market folly

Warren Buffett's Berkshire Hathaway has withdrawn its application to the Federal Reserve which would have let them take their ownership stake above 10%.  Now, they'll sell 9 million shares instead in order to remain below the 10% level.

As of the end of 2016, Berkshire owned 479 million WFC shares. The latest news indicates Berkshire has sold 7.13 million WFC shares and plans another 1.87 million share sale soon. 

Berkshire has said that "investment or valuation considerations" did not play a part in their decision to sell as it looks like they're merely just trying to stay under the threshold. 

For more on Berkshire, here's Warren Buffett's most recent interview on Apple and other topics.

Per Google Finance, Wells Fargo is "a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial. It provides retail, commercial and corporate banking services through banking locations and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. It provides other financial services through its subsidiaries engaged in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing services, investment advisory services, mortgage-backed securities servicing and venture capital investment."