Wells Fargo’s Big Buyback

Last week, the Federal Reserve published the results of their annual Comprehensive Capital Analysis and Review (CCAR). The CCAR and its cousin, the Dodd-Frank Act stress tests, are a big portion of the regulatory framework that the Fed uses to supervise the big banks...

Wells Fargo: Unexciting Stock but Exciting Risk-Reward

I have spent a lot of time over the years discussing the large US banks. I've invested in them on a two different occasions over the past five years, and I think we are at a time where opportunity is knocking yet again. This time, I'm investing in Wells Fargo. I did a...

Google, Apple, and Saudi Arabia

Saudi Arabia, if it were a business, would be considered a cash cow. In fact, Saudi Aramco, the country’s oil company that was once a joint venture with one of Rockefeller’s Standard Oil descendants but was nationalized decades ago, is the most profitable business in...

Outsourced Thinking

I recently watched the series of pieces that CNBC put on during the 10-year anniversary of the credit crisis that occurred in the fall of 2008. It was interesting to listen to Buffett describe how he got a call from Lehman Brothers CEO Dick Fuld in the summer of 2008....