Berkshire Hathaway Inc’s chairman Warren Buffett, whose company owns a significant stake in Wells Fargo & Co, called it a “fabulous” bank that will do much better in a few years as a result of the economic crisis, according to a report.
“Wells Fargo will be a lot better off in a couple of years than if none of this had happened,” he said yesterday at Berkshire’s annual meeting, according to Reuters. Berkshire owns 7.2 percent of the bank
“If I had put all my net worth in one stock, that would be the stock,” he said, noting Wells Fargo’s current low price. The stock is currently valued at $19.61. Nearly two months ago, the stock reached a low of $7.80 on March 5 of this year.