Senate Minority Leader Mitch McConnell's Investment in Wells Fargo Stock Examined
Senate Minority Leader Mitch McConnell Can't Stop Buying Shares of This Former Darling of Warren Buffett
Buffett no longer likes this stock, but the Senate's top-ranking Republican does. If you take a walk through the corridors of Capitol Hill, you're likely to bump into a few millionaires along the way. More than half of the members of Congress have net worths over $1 million.
A stock Buffett used to like
The stock I'm referring to is Wells Fargo (NYSE: WFC). For years, the big bank ranked among Buffett's favorite stocks.
Sen. McConnell's regular buying pattern
While Buffett was selling Berkshire's shares in Wells Fargo, Sen. McConnell was buying shares of the bank. His investment strategy revolves around dividend reinvestment.
Should you buy Wells Fargo stock, too?
Things appear to be looking up for Wells Fargo. Its shares have jumped more than 40% over the last 12 months. However, potential interest rate cuts and recent earnings declines pose risks. Investors should carefully evaluate before investing in Wells Fargo.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.