March 28, 2016

Markets were tame on Monday with the S&P 500 about unchanged and Toronto up 0.2%.

Reports today indicate that Warren Buffett has continued to add to Berkshire’s massive position in Wells Fargo. At year end he reported an even 500 million shares. I thought he might stop there since he was getting very close to the 10% limit that normally applies to bank ownership and because he likes round numbers. (For a long time Berkshire has owned an even 400 million shares in Coke.). But apparently he has continued to purchase Wells Fargo and may be planning to ask for an exemption from the 10% rule. These purchases should add to the comfort of anyone owning (and let us not say “holding” as we are owners and “holding”┬ásounds very temporary and demeans our position as owners, that is we are share owners, not share holders) Wells Fargo shares.