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No. of Recommendations: 13
Why that extraordinary move up?

I see it as the end of the extraordinary move down.
The dry spell for profits ended, and Mr Market noticed.
They made $4+ a share steadily for years, so getting back up near that rate isn't a big shocker or any real progress---just the end of being so far in the doghouse.

Unlike many observers, I don't think Mr Buffett made big mistakes by not buying stocks with both hands during the spring 2020 crash,
nor do I think bailing on the airlines at a loss was a problem.
I also don't have a problem with the buybacks being modest during that stretch.
None of those things show that he was an idiot, or past his prime, or unable to see the rebound that would come.

But I do think it was a big mistake to sell WFC when they did at $25ish when it was plain for everybody to see that $40ish could be had relatively soon.
Their franchise might well have taken a permanent hit of 30% to the firm's value, but not 60%.
(and yes, I said so at the time, though I didn't think it would work out quite this quickly)
Unless Mr Buffett knew something we didn't, of course, but that seems unlikely.
I think he just has a rule that when he decides to divest, he likes to get it over and done.

Jim
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