Buffett the BSer???? Is there any integrity left???
Few have read as much about Buffett as Alstry. Few have admired Buffett more than Alstry....up until recently.
The one character trait that stood out more than any other was integrity....it was the "x" factor that separated him from most others......
NOT ANY MORE....
Last year, Buffett wrote an op ed piece that American's should be pouring their money into the stock market....which turned out to be some pretty ill timed advice....especially for someone sitting on tens of billions of cash.
Buffett recently has gone out of his way to say what a great company Wells Fargo compared to every other publicly traded company. He has really pumped Wells stock. He even went so far as to make the following quote on Wells:
"If I had put all my net worth in one stock, that would be the stock."
This weekend, there are headlines after headlines how Warren is buying EVEN MORE Wells shares at these depressed levels last quarter.
As the share price dropped below $9 this quarter, a small fraction of what he paid just a few years ago, you would think based on what Warren was saying, he really loaded up the truck and purchased a ton of shares. After all, we are talking about Warren Buffett, and if anyone has deep pockets Warren does.
This was the man that poured $10 BILLION dollars into Goldman Sachs just recently...a competitor of Wells. This was the man tha just said he would put his entire net worth into Wells Fargo....
so just how many shares did Warren buy in the first quarter???? how much did he increase his percentage ownership....did he double his position, triple it.....more??????
Drum roll please.....
Buffett purchased approximately 12.4 million shares....yes 12.4 million shares....approximately $100 million dollars depending on exactly when he purchased and what he paid for the shares. For the average person, 12.4 million shares would be a lot, and $100 million would be a big deal....but for a person who controlled almost 300 million shares before the quarter started.....it is LESS THAN a 5% increase in his Wells Fargo position and approximately 1% of the amount he invested into Goldman Sachs around the same time.
Is Warren BSing and talking up his book due to the fact that he is worried about his earlier substantial Wells Fargo investment???? When Warren is a waffler...is there any integrity left in the markets???
Few are as disappointed in Warren as Alstry.....but maybe he has a good reason for saying he would put all his money into Wells but gave Goldman 100 times more????
When you can't trust Warren....who can you trust????????????????