A Quote by Warren Buffett
Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.
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Lethargy, bordering on sloth should remain the cornerstone of an investment style.
Benign neglect, bordering on sloth, remains the hallmark of our investment process.
We own? the Federal Reserve. There is this misconception that the Federal Reserve is some private entity. But if I might give an analogy here, we - U.S. taxpayers - own all the stock in the Federal Reserve.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.
The widespread distribution of private property ownership is the cornerstone of American liberty. Without it neither our free enterprise system nor our republican form of government could long endure.... The next Republican Administration will...not only protect the cherished human right of property ownership, but will also work to help millions of Americans - particularly those from disadvantaged groups - to share in the ownership of the wealth of their nation.
The widespread distribution of private property ownership is the cornerstone of American liberty. Without it, neither our free enterprise system nor our republican form of government could long endure.
Many people don't know that you don't spend 10 minutes without using a satellite. Or that agriculture is managed from space. Banking, too. The space program is like our airports and highways. It's not a luxury. It's part of the fabric of the modern world.
I remember going into a raggedy studio, still with my work uniform on. At the time, I was driving money trucks for Wells Fargo, so I had my gun and hat, which weighed me down in the heat. It was 97 degrees here in New York, and they had to turn the air conditioner off because it was too loud. So, I say, "Damn, it's hot in here!" That's how we came up with the song, "Damn, It's Hot." It was from our soul. We just got together, sang and made our own lyrics.
A number of former Wells Fargo employees have described their work environment characterized by intense pressure to meet aggressive and unrealistic sales goals. In a 2010 letter to shareholders, Mr. Stumpf wrote that Wells Fargo's goal was eight products per customer because eight rhymed with great.
We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it.
You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.
Wells Fargo's internal review only covers unauthorized accounts dating back to 2011. News reports and court documents suggest these problems might have existed long before then. The 2013 'Los Angeles Times' articles led to the L.A. city attorney's office investigation into Wells Fargo's sales practices.
Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.
The simple index fund solution has been adopted as a cornerstone of investment strategy for many of the nation's pension plans operated by our giant corporations and state and local governments. Indexing is also the predominant strategy for the largest of them all, the retirement plan for federal government employees, the Federal Thrift Savings Plan (TSP). The plan has been a remarkable success, and now holds some $173 billion of assets for the benefit of our public servants and members of armed services.
I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.
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