 2018 — Munger Q&A

“I think Wells Fargo will end up better off for having made those mistakes... Wells Fargo's customers are going to be better off”

2018 Berkshire Hathaway Shareholder Letter

“Wells Fargo 9.8% 809 1,263”

2018 Berkshire Hathaway Shareholder Letter

“449,349,102 Wells Fargo & Company .................... 9 . 8 10,639 20,706”

Daily Journal Annual Meeting 2018 — Munger Q&A

“how would you go about assessing the culture of giants like Wells Fargo or General Electric?”

Pilot Flying J acquisition | October 3, 2017

“Wells Fargo's CEO's CEO, CEO Tim Sloan is headed to Capitol Hill. This has been a long, messy process”

Pilot Flying J acquisition | October 3, 2017

“There are still a lot of folks running Wells Fargo who were there at the time of the crisis.”

Pilot Flying J acquisition | October 3, 2017

“drib-d-drab just eats away at the reputation of the bank... if you get something systemic, you've got a big problem”

Pilot Flying J acquisition | October 3, 2017

“You're the largest shareholder in Wells Fargo. Do they still have your faith? Are you still behind the bank? Yeah, Tim Sloan has my faith.”

Pilot Flying J acquisition | October 3, 2017

“the news has dribbled out over time when it comes to Wells Fargo. That it wasn't just the fake accounts that we heard about at the beginning. It turned out that was more widespread”

Pilot Flying J acquisition | October 3, 2017

“Only enough to stay under 10%, which was something that the Fed requires. And since Wells repurchases their shares and we were right up against 10%.”

Pilot Flying J acquisition | October 3, 2017

“Wells Fargo, for instance, pay as a tax that would be higher than the proposed corporate tax rate of 20 percent, right? Their effective tax rate as of the second quarter was 27 percent”

"I was wrong" on IBM | August 30, 2017

“there are probably going to be some negative headlines that create more negative headlines for what's been happening there, their management policies.”

Buying Apple, selling IBM, missing Google | May 8, 2017

“One of the items that came up with a little bit of controversy over the weekend was Wells Fargo...resulting in all kinds of games being played and phony accounts”

Buying Apple, selling IBM, missing Google | May 8, 2017

“in any big bank, including Wells Fargo, or any big institution of any kind, the hotline is bringing in lots of information”

Buying Apple, selling IBM, missing Google | May 8, 2017

“the reputation of the bank has been hurt. I would argue probably that better systems would be in place there now”

Buying Apple, selling IBM, missing Google | May 8, 2017

“At Wells Fargo, you know that some stuff was coming up for the branches and people. Somebody didn't pay any attention to it”

Wells Fargo's biggest mistake

“At Wells Fargo, you know, there were three very significant mistakes, but there was one that dwarfs all of the others.”

Wells Fargo's biggest mistake

“at Wells Fargo, there was an incentive system built around the idea of cross-selling and number of services per customer”

Wells Fargo's biggest mistake

“The biggest mistake was that...how the information got passed up the line at Wells Fargo”

2017 Annual Meeting Highlight Reel

“at Wells Fargo, there was an incentive system built around the idea of cross-selling and number of services per customer”

Morning Session - 2017 Meeting

“Wells Fargo, which is Berkshire's largest equity holding, $28 billion at the end of the year. And this question comes from a shareholder...In the wake of the sales practices scandal that last year eng”

Morning Session - 2017 Meeting

“At Wells Fargo, you know, there were three very significant mistakes, but there was one that dwarfs all of the others.”

Morning Session - 2017 Meeting

“I don't know the facts as to how the information got passed up the line at Wells Fargo. But at some point, if there's a major problem, the CEO will get wind of it.”

Morning Session - 2017 Meeting

“I'm sure they've got an internal audit at Wells Fargo and I'm sure they've got a hotline...it was a huge, huge, huge error.”

Morning Session - 2017 Meeting

“when it gets to some sales practice like was taking place at Wells Fargo, you can see the kind of damage it would do.”

