Investing
Warren Buffett’s Top Stock Last Year Was the Bank He’s Been Bailing On
- Berkshire cut its stake in Wells Fargo, then shares soared
- Lender’s CEO, Charlie Scharf, is working to resolve scandals
Warren Buffett
Photographer: Houston Cofield/BloombergThis article is for subscribers only.
Warren Buffett’s best-performing stock last year? One he’s been dumping.
Wells Fargo & Co. shares delivered a total return of 61% last year, outpacing every other company listed in the most recent public snapshot of Berkshire Hathaway Inc.’s portfolio, as of Sept. 30, according to data compiled by Bloomberg. That trounced the performance of the conglomerate’s two biggest bets, Apple Inc. and Bank of America Corp.