last quarter because it wanted to double down on its favorite bank stock, according to Adam Schwartz, the founder and investment chief of Black Bear Value Partners.
Berkshire clearly ranks among Schwartz's best ideas. Buffett's conglomerate has been one of his fund's five biggest long positions since he established it four years ago. "Wells Fargo has a very deep hole to dig out of," he said. "The combination of low interest rates, an asset cap which limits the volume of loans, and increased expenses for compliance makes this investment very hard."
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