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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

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  • April 10, 2009 at 12:38 PM #379502
    Rockemsock
    Participant

    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?

    April 10, 2009 at 12:50 PM #378891
    patb
    Participant

    [quote=Navydoc]Is it me, or doesn’t it seem particularly suspicious that Wells Fargo is reporting high earnings immediately after Mark-to-Market was suspended? I’m certainly not a financial wizard, but this sure smells like smoke and mirrors to me. Didn’t WFC buy up all of Wachoia’s crap mortgages?

    [/quote]

    DINGDINGDINGDING we have a winner.

    M2M suspends and they have huge earnings.

    If they were Mrking to market their credit card debt and their
    CRE, they would be drowning in red ink.

    April 10, 2009 at 12:50 PM #379166
    patb
    Participant

    [quote=Navydoc]Is it me, or doesn’t it seem particularly suspicious that Wells Fargo is reporting high earnings immediately after Mark-to-Market was suspended? I’m certainly not a financial wizard, but this sure smells like smoke and mirrors to me. Didn’t WFC buy up all of Wachoia’s crap mortgages?

    [/quote]

    DINGDINGDINGDING we have a winner.

    M2M suspends and they have huge earnings.

    If they were Mrking to market their credit card debt and their
    CRE, they would be drowning in red ink.

    April 10, 2009 at 12:50 PM #379348
    patb
    Participant

    [quote=Navydoc]Is it me, or doesn’t it seem particularly suspicious that Wells Fargo is reporting high earnings immediately after Mark-to-Market was suspended? I’m certainly not a financial wizard, but this sure smells like smoke and mirrors to me. Didn’t WFC buy up all of Wachoia’s crap mortgages?

    [/quote]

    DINGDINGDINGDING we have a winner.

    M2M suspends and they have huge earnings.

    If they were Mrking to market their credit card debt and their
    CRE, they would be drowning in red ink.

    April 10, 2009 at 12:50 PM #379390
    patb
    Participant

    [quote=Navydoc]Is it me, or doesn’t it seem particularly suspicious that Wells Fargo is reporting high earnings immediately after Mark-to-Market was suspended? I’m certainly not a financial wizard, but this sure smells like smoke and mirrors to me. Didn’t WFC buy up all of Wachoia’s crap mortgages?

    [/quote]

    DINGDINGDINGDING we have a winner.

    M2M suspends and they have huge earnings.

    If they were Mrking to market their credit card debt and their
    CRE, they would be drowning in red ink.

    April 10, 2009 at 12:50 PM #379517
    patb
    Participant

    [quote=Navydoc]Is it me, or doesn’t it seem particularly suspicious that Wells Fargo is reporting high earnings immediately after Mark-to-Market was suspended? I’m certainly not a financial wizard, but this sure smells like smoke and mirrors to me. Didn’t WFC buy up all of Wachoia’s crap mortgages?

    [/quote]

    DINGDINGDINGDING we have a winner.

    M2M suspends and they have huge earnings.

    If they were Mrking to market their credit card debt and their
    CRE, they would be drowning in red ink.

    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.

    April 10, 2009 at 1:14 PM #379176
    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.

    April 10, 2009 at 1:14 PM #379358
    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.

    April 10, 2009 at 1:14 PM #379400
    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.

    April 10, 2009 at 1:14 PM #379527
    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.

    April 10, 2009 at 1:23 PM #378911
    BGinRB
    Participant

    Btw, significant ‘selling on strength’ action with GS (the other major Warren’s financial) and financials in general on Thursday.
    GS’ block trades came in very late in the day.

    April 10, 2009 at 1:23 PM #379186
    BGinRB
    Participant

    Btw, significant ‘selling on strength’ action with GS (the other major Warren’s financial) and financials in general on Thursday.
    GS’ block trades came in very late in the day.

    April 10, 2009 at 1:23 PM #379368
    BGinRB
    Participant

    Btw, significant ‘selling on strength’ action with GS (the other major Warren’s financial) and financials in general on Thursday.
    GS’ block trades came in very late in the day.

    April 10, 2009 at 1:23 PM #379410
    BGinRB
    Participant

    Btw, significant ‘selling on strength’ action with GS (the other major Warren’s financial) and financials in general on Thursday.
    GS’ block trades came in very late in the day.

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