Buffett Increases Wells Fargo Stake After Declines Leave Stocks ‘On Sale’
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PostPosted: Tue, Aug 16 2011, 8:24 am EDT    Post subject: Buffett Increases Wells Fargo Stake After Declines Leave Stocks ‘On Sale’ Reply with quote

Buffett Increases Wells Fargo Stake After Declines Leave Stocks ‘On Sale’

By Andrew Frye - Aug 15, 2011 9:21 PM ET

Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) increased its stake in Wells Fargo & Co. (WFC), building equity holdings amid a markets decline that the billionaire investor said provided an opportunity for buying stocks “on sale.”

Buffett’s firm added 9.7 million shares of the biggest U.S. home lender in the three months ended June 30, boosting the holding by 2.8 percent, Omaha, Nebraska-based Berkshire said yesterday in a filing that listed its U.S. stockholdings. Berkshire accelerated purchases on Aug. 8 as the Standard & Poor’s 500 Index plunged 6.7 percent, its steepest decline since December 2008.

“I like buying on sale,” Buffett, Berkshire’s chief executive officer and head of investments, said in a television interview with Charlie Rose to be broadcast on PBS. “Last Monday, we spent more money in the stock market buying than any day this year.”

Buffett, 80, is spending on stocks and takeovers as near- record low interest rates limit returns in fixed income. Banks, facing tighter regulation, can “still be plenty profitable,” Buffett said last month. San Francisco-based Wells Fargo, which counts Berkshire as its biggest shareholder, fell 12 percent in the three months ended June 30 and has slipped 11 percent in the current quarter.

The increase in the Wells Fargo stake cost Berkshire about $277 million, assuming purchases came at the bank’s average trading price for the second quarter of $28.53 a share.
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http://www.bloomberg.com/news/2011-08-16/buffett-increases-wells-fargo-stake-buys-stocks-on-sale-amid-declines.html
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