Morning Session - 2017 Meeting

“Wells Fargo and the incentive and new account scandal... those are businesses we like very much”

Morning Session - 2017 Meeting

“Wells Fargo would, I don't know what year they were started. Incidentally, American Express was started by Wells and Fargo”

Afternoon Session - 2017 Meeting

“And you thought a little Wells Fargo looks like innocence, you know, had a little trouble with this incentive system.”

Buffett buys airlines and Apple | February 27, 2017

“second largest holding after Wells Fargo for Berkshire Hathaway”

Buffett buys airlines and Apple | February 27, 2017

“Now at Wells Fargo, we went over 10 percent simply because the company repurchased its shares. We didn't buy any stock.”

Buffett buys airlines and Apple | February 27, 2017

“if I think of Wells Fargo or Coca-Cola or American Express, stocks that have seemed like you've known on Farmer. We've got no intention of selling those.”

Buffett buys airlines and Apple | February 27, 2017

“One of those being Wells Fargo. We haven't gotten the chance to sit down and talk to you since everything happened with Wells Fargo... given your ownership of Wells Fargo, please explain your criticis”

Buffett buys airlines and Apple | February 27, 2017

“The huge mistake was made at Wells, not in cooking up the incentive plans. Cross-selling is fine... But you don't want to have it lead to crazy behavior, which you did.”

Buffett buys airlines and Apple | February 27, 2017

“Tim Sloan was there at the time...Tim Sloan, the new head at Los Parle...They made a big mistake and they're correcting it”

Daily Journal Annual Meeting 2017 — Munger Q&A

“Well, of course Wells Fargo had a glitch. The truth of the matter is they made a business judgment that was wrong.”

Daily Journal Annual Meeting 2017 — Munger Q&A

“You were explaining at Wells Fargo that you might've been a little too aggressive, but you don't have a problem with aggressive incentives.”

2017 Berkshire Hathaway Shareholder Letter

“482,544,468 Wells Fargo & Company ..................... 9 . 9 11,837 29,276”

Buffett on Trump vs. Clinton, Brexit, and Amazon's Bezos | May 2, 2016

“Berkshire's big position in some of the financials, like a Bank of America or Wells Fargo”

Afternoon Session - 2016 Meeting

“I mean, I own some wells that I bought a long, long time ago and Berkshire was not, was not interested in”

Morning Session - 2016 Meeting

“I'm not in the least troubled by our Bank of America investment, nor our Wells Fargo. We added to Wells Fargo, and our Bank of America position”

Morning Session - 2016 Meeting

“especially compared to the growing fixed costs of supporting them. As it relates to our marketable securities portfolio, how do you feel about the investment the investment banking component, particul”

Morning Session - 2016 Meeting

“our ownership of Wells Fargo, which is very large. It's our largest single marketable security... I like it extremely well compared to other securities”

Morning Session - 2016 Meeting

“I think Wells Fargo, I think the last figure was, you know, down around 10 basis points. And when somebody has, you know, maybe a trillion dollars or so, and they're paying 10 basis points for it”

"America's never been greater" | February 29, 2016

“We have not touched on Wells Fargo. And that's the biggest one, too. It's the biggest one, and it's the best performing stock if you're looking at those four over the last year or so.”

Daily Journal Annual Meeting 2016 — Munger Q&A

“When Berkshire bought Wells Fargo, the world was coming unglued in banking panic... we knew that the lending officers at Wells Fargo were not normal bank lending officers... And they were just better.”

2016 Berkshire Hathaway Shareholder Letter

“500,000,000 Wells Fargo & Company ......................... 10.0 12,730 27,555”

Daily Journal Annual Meeting 2016 — Munger Q&A

“You mentioned Wells Fargo earlier and its culture and the reason that you bought it back in the 80's.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“we're going to talk about Berkshire's Big Four Investments. We will be catching up with the CEOs of IBM, Coca-Cola, Wells Fargo, and American Express.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“Ken Chinald, Coca-Cola's Muttarkent, and Wells Fargo's John Stubb. Together, they represent over 60% of Berkshire's $117.5 billion dollar portfolio.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“Wells Fargo is a huge customer, American Express is a huge customer, and my guess is that 10 years from now, Wells Fargo and American Express will be huge customers of IBM.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“We'll take Wells Fargo. So my guess is that Wells Fargo, IBM is their biggest supplier now.”

