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Berkshire Has 7.7% Stake in Wells Fargo as Buffett Bets on Bank

Berkshire Hathaway Inc. accumulated a 7.7 percent stake in Wells Fargo & Co., the largest U.S. bank by market value, as Chairman Warren Buffett wagers that stocks will outperform bonds.

Buffett’s firm held more than 400 million shares of the lender, according to a regulatory filing today listing holdings as of Dec. 31.

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