Comments on: Added Wells Fargo to the Fat Pitch Financials Portfolio

By: Fat Pitch Financials Portfolio October 2008 Update

Fat Pitch Financials Portfolio October 2008 Update — Mon, 03 Nov 2008 14:04:28 +0000

[...] was only one transaction in the month of October. On October 3, 2008, I added shares of Wells Fargo (WFC). I added 1,400 shares at $34.85. At the time, I thought with the government’s bailout [...]

By: Wells Fargo Wins Battle for Wachovia

Wells Fargo Wins Battle for Wachovia — Fri, 10 Oct 2008 04:29:16 +0000

[...] pretty excited about this news, since I partially bought shares of Wells Fargo last week on the thought they would be able to acquire Wachovia. With the acquisition of [...]

By: Mark

Mark — Sun, 05 Oct 2008 05:13:34 +0000

George, what do you think of this big spread on the $7 WB buyout? It made it up to 7.05 Fri then sold off to 5.25 then ended the day just over 6 ??? My theory is it sold off with the rest of the market..I don’t know. It seems more likely they will get a better bid than anything else here. I mean how could the shareholders not take this if they let them vote? The market should be pricing the shares closer to $7. worst case it seems they reject and get a higher bid or is the gov going to not allow the Wells deal?

By: Andrew

Andrew — Sun, 05 Oct 2008 03:53:46 +0000

With the enormous universe of stocks out there, why would you purchase this at a price you don’t like? There is very little downside protection at this point. It has a sizable premium to book value and earnings. I had a big position but I cut it back 75% at $38. Certainly in the long rung, it has amazing prospects, and the Wachovia deal is icing on the cake, but there seem to be better places to put capital to work.

By: PhilR

PhilR — Sat, 04 Oct 2008 17:27:15 +0000

He bought shares in the low 20s is what he’s mentioned, which basically means he bought them mid-July.

By: Ryan

Ryan — Sat, 04 Oct 2008 05:20:13 +0000

Buffet did indeed purchase WFC for his personal account when it was trading below 30. He mentioned this fact in the following interview. http://www.cnbc.com/id/27011627