Defending Clayton Homes and Berkshire's IBM stake | May 4, 2015

“it's such a privilege to have him be our largest owner at Wells Fargo. I mean, who wouldn't want the best investor”

Morning Session - 2015 Meeting

“John Sump is here from Wells Fargo. I think they're the biggest auto-financial company in the United States.”

Fifty years of Buffett's Berkshire | March 2, 2015

“take a Wells Fargo or an American Express which we own stock and you'll find they're doing a lot of business with IBM”

Fifty years of Buffett's Berkshire | March 2, 2015

“Well, like if we were at nine, let's just take Wells Fargo or something where we're nine and a high fraction percent”

Fifty years of Buffett's Berkshire | March 2, 2015

“the four biggest holdings are Wells Fargo, Coca-Cola, American Express, and IBM. Those are the four horsemen.”

Fifty years of Buffett's Berkshire | March 2, 2015

“The biggest security that Berkshire Hathaway owns, the biggest stock that it owns, stock investment is in Wells Fargo.”

Fifty years of Buffett's Berkshire | March 2, 2015

“Wells Fargo is now putting a ceiling on subprime auto loans. I know that the subprime auto loans have gotten back to about the place”

Daily Journal Annual Meeting 2015 — Munger Q&A

“We got an opportunity like that when we bought Wells Fargo [WFC] stock at eight and change.”

2015 Berkshire Hathaway Shareholder Letter

“Wells Fargo (going to 9.8% from 9.4%). At the other two companies, Coca-Cola and American Express”

2015 Berkshire Hathaway Shareholder Letter

“500,000,000 Wells Fargo & Company .................... 9 . 8 12,730 27,180”

Afternoon Session - 2014 Meeting

“We bought a fair amount of Wells Fargo, for example, really over the last few years... we felt 100% comfortable buying Wells Fargo”

Morning Session - 2014 Meeting

“At the 2009 annual meeting, Mr. Buffett, you said that if you were required to invest your total net worth in one company, that that company would be Wells Fargo.”

Morning Session - 2014 Meeting

“Berkshire's major equity investments in Wells Farmer? cargo, Coke, American Express, and IBM”

Morning Session - 2014 Meeting

“big legacy positions in Wells Fargo, Coca-Cola, American Express, IBM, and Procter & Gamble overshadowing the rest”

"People react too much to short-term things" | March 3, 2014

“Was it Wells Fargo? Been trying. I thought I'd give it a try.”

"People react too much to short-term things" | March 3, 2014

“I might know about the future of Wells Fargo or Coca-Cola or the businesses we own”

2014 Berkshire Hathaway Shareholder Letter

“our ownership of Wells Fargo grew from 9.2% to 9.4%. And, if you think tenths of a percent aren't important, ponder this math”

Daily Journal Annual Meeting 2014 — Munger Q&A

“Why did you feel comfortable grabbing Wells Fargo (ticker: WFC) in the depths of the downturn? Munger: It was too cheap and we had the money.”

2014 Berkshire Hathaway Shareholder Letter

“483,470,853 Wells Fargo & Company .................... 9 . 4 11,871 26,504”

The Buffetts; Alan Greenspan

“you have an investment in Bank of American Wells Fargo might also be at risk.”

Buffett sees "gradual improvement" in economy | May 6, 2013

“the biggest investment that Berkshire has in a situation. in a stock is in Wells Fargo. So not all bankers are created equal”

Buffett sees "gradual improvement" in economy | May 6, 2013

“you were still buying Wells Fargo in the market, that you were still adding to your... We bought Wells Fargo probably every month this year.”

Afternoon Session - 2013 Meeting

“At Coca-Cola, at Wells Fargo, to a lesser degree, at IBM, at most of our companies, our interest in the company goes up every year”

Morning Session - 2013 Meeting

“if I'm buying Wells Fargo or selling it or whatever it may be, I do not want to have to keep hitting up to their web page”

Morning Session - 2013 Meeting

“Wells is not happy having $175 billion at the Fed, and they're looking every place they can to get it out”

Morning Session - 2013 Meeting

“Wells Fargo is sitting with $175 billion at the Fed, earning a quarter of a percent, and really earning nothing after a tenant expenses.”

