Prem Watsa’s Fairfax Financial Holdings had its annual shareholders’ meeting yesterday. Here are a few articles that I can find in the press covering the event:
According to the Bloomberg article:
To serve as background of Watsa’s remarks, here I provide a brief review and his holding history of the two banks:
1. Wells Fargo & Company (WFC, Financial)
Wells Fargo & Company is a diversified financial services company. It has a market cap of $174.22 billion; its shares were traded at around $33.58 with a P/E ratio of 18.3 and P/S ratio of 1.7. The dividend yield of Wells Fargo & Company stocks is 0.6%. Wells Fargo & Company had an annual average earning growth of 4.5% over the past 10 years.
Watsa's holding history with WFC
- Fairfax’s Watsa Likes Wells Fargo, U.S. Bancorp by Bloomberg
- Fairfax's Watsa 'once bitten,' but not twice shy by theglobalandmail.com
- Fairfax not hunting for acquisitions: Watsa by theglobalandmail.com
According to the Bloomberg article:
Fairfax Financial Holdings Ltd., which has largely bet against financial companies since 2003, plans to maintain its holdings in Wells Fargo & Co. and U.S. Bancorp, Chief Executive Officer Prem Watsa said.
The lenders are "two banks that we think are very conservative in their approach to risk," Watsa told reporters following Fairfax's annual meeting in Toronto today. "We like banks that are very conservative."
Fairfax has held shares in San Francisco-based Wells Fargo for about two years, Watsa said. The biggest U.S. home lender posted a fifth-straight quarterly profit yesterday, and said credit costs have "turned the corner".
To serve as background of Watsa’s remarks, here I provide a brief review and his holding history of the two banks:
1. Wells Fargo & Company (WFC, Financial)
Wells Fargo & Company is a diversified financial services company. It has a market cap of $174.22 billion; its shares were traded at around $33.58 with a P/E ratio of 18.3 and P/S ratio of 1.7. The dividend yield of Wells Fargo & Company stocks is 0.6%. Wells Fargo & Company had an annual average earning growth of 4.5% over the past 10 years.
| Symbol | Quarter ended on | Value ($1000) | Shares | Share Price |
|---|---|---|---|---|
| WFC | 20091231 | 539,977 | 20,043,700 | $ 26.94 |
| WFC | 20090930 | 562,806 | 20,028,700 | $ 28.1 |
| WFC | 20090630 | 485,896 | 20,028,700 | $ 24.26 |
| WFC | 20090331 | 285,209 | 20,028,700 | $ 14.24 |
| WFC | 20081231 | 103,625 | 3,515,100 | $ 29.48 |
