Berkshire Hathaway’s Shareholder Letter
is a must read and this one is no exception. Continuing last year’s scolding of the sub-prime mortgage banking industr, my favorite lines included these:
John Stumpf, CEO of Wells Fargo, aptly dissected the recent behavior of many lenders: “It is interesting that the industry has invented few ways to lose money when the old ways seemed to work just fine.”
You only learn who has been swimming naked when the tide goes out – and what we are witnessing at some of our largest financial institutions is an ugly sight.