Morning Session - 2013 Meeting

“investments in banks like Wells Far and Goldman Sachs. Yeah, I don't think it's affecting Berkshire's insurance businesses”

Morning Session - 2013 Meeting

“I feel very good about our investment in Wells Fargo. I feel very good about our investment in U.S. Bank.”

Buffett on Heinz deal: "We've got a great business" | March 4, 2013

“get above book value like their peers at Wells”

Buffett on Heinz deal: "We've got a great business" | March 4, 2013

“You've got banks like Wells Fargo and USB that earn very high returns on assets and they sell at a good price to tangible book.”

Buffett on Heinz deal: "We've got a great business" | March 4, 2013

“We've bought Wells Fargo this year. I think Wells Fargo is cheaper than Coke. I may be wrong. I think they're both wonderful companies.”

2013 Berkshire Hathaway Shareholder Letter

“We purchased additional shares of Wells Fargo (increasing our ownership to 9.2% versus 8.7% at yearend 2012) and IBM (6.3% versus 6.0%).”

2013 Berkshire Hathaway Shareholder Letter

“483,470,853 Wells Fargo & Company ................ 9 . 2 11,871 21,950”

Tap Dancing to Work

“You still have a lot of Wells Fargo and buying more. We've got a lot of Wells Fargo. Yeah. Value there.”

Tap Dancing to Work

“Coca-Cola isn't for sale. Wells Fargo isn't for sale. 99% of the companies are not for sale.”

"No question" the global economy is slowing | October 24, 2012

“In the last week, I bought some Wells Fargo. You did? Yeah. So continue to buy it. We only have 430 some million shares”

"No question" the global economy is slowing | October 24, 2012

“he's been buying Wells Fargo this week. That stock has now turned positive since those comments.”

"No question" the global economy is slowing | October 24, 2012

“if it's Wells Fargo or IBM or Coca-Cola. I mean, I've got four stocks that are... aggregate over 50 billion”

Buffett: U.S. must get its promises in line with its capacity | July 12, 2012

“I like John Stumpf a lot too, well, incidentally, at Wells Fargo”

Morning Session - 2012 Meeting

“If you look at the Bank of America or Wells Fargo, they get an enormous amount of money from a natural customer base.”

Afternoon Session - 2012 Meeting

“What role will banks like Wells Fargo and U.S. Bank are, who are leading mortgage players, play now that they are well capitalized”

Morning Session - 2012 Meeting

“that will be true for Coca-Cola and Wells Fargo and IBM and all of the other securities. I just don't know in which order”

Morning Session - 2012 Meeting

“we have 400 and some million shares of Wells Fargo in Berkshire, and I think — I like J.P. Morgan, fine, obviously, but I know Wells' better”

Morning Session - 2012 Meeting

“I like Wells Fargo better than I like J.P. Morgan, but I also, and I also, and We bought, we're buying Wells Fargo stock”

Morning Session - 2012 Meeting

“I'd have a lot of money in Wells Fargo, and I'd probably have some money in J.P. Morgan”

2012 Berkshire Hathaway Shareholder Letter

“Berkshire's "Big Four" investments – American Express, Coca-Cola, IBM and Wells Fargo – all had good years.”

2012 Berkshire Hathaway Shareholder Letter

“A "non-real" amortization charge at Wells Fargo, however, is not highlighted by the company and never, to my knowledge, has been noted in analyst reports.”

2012 Berkshire Hathaway Shareholder Letter

“456,170,061 Wells Fargo & Company ................. 8 . 7 10,906 15,592”

Morning Session - 2011 Meeting

“on March 31st, as a show and I believe on the next slide, we owned some Wells Fargo stock, which had a cost of about $8 billion, and the market value was $11.3 billion”

Morning Session - 2011 Meeting

“Berkshire Hathaway has has large investments in Wells Fargo and U.S. Bank. What are the revenue outlooks and business prospects for these two banks”

Morning Session - 2011 Meeting

“we've added to Wells Fargo, and I think both those companies are very well-run institutions, but they will not be able to earn.”

