boston RE

1 Comment

    • ON: Wed Apr 2nd 10:44 AM
      Commented on:
      Wells Fargo Seeking Fed Shotgun Marriage
      Can someone PLEASE explain to me why everone is so bullish on WFC? I am a private lender and have been short the financials for quite some time. Why? Not because I am all that bright but because I see the petitions to foreclose in the paper and who the banks are that are doing the foreclosures. That said, I see WFC doing a ton of foreclosures in this state and in the worst neighborhoods! Those that are foreclosed are being bought back by WFC and are worth less than 1/2 of the principal amount! I know Buffet is a big player there now and though I was a Buffet buyer in the past (and owned shares of both BRK-A and B) I sold my positions there as I think even the great Buffet will be in trouble this year (certainly not the same trouble as the banks but I wager both A & B will be down at least 10% this year). Is it possible that Buffet made a mistake? He has after all made bad decisions in the past.
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