The Oracle of Omaha's got a fever and the only prescription is more Wells Fargo. Well, some University of Nebraska cheerleaders, a couple scantily-clad broads, and a whorehouse or two would also work but right now, he's focusing on breaking himself off a big piece of the San Francisco bank.
Warren Buffett’s holding in Wells Fargo & Co. is approaching 10 percent, a level at which he’d have to pass a Federal Reserve review to keep building his stake. The billionaire oversaw about 506 million shares, or 9.9 percent, of the bank as of Dec. 31, according to regulatory filings. Most of the stock was held by subsidiaries of his Berkshire Hathaway Inc. The ratio has steadily climbed from 6.7 percent at the end of 2009 because of Buffett’s stock purchases and the lender’s buybacks...His Wells Fargo stake is valued at more than $24 billion based on the bank’s $48.90 closing price Thursday. Almost all the shares were accumulated at an average price of $25.46 according to Omaha, Nebraska-based Berkshire’s annual report.