Morning Session - 2011 Meeting

“We still think that Wells Fargo and U.S. Bank are very good operations. We think they're very decent businesses.”

2011 Berkshire Hathaway Shareholder Letter

“13.0% of American Express, 8.8% of Coca-Cola, 5.5% of IBM and 7.6% of Wells Fargo”

Wesco 2011 Annual Meeting — Notes of Charlie Munger's Remarks (The Inoculated Investor)

“US Bank (USB) and Wells Fargo (WFC) have done better than other banks but could get pulled down”

2011 Berkshire Hathaway Shareholder Letter

“Wells Fargo is prospering. Its earnings are strong, its assets solid and its capital at record levels.”

Class B stock split was "easy decision" | January 20, 2010

“We are waiting for results from Wells Fargo and Morgan Stanley. About an hour ago. of A reported a fourth quarter”

Class B stock split was "easy decision" | January 20, 2010

“Berkshire Hathaway is the largest owner of Wells Fargo shares. I don't know that he heard enough that he can comment”

Class B stock split was "easy decision" | January 20, 2010

“Wells right straight through this period has done pretty much exactly what they said they would do. And they've made money consistently through it.”

Class B stock split was "easy decision" | January 20, 2010

“They issued a lot more shares, though, to pay back the government...I didn't like it. I mean, the government forced them to issue the shares...But they cost us real money at Wells Fargo.”

Class B stock split was "easy decision" | January 20, 2010

“Wells Fargo as too... the revenue number on Wells was 22.7... beat on the revenue... Well's runs a terrific bank... I think Wells is ever going to disappoint on revenue.”

Class B stock split was "easy decision" | January 20, 2010

“You take Wells Fargo, their earnings on equity were less than the average of the last 10 years.”

Class B stock split was "easy decision" | January 20, 2010

“I mean, if Wells Fargo needs people, they're going to hire people. And if they have five or six more percent more customers this year than last year”

Wesco 2010 Annual Meeting — Notes of Charlie Munger's Remarks

“Wells Fargo got very cheap at the low tick. Yes, they made mistakes, and yes, they have a lot of work cleaning up Wachovia, but it's a good investment”

2010 Berkshire Hathaway Shareholder Letter

“358,936,125 Wells Fargo & Company .......................... 6 . 8 8,015 11,123”

2010 Berkshire Hathaway Shareholder Letter

“The largest gain is likely to come at Wells Fargo. The Federal Reserve, our friend in respect to Goldman Sachs, has frozen dividend levels at major banks”

Buffett and Munger commend DC's credit crisis response

“one of the substantial investments of Berkshire is Wells Fargo. The chairman of Wells Fargo supposedly indicated that he did not want to take TARP funds”

Morning Session - 2009 Meeting

“one of the substantial investments of Berkshire is Wells Fargo. The chairman of Wells Fargo supposedly indicated that he did not want to take TARP funds”

Morning Session - 2009 Meeting

“I happen to share one of the troubles of some of the Wells Fargo executive in that I'm pretty blunt...people at Wells Fargo. He usually gets to hang him by their thumbs”

Morning Session - 2009 Meeting

“in our opinion, Wells Fargo is a among the large banks, particularly it's a fabulous bank and has some advantages that the other banks don't have.”

Morning Session - 2009 Meeting

“Take Wells Fargo. I think Wells Fargo is going to come out of this mess way stronger.”

Morning Session - 2009 Meeting

“Wells Fargo got down below, actually ticked below $9 a share at a time. When spreads on business were never better... if I had to put all my net worth in one stock, that would have been the stock.”

Morning Session - 2009 Meeting

“Wells Fargo raises its money in the first quarter, I think 1.12%, 112 basis points, which is very cheap.”

