Berkshire Hathaway Inc., the billionaire investor Warren Buffet-owned one of the most venerated companies of the US, has ‘modestly’ raised its stake, in the first quarter, in two banks with dramatically-plunged market values – Wells Fargo and US Bancorp. Berkshire’s addition to the holdings of the lenders comes at a time when their shares are trading at their lowest-ever over ten year prices.

In its regulatory filing Friday to disclose its US stock portfolio, Berkshire said that it had increased its stake in the Wells Fargo – in which it is already the largest shareholder - by almost 4.3 percent or 12.4 million shares; and its stake in Bancorp by nearly 2.2 percent or 1.5 million shares.

Well-known for taking long-term bets on firms with potential to yield big results over time, Buffet had mentioned his preference for Wells Fargo, during Berkshire’s annual meeting held on May 2. Buffet had said: “All banks aren’t alike by a long shot, and in our view Wells Fargo has some advantages the others do not.” 

Further, when Wells Fargo shares tumbles below $9 in March, Buffet told students that at that low a price, if he were to put his total net worth into stock, “that would be the stock!”

Talking about Buffet, 78, Thomas Russo, a partner at Gardner Russo & Gardner, said that the man has a timeframe that surpasses near-term swings!