| Over the past 24 months, Buffett has been selling Berkshire’s holdings of Wells Fargo. According to 13F filings, Buffett sold off 7.8% of its holding of Wells Fargo in the third quarter of 2019, and even more in the fourth quarter. Buffett continued dumping his stake in Wells Fargo in the first half of 2020. By the end of the second quarter of 2020, Berkshire owned just 238 million shares, which is down significantly. At the same time, the 13F of the Daily Journal Corporation came out. According to the 13 F for the Daily Journal, none of its holdings in Wells Fargo, which is its second largest holding, were sold. The interesting part is that Charlie Munger, who is Warren Buffett’s long time business partner, sits as Chairman of the Daily Journal. Moreover, Charlie Munger manages the portfolio for the Daily Journal by himself. So, is Buffett correct by selling Wells Fargo, or is Charlie Munger correct by holding on to Wells Fargo? |
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Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
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