Morning Session - 2009 Meeting

“With U.S. Band Corp or Wells, those are companies making lots of money. There's lots of equity there, so there's no reason to go up to senior securities”

Morning Session - 2009 Meeting

“you mentioned Wells Fargo, got to $9, and that was a great deal it looks like at that price”

Morning Session - 2009 Meeting

“When Wells reported the other day, they have an item of expense of over $600 million in a quarter for the amortization of core deposits.”

Morning Session - 2009 Meeting

“There's no comparison if you take Wells Fargo versus a WAML or something like that. I mean, you don't have to have an advanced level of sophistication about banking to compare those.”

Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)

“I don't look forward to what they likely will do to WFC, since we own a lot. Their credit costs them so much less.”

Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)

“Coca-Cola and WFC I would buy today. I wouldn't expect miracles – no doublings.”

Wesco 2009 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)

“How will WFC business model look different going forward? I think they are pretty well located. I think WFC has bright prospects.”

2009 Berkshire Hathaway Shareholder Letter

“334,235,585 Wells Fargo & Company .......................... 6 . 5 7,394 9,021”

Afternoon Session - 2008 Meeting

“We own stock, as you know, in our report Wells Fargo and U.S. Bank and M&T up in Buffalo. And in all three cases, I think I understand quite well the DNA”

Wesco Financial Annual Letter 2008

“invested in the common stocks of Wells Fargo & Company and US Bancorp. The timing of our recent investments could not have been much worse.”

Wesco 2008 Annual Meeting — Notes of Charlie Munger's Remarks (Peter Boodell)

“Wells Fargo, how did you get comfortable with their derivative positions? They will not be exempt, but we believe they will have less than their share of troubles.”

2008 Berkshire Hathaway Shareholder Letter

“304,392,068 Wells Fargo & Company ....................... 7 . 2 6,702 8,973”

Warren Buffett remembers the 2008 financial crisis | July 11, 2018

“And one call at the time of Wells Fargo when they wanted that reintroduced.”

2007 Berkshire Hathaway Shareholder Letter

“John Stumpf, CEO of Wells Fargo, aptly dissected the recent behavior of many lenders”

2007 Berkshire Hathaway Shareholder Letter

“Wells Fargo, had a small decline in earnings because of the popping of the real estate bubble. Nevertheless, I believe its intrinsic value increased”

2006 Berkshire Hathaway Shareholder Letter

“Ken Chenault of American Express, Jeff Immelt of G.E. and Dick Kovacevich of Wells Fargo come quickly to mind”

Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“than I feel about adding to our position in Wells Fargo." He thinks highly of the company”

2006 Berkshire Hathaway Shareholder Letter

“Wells Fargo, our largest holdings, increased per-share earnings by 18%, 9%, 8% and 11%”

Afternoon Session - 2005 Meeting

“We're not unhappy with Wells Fargo or Moody's. Those are very, very good businesses that we own.”

Morning Session - 2005 Meeting

“It might very well have a severe effect on Wells Fargo.”

2005 Berkshire Hathaway Shareholder Letter

“substantially increased our holdings in Wells Fargo, a company that Dick Kovacevich runs brilliantly”

Poor Charlie's Almanack

“Bob Bird, President, Wesco Financial, Friend and business associate since 1969”

Afternoon Session - 2004 Meeting

“Berkshire added to its position in Wells Fargo last year. What about Wells Fargo's derivatives portfolio? Did you find less objectionable?”

Afternoon Session - 2004 Meeting

“Wells has an absolutely terrific record. Dick is a terrific business person. And I think in terms of taking risk or handling the risk that he necessarily takes, I think that I would rank him very, way”

2004 Berkshire Hathaway Shareholder Letter

“56,448,380 Wells Fargo & Company......................... 3.3 463 3,508”

2004 Berkshire Hathaway Shareholder Letter

“Let's look at how the businesses of our "Big Four" – American Express, Coca-Cola, Gillette and Wells Fargo”

Morning Session - 2001 Meeting

“you've been very specific about some of the numbers related to Coca-Cola, Wells Far, Wells Fargo, Rockwood, specifically like with Coca-Cola”

Will the internet hurt Berkshire's businesses?

“are you afraid that the internet will hurt some of the companies that you do invest in, such as the Washington Post or Wells Fargo?”

