One of the big four is again similar in 2008 facing uncertainty. Last time the Fed asked them if they see a dark future in its capability to withstand the crisis.
Now again, WFC is at some risk but is it really? Ok, slashing 50% of the dividend may sound discouraging and you can see it from the price movements. Nevertheless, the risk this time is not comparable and WFC will once again endure the period of fear and uncertainty and move up.
This is an amazing chance to accumulate a "don't touch this stock" while its trending this low. Besides, if it gives you a 25c dividend it is still returning a very good %. I just can't keep away from buying it.
I've been averaging in from $26 down. At 0.65 book it's too cheap. Fingers crossed for a bad earnings report on Tuesday, so I can back- up the truck.
badbeatnuts
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@efficientMagpi91005, there goes your bad earnings report, let's see if we can go to around 20. Last year same period they had 6.2 bill profit with 503 mil set aside for loan losses vs. 2.4 bill loss this year with almost 10 bill set-aside for loan losses. Revenue is also down with around 4 bill so it is easy to spot that as soon as they don't have to set aside that much for loan loss, they will go back to being profitable.