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Strategies & Market Trends : Fundamental Value Investing

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To: bruwin who wrote (918)	5/6/2009 10:17:17 AM
From: Spekulatius	Read Replies (2) of 4719

re WFC , their Tier 1 and TCE ratio are below most peers due to the WB takeover. They only raised 10B$ equity to cover this. WB has some ugly assets on their balance sheet and also reserves cover alot of the expected defaults my bet is that they still may not be sufficient. In addition, WFC is strong in California, where the real state market has taken a huge hit - for example they have a huge home equity balance that are very vulnerable right now. The big positive is WFC's earnings power of course but we do not know yet how the stress test accounts for that.

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