Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie at my elbow. Wells Fargo is a business we have understood for the better part of half a century: it gathers cheap deposits from tens of millions of Americans and lends the money out at a spread. For seven years the company sat in a regulatory penitentiary of its own making, and it has now walked out the front gate — the Federal Reserve lifted the $1.95 trillion asset cap in June 2025 and terminated the 2018 consent order entirely in March 2026, closing the book on all fourteen enforcement actions. The second-quarter 2026 numbers show what a scrubbed-clean Wells can do: $6.4 billion of net income, a 17.7% return on tangible common equity, and a share count down 45% from its 2016 peak. Here is our problem, and it is the happiest kind of problem: everyone else has noticed too.
Recent filings analysed: 10-Q (2026-07-28), 8-K (2026-07-14), 8-K (2026-05-20), 8-K (2026-04-30).
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