Warren Buffett boosted Berkshire Hathaway ’s stake in Wells Fargo by 3 percent in the second quarter.Mega-investor Buffett, the San Francisco bank’s largest shareholder, purchased another 10 million shares of Wells, which is nearing the end of its successful merger integration with Wachovia .
His $8 billion stake in Wells Fargo (NYSE: WFC) is now the Omaha, Neb.-based Berkshire Hathaway's second-largest holding after Coca-Cola . (NYSE: KO)
Buffett acquired his original stake in Wells Fargo about two decades ago when worries over commercial real estate weighed on the bank.
The legendary investor has long praised the bank’s low-cost funding base as a key competitive advantage in a business that makes money on the spread between rates paid on deposits and interest earned on loans.
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