Buffett’s Wells Fargo Bet Helps Berkshire vs. S&P 500
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Berkshire Hathaway Inc.’s stock portfolio is benefiting this year from Chairman Warren Buffett’s bet on Wells Fargo & Co., the home lender that has rallied 24 percent since Dec. 31.
Wells Fargo has averaged about 17 percent of Berkshire’s U.S. equity investments this year, according to data compiled by Bloomberg. That compares with about 1.4 percent in the Standard & Poor’s 500 Index. The gain in the bank’s shares has buoyed the portfolio as other investments, such as a holding in International Business Machines Corp., have trailed peers.