Buffett’s Salty Steak Draws Warning From Wells Fargo CEO

[VersaillesinNY]

"Warren eats a full meal, let me tell you,” said Stumpf, 61. “When the food comes, Warren grabs a salt shaker in his left hand and one in his right hand, and it’s a snowstorm. And I know a snowstorm when I see one because I’m from Minnesota.

 

http://www.bloomberg.com/news/2014-09-17/buffett-s-salty-steak-draws-warning-from-wells-fargo-ceo.html?cmpid=yhoo

 

Wells Fargo & Co. Chief Executive Officer John Stumpf talks about the role of financial services in the real economy at a National Press Club luncheon on Wednesday, September 17. Wells Fargo is the U.S. top home lender and also world's largest bank by market value.

 

Video link @ NPC Luncheon with John Stumpf, CEO, Wells Fargo & Co.

 

http://press.org/events/npc-luncheon-john-stumpf-ceo-wells-fargo-co

 

Full transcript: http://press.org/sites/default/files/20140917_stumpf.pdf

 

[...]But once I became CEO, we started doing a home and home dinner or lunch. So,

my first time to Omaha to have dinner with him, we went to-- I can't remember, it was

Piccolo Pete’s or Gorash’s [?], and Warren eats a full meal, let me tell you. He has a T-bone steak,

medium rare, side of chicken parmesan, mashed potatoes, cherry Coke and

when the food comes, Warren grabs a saltshaker in his left hand, one in his right hand

and it’s a snowstorm. And I know a snowstorm when I see one because I'm from

Minnesota. And I said, “Warren, what does your doctor say about all the sodium?” He

looks at me like, “Doctor, really?” No doctor, no directions.

 

So I said, “Warren, seriously, this is not good.” I said, “Is health a strength in your

family? What's your genealogy like?” He said, “Well, really,” he said, his father I think

passed away early, I can't remember exactly what the time was. But we started talking

about colon issues and colon cancer. And he said-- I said, “Warren, that's really

important. You got to get a colonoscopy. That's an absolute requirement.” He said,

“Well, I did. A few years ago, ten years ago.” He said, “And they actually took a foot

out.” He said, “I'm great now,” but he said, “I went into the hospital with a colon, I came

out with a semicolon.” And he laughed at that, so Warren had me.

 

Now, how much of this is all true, but he had me going the whole time. But here's

about Warren. I remember another story, we were at an event last fall where we had 500

of our bankers together and he was kind enough to come, which is a rare occasion. And

we were sitting next to one another on the stage. We were doing an hour, hour and a half,

side by side-- if you're old enough to remember Huntley Brinkley, we were kind of doing

that side by side thing. And one of our team members, these are all of our team members,

somebody from the audience says to him, “Mr. Buffett, how do you decide what

companies to invest in?” Because Warren is very disciplined about-- he’s got an in basket

that says yes, one says no and one says too difficult. So he says you only do what you

know.

 

And without missing a beat, Warren-- I'm sitting right next to him-- and Warren

says, “I like to invest in companies that are so simple to run even an idiot can do it

because sooner or later one will.” (Laughter) But Warren, what's so special about Warren,

he takes the long view. And he understands culture, he understands risk, he understands

the human nature. And we are so fortunate to have him as our largest investor and for us

to be one of his largest holdings, from the best investor the world’s ever known. And for

those who don’t know him, the best person the world’s ever known. So I can't be

objective, he’s that good a person.[...]

[dcollon]

That's great. Thanks for posting the article.

 

 

[Grenville]

Thanks for posting the video and transcript!

 

I just watched Stumpf's prepared remarks. They are really good, and I highly recommend them. His comments on the state of the economy are great given his exposure to lots of data!