Should Value Investors Pounce on Wells Fargo?

Buffett’s thinking is that Wells Fargo has so much money; it can simply pay whatever fines and lawsuit settlements that stem from the phantom accounts scandal, and still have cash to spare. This seems like an obvious extension of Warren’s famed belief that a good business is one your idiot nephew could run and still make money. Here’s how he described in a 2010 discussion with the FDIC:

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