WTF: Wells Fargo record $3 billion 1Q profit

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Re: WTF: Wells Fargo record $3 billion 1Q profit

Your smugness is amusing. I think Metalman has your number right.

Actually, despite all the heat Nero has taken for his optimism, WF has traditonally allowed for much higher loan loss provisions than their competitors. This was well documented in You Can Be a Stock Market Genius by Joel Greenblatt. I know it's a corny title, but he talks about a previous Cal. RE bust that Wells came out of very well, and a trade that both he and Buffett made to take advantage.