Warren Buffet said he is likely to buy more shares of Wells Fargo and American Express in the future, American Banker reported. Buffet’s Berkshire Hathaway conglomerate currently owns the biggest stake in both companies.
“Mae West had it right: ‘Too much of a good thing can be wonderful,'” Buffett wrote in a letter to shareholders published Friday.
Buffett upped his stakes in both companies last year. Berkshire bought additional shares of Wells Fargo in 2012 that increased its ownership of the nation’s fourth-biggest bank by assets to 8.7 percent as of Dec. 31, up from 7.6 percent a year earlier.
Stock buybacks by American Express boosted Berkshire’s stake in American Express to 13.7 percent as of Dec. 31, compared with 13 percent a year earlier.
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