1. Wells Fargo
Shares: 483.5 million
Market value: $21.9 billion
Year-ago rank: 1
Buffett's investing fundamentals No. 5: Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle’s scathing comment: “You don’t know how easy this game is until you get into that broadcasting booth.”)
To read Mr. Buffett's entire letter to shareholders of Berkshire Hathaway, click here.