The Ledger
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Russo trimmed Wells Fargo stake on rallies to fund other investments
“And for that reason, as it's moved up, we've been using it as a source of cash to make other investments. As it pops up, we have been selling it. We have cash to go off and do other things. Just recognizing that it's probably doesn't have the reinvestment rate…”
Russo predicts Wells Fargo will massively increase share buybacks and dividends
“But the payout is going to increase massively to both share buyback and to dividends because they know now that they cannot redeploy capital given their size.”
Russo: Firm avoids direct crypto and cannabis, gaining indirect exposure instead
“I probably won't make an investment in either of those, though our portfolio companies, whether it's MasterCard using blockchain technology, Or Wells Fargo using blockchain technology. Our portfolio companies will be involved.”
Wells Fargo cannot acquire banks after exceeding the 10% deposit cap
“Well, that's a very interesting question because their capacity to reinvest Had already been fairly limited by virtue of the fact that they now exceed 11% of the deposit base in North America, and they can't buy new assets in the banking industry, new banks or…”