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Home › Forums › Financial Markets/Economics › This is a great time to be in banking – Warren Buffett – 3 Billion in earnings for Q1 2009 › Rockemsock wrote:Buffet WFC

April 10, 2009 at 1:14 PM #378901
davelj
Participant

[quote=Rockemsock]Buffet WFC value:

Jan. 1 = 8.7 billion
Apr. 1 = 3.9 billion
Apr. 9 = 5.2 billion

Year to date…i’d say Mr. Buffet has lost about 3.5 billion worth of WFC. Are we supposed to be congratulating him or something?

[/quote]

Buffett’s history with financial stocks is horrific. He’s right about margins expanding. And he’s right that it’s a great time to be in banking IF YOU DON’T HAVE A BOATLOAD OF LEGACY CRAP IN YOUR LOAN PORTFOLIO (which WFC does). Other than that, his comments are noise.