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Wallace Weitz Comments on Wells Fargo

July 15, 2013 | About:
Wells Fargo (WFC--$41)(WFC) Wells Fargo was a beneficiary of the financial crisis (though it was hard to tell at the time as the stock price dipped under $10). It avoided serious balance sheet problems and was able to buy (rescue) Wachovia Bank on very favorable terms. It has a great loan underwriting culture, very cheap deposits and is in a very strong position to take advantage of economic recovery and higher interest rates.

From Wallace Weitz’s second quarter 2013 letter to shareholders.

Rating: 3.5/5 (2 votes)


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