14Sep3:41 pmEST
More Like Wells "Fargo," Am I Right?
Through no fault of its own, shares of Wells Fargo are getting pulled into the wood chipper (the disturbing scene from the great film here, for reference).
Given Mr. Buffett's self-proclaimed ruthlessness for anyone who dare undermine the integrity or reputation of Berkshire, I wonder how he will react to WFC's apparent betrayal of customer trust amid, frankly, uninspiring corporate governance.
Either way, the monthly chart for WFC, once considered to be the "good bank," throughout the debt crisis, illustrates the wood chipper may only be getting revved up for more pain into the low-$30s.
Note the bear flag, highlighted, projecting a move much lower regardless of The Fed and rates.
Wells is now a troubled firm and a troubled stock with potential for more fire where there is clearly smoke.