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Wednesday, November 26, 2008

Warren Buffett wins with US Bankcorp and Wells Fargo


Warren Buffett decided to increase his stake in financial companies such as US Bancorp and Wells Fargo & Co and is reaping the benefits, the billionaires company Berkshire Hathaway Inc bank-related investments shot up 36 percent in the third quarter of 2008 as he dodged subprime lenders.

At the end of September, Buffett’s firm Berkshire ranked as the largest shareholder in US Bankcorp and Wells Fargo according to Bloomberg, whilst Standard & Poor’s 500 Financial Index fell 0.2 percent.

Warren Buffett does have the luxury of time on his side, so he can sit and wait for the right opportunities whilst other players may not have the capital to follow Buffett’s patience.

Buffett, CEO and chairman of Berkshire is the country’s richest man according to Forbes magazine, with Berkshire gaining an average yearly rate of 21 percent over the past 20 years.

Warren Buffett did cut his shares stake in Bank of America Corp from 9.1 million to 5 million after the bank brought Countrywide Financial Corp the troubled bank.
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