Morning Session - 2000 Meeting

“companies that you do invest in, such as the Washington Post or Wells Fargo?”

Afternoon Session - 1999 Meeting

“if you say bank, you can say Citigroup and Chase and Wells Fargo, and you can name 10 or 15”

Slowdown for stocks coming?

“or Gillette is in a dangerous era, or McDonald's or Wells Fargo, or whatever”

Afternoon Session - 1997 Meeting

“or Gillette is in a dangerous era, or McDonald's or Wells Fargo or whatever”

Morning Session - 1996 Meeting

“Wells Fargo has been a leader in moving into supermarkets... Wells Fargo has done a terrific job in learning that.”

Afternoon Session - 1996 Meeting

“I wondered if you could also lead us through a discussion of the competitive position of Wells Fargo since they just effected such a large combination”

Afternoon Session - 1996 Meeting

“I would say that Wells, on the record, has done an exceptionally good job of running their bank compared to other big banks.”

Afternoon Session - 1996 Meeting

“what's complicated about Coca-Cola or Gillette or Wells Fargo, for that matter?”

Afternoon Session - 1996 Meeting

“successful companies like Wells Fargo buying in stock, I think that's had a huge effect, too.”

1996 Berkshire Hathaway Shareholder Letter

“For example, See's, Wells Fargo and Freddie Mac could be hit hard.”

1996 Berkshire Hathaway Shareholder Letter

“7,291,418 Wells Fargo & Company.............. 497.8 1,966.9”

Afternoon Session - 1995 Meeting

“When you first bought part of Wells Fargo a few years back... I think now anybody that would look at it can tell it's better than almost any bank”

Afternoon Session - 1995 Meeting

“their real estate lending was way better than average. And indeed, it was. And they also handled it on the way down way better than average.”

1995 Berkshire Hathaway Shareholder Letter

“6,791,218 Wells Fargo & Company ................ 423.7 1,466.9”

Morning Session - 1994 Meeting

“many of the holdings of Berkshire are in industries that are perceived as interest rate-sensitive industries, including Wells, Fargo, Solomon, Freddie Mac”

Morning Session - 1994 Meeting

“Wells Fargo, it's whether they earn more or less money under any given interest rate scenario is hard to figure.”

1994 Berkshire Hathaway Shareholder Letter

“at Wells Fargo, a $53 billion bank, our 13% ownership translates into a $7 billion "Berkshire Bank" that earned about $100 million during 1994.”

1994 Berkshire Hathaway Shareholder Letter

“That happens because the acquirer typically gives up more intrinsic value than it receives. Do that enough, says John Medlin, the retired head of Wachovia Corp., and "you are running a chain letter in”

1994 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company ......... 13.3% 12.2% 73 53(2)”

1994 Berkshire Hathaway Shareholder Letter

“they might well be accompanied by a major drop in the value of our holdings in See's, Wells Fargo and Freddie Mac”

1994 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company .............. 423,680 984,727”

1994 Berkshire Hathaway Shareholder Letter

“Carl Reichardt of Wells Fargo. Dan and Carl encountered very tough industry conditions in recent years. But their skill as managers allowed the businesses they ran to emerge from these periods with re”

1993 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company ........ 12.2% 11.5% 53(2) 16(2)”

1993 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company ................ 423,680 878,614”

1992 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company ......... 11.5% 9.6% 16(2) (17)(2)”

1992 Berkshire Hathaway Shareholder Letter

“6,358,418 Wells Fargo & Company ................ 380,983 485,624”

1991 Berkshire Hathaway Shareholder Letter

“we had a break-even result from our interest in Wells Fargo (dividends we received from the company were offset by negative retained earnings)”

1991 Berkshire Hathaway Shareholder Letter

“Wells Fargo & Company .......... 9.6% 9.7% (17) 19(3)”

1991 Berkshire Hathaway Shareholder Letter

“5,000,000 Wells Fargo & Company 289,431 290,000”

1985 Berkshire Hathaway Shareholder Letter

“Wesco Financial ............... 9,500 9,777 4,191 4,828”