Replies to post #1697 on Wells Fargo and Company (WFC)

[Saving Grace]

Buffett is dumping because he knows Central Banks and the Fiat paper moon system is over. Banks are over extended and in serious trouble now that the U.S. Treasury took control of the Federal Reserve Bank. The party is over. I recommend to follow Buffett's move as it's only going to get worse. The floor has fallen out of the fiat petrol dollar and we are returning back to the gold standard. Buffett knows best.

[Prudent Capitalist]

Incorrect. Buffett has not sold off or been dumping WF shares. As frequently explained in the BRK annual letter, BRK has to frequently lighten up on WF shares as WF buys back more stock in order to keep BRK's % ownership in WF under 10%, so that BRK is not declared a bank holding company with all of the extra red tape and regulatory requirements that brings. And with WF continuously buying back lots of stock that requires BRK to continue to lighten its holdings, which continue to remain in the 8.5 - 10% ownership range in WF. As of the last annual report BRK still held 345,688,918 shares in Wells Fargo.