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