114 Rick Parsons - Will Buffett Buy More Wells Fargo?
November 8, 2016•32 min
Wells Fargo has been in the news for all the wrong reasons over the past month. It's no secret that Warren Buffett is a major shareholder in Wells Fargo, how will he respond to the recent developments? Should other investors follow suit? I sit down with seasoned banker Rick Parsons to learn more. A quick overview: Why Buffett originally bought Wells back in the late 1980s. Why he sold in the late 1990s and bought again in early 2000s. How he made a bad move with Wells in 2007. What he will likely do with his Wells position going forward. A simple measure to guide investors as to when it's a good time to buy bank shares. How the banking climate has changed. Why an increase in interest rates won't help banks like so many people expect. What banks will benefit from rising rates. What Rick's favorite banks are right now. Companies Mentioned: Wells Fargo (WFC), Berkshire (BRK.B), PNC (PNC), Huntington (HBAN), Bancorp (FITB), Chase (JPM), Comerica (CMA) I hope you enjoy the interview.