From Warren Buffett's 1990 Berkshire Hathaway (BRKa) shareholder letter:
Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
Back then, fear and pessimism had caused Wells Fargo stock to fall to less than 5x earnings. The total return, including dividends, has been more than 15 fold since then.
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