$27.12
-0.17 (-0.62%)
Wells Fargo & Company (WFC)
CAPS Rating:
A financial services company, Its principal business is to act as a holding company for its subsidiaries, the Company provides retail, commercial and corporate banking services through banking stores.
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Actually, the banks should loan the money to the friendly counterparty to buy the worthless securities.
The loan would be counted as an asset on the bank's balance sheet, giving it one step closer to appearing solvent.
Then they could count the worthless asset at face value at the counterparty, making the counterparty (hedge fund, investment bank, etc.) another asset.
With mark-to-myth accounting now the norm, they wouldn't have to acknowledge the loan was nonperforming until, oh, whenever.
A friendly counterparty is a great thing.
Just ask Andy Fastow.
Hey! Wait minute...that sounds like what they did that got into this mess. When no one has really been able to explain just what they did...you figured it out.Way cool.
I think they are lending to a friendly counterparty, remember the huge stake the government took in all 19 banks!
I'm looking for a great second quarter. I can't imagine with the amount of refinances that have been stated in the news, along with the modifications, that they won't beat the earnings estimate next quarter. I think all the banks will do well next quarter. Even though they aren't all "good" banks.
Great Call on Wells Fargo! What's Next? By Matt Koppenheffer June 23, 2009
http://www.fool.com/investing/general/2009/06/23/great-call-on-wells-fargo-whats-next.aspx?source=itxsitmot0000002#commentsBoxAnchor is about you Alberta911
Perhaps we should be flattered....The great part about a democracy is the right to share opinions....
Matt Koppenheffer is one more reason why we are compelled to put of footprint on this BS board as the Montley Fool Contributors change their mind like one should change their underwear....
To add insult to injury......he made the stupid mistake of mention inflation...going as far as saying nasty bout of inflation.
Personal View on Inflation - Not coming anytime soon..but if you are Canadian and have a mortgage you need to lock down for a 20-30 period.
What's Next? Before you ask yourself what is next ask what you missed...if you listened to Matt Koppenheffer you would have never considered Ford when it was $2
http://www.fool.com/investing/general/2009/01/28/worst-stock-for-2009-ford.aspx
What's the truth?
Do we own Wells Fargo? Yes not at this price but average cost of $8.15
Excluding options we are down to a 50% position in Wells Fargo for currency reasons and more importantly circling reasons....not a matter of if but when someone is going to oversell something we want.
Do we own Rio Tinto? No but we like Australia...and if Li Keqiang visits we would sleep better at night....our largest positions in this area would be CHALCO (HKSE: 2600.HK) Teck Resources Limited (TCK)
Our largest WTF is copper prices.......and frothy in the EQUINOX MINERALS COM NPV (Toronto: EQN.TO) department.
Do we own Rimm? Covered today in personal portfolio...but we hold by many..
FYI - Being Canadian and owning this since day 1 here is a Rimm tip..Never hold thru earning sell the days leading up.
We did pick up NOK a lot of it during a fire sale...because it was cheap..pays a dividend...and have the emerging market infustructure
Do we own Apple? No personal position but considering purchasing IPODS for personal use.....we do see the sector having an echo style boom in tech thanks to emerging markets but not today.
What banks are we circling?
Any bank that misses and is crushed...sorry cit is not an option
Would love Matt and his buddies to poke enough holes in Federal Agricultural Mortgage Corp. (AGM) so we can walk right in.
What's Next?
If someone misses earnings out will run the stories
1. Books are cooked can repeat
2. Deflation, black instead of green shoots, stimulus packages
3. China not buying
4. China not growing
5. More China hate stories
6. More emerging markets purging stories
What will we do while we wait for a calmer market?
Take all Canadian Bank profits sooner than later
Hide in a bit of gold til September
Continue to short the fertilizer sector when the opportunities arise
Sit in a bunch of cash to be able to double down when opportunities come
What will we watch?
Not Cramer not Matt not Buffett we will watch Goldman while we read company reports..if time permits watch a little cspan soap opera...in between the London Financials
Unlike Matt and a bunch of the Montley Fool Contributors who Yahooo a different pump and dump we do not change our opinions hourly
and find it odd we are unable to respond directly to his article.
http://msncaps.fool.com/Blogs/ViewPost.aspx?bpid=209833&t=01008346235243063449&source=isrsithln0000001
Bottomline
No one will takes better care of your money than you will.... so quit listening to the noise
Alberta991 luv to know your take on goldminingXpert's bear pitch that Wells Fargo will be bankrupt in 18 months.
Your Caps name says it best! Monopolygames,
While GoldminingXpert sees bankruptcy....the chart experts see a bottom triangle pattern...
What do I see...a huge capital gains bill....walked a few equitity positions over to Federal Agricultural Mortgage Corp. (AGM) AKA Farmer MAC.
Why farmer mac
1. Dividend
2. Was extremely cheap ( NO LONGER CHEAP...personal opinion)
3. A small nondillutive float at about 9 million total shares for the common...most of which is tightly held
4. Like farm land a little better than California condos
FYI
GoldminingXpert stated AGM going to zero also....when AGM was $2.75...... @ 9 tonight report EPS of $2.50 per share.... and that my friends is one more reason why it is best to turn out the noise.
FYI
We are sellers of AGM
Alberta991 luv to know your take on on Warren Buffett in your neck of the woods when Lehman and the meltdown was taking place?
http://www.cnbc.com/id/32873440
I see your RIMM tip worked again :}
Covered RIMM again today Strelioff as greed vs. fundamentals never make $
Monopolygames hanging out with David Foster vs hanging out in Walll Street.....