Wells Fargo climbed to a 4-year high Friday, increasing the value of Berkshire Hathaway Inc. (BRK/A)’s stake to more than $16bn.
Bloomberg reports that the bank climbed less than 1% to close at $36.50 in New York. Earlier, it hit $36.62, the highest since October 2008. At that price, Omaha, Nebraska-based Berkshire’s 456.2 million shares held at December 31st are worth $16.7bn.
Warren Buffett, Berkshire’s chairman and chief executiveofficer, has praised Wells Fargo’s managers and business as he amassed the holding in the San Francisco-based bank over more than two decades. The lender is among his company’s “big four” stock investments, a group that Berkshire will probably continue to build over time, he said last week.
'Mae West had it right: 'Too much of a good thing can be wonderful', Buffett wrote in his annual letter to Berkshire shareholders March 1, referring to the late Hollywood actress and comedienne.
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image: © Mark Hirschey