Warren Buffett has a net worth of about $70 billion, so when he makes a move in the market, people pay close attention.
Wells Fargo is now the second-largest holding in the portfolio of Warren Buffett’s Berkshire Hathaway (BRK.A). Recently Berkshire recently applied to the Federal Reserve to expand its stake in the bank after reaching the 10% limit that requires regulatory review.
With Brexit passing, Wells Fargo has been taking a beating. Could Buffett be seeing this as a one of the best opportunities?
Wells Fargo is one of the best-managed banks in the world and has a rock-solid balance sheet and is a low-cost operator.
Berkshire started acquiring Wells Fargo shares in 1989 and now holds a stake worth $23 billion.
Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.