巴菲特一直以來並不特別喜愛銀行股,他曾經解釋這是因為銀行營運需要很大的槓桿,如果管理出錯後果堪虞,情況會比其他類型公司嚴重得多 (而管理出錯又是所有男人...不,是公司,都會犯的錯誤)。Wells Fargo是當年唯一例外,巴菲特早於1989-90年已經買入,原因是巴菲特覺得Wells Fargo是"superbly-managed"。
題外話,Wells Fargo的創辦人是Henry Wells及William G. Fargo,正是另一巴菲特愛股American Express (的其中兩位創辦人。
巴菲特金融海嘯後大量買入銀行股是因為看好量化寬鬆之後的美國經濟,他當時認為銀行會是經濟復甦後最早受惠的板塊,而且當時風險已經見底。現在他減持銀行股,應該是認為這一優勢已經消失,回復當年他不投資銀行股的策略。
以下是1990年巴菲特在股東的信中他對銀行股的看法,解釋為何他並不特別偏愛投資銀行股:
The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks. Most have resulted from a managerial failing that we described last year when discussing the "institutional imperative:" the tendency of executives to mindlessly imitate the behavior of their peers, no matter how foolish it may be to do so. In their lending, many bankers played follow-the-leader with lemming-like zeal; now they are experiencing a lemming-like fate.
Because leverage of 20:1 magnifies the effects of managerial strengths and weaknesses, we have no interest in purchasing shares of a poorly-managed bank at a "cheap" price. Instead, our only interest is in buying into well-managed banks at fair prices.
##WFC ##AXP