I love it when money managers talk up their holdings, as Buffett did at his annual meeting. He talked about how stupid insurance companies were to offer guaranteed retirement products, but said that Wells Fargo should not be lumped into the same category as Citigroup. Financial stocks soard yesterday as a result. Oh, ahem, Buffett's Berkshire Hathaway owns Wells stock, which has almost tripled over the last two months.
"I would predict that Wells will be earning a lot more money ten years from now than it is now," says the Maestro.