Senate Minority Leader Mitch McConnell Can't Stop Buying Shares of This Former Darling of Warren Buffett

Motley Fool04-19

Sen. Mitch McConnell is buying a stock that was once one of Warren Buffett's favorites. McConnell has bought the stock every quarter for years. This company appears to have largely moved...

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Mitch McConnell is buying a stock that was once one of Warren Buffett's favorites.\n\n\n\n\n\n\n\nMcConnell has bought the stock every quarter for years.\n\n\n\n\n\n\n\nThis company appears to have largely moved...</p>\n\n<a href=\"https://www.fool.com/investing/2024/04/19/senate-mitch-mcconnell-buy-warren-buffett/\">Source Link</a>\n\n</div>\n","source":"fool_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Senate Minority Leader Mitch McConnell Can't Stop Buying Shares of This Former Darling of Warren Buffett</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSenate Minority Leader Mitch McConnell Can't Stop Buying Shares of This Former Darling of Warren Buffett\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-19 18:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/04/19/senate-mitch-mcconnell-buy-warren-buffett/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sen. Mitch McConnell is buying a stock that was once one of Warren Buffett's favorites.\n\n\n\n\n\n\n\nMcConnell has bought the stock every quarter for years.\n\n\n\n\n\n\n\nThis company appears to have largely moved...</p>\n\n<a href=\"https://www.fool.com/investing/2024/04/19/senate-mitch-mcconnell-buy-warren-buffett/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BWXC8680.SGD","symbol_name":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","start_time":0,"source_url":"https://www.fool.com/investing/2024/04/19/senate-mitch-mcconnell-buy-warren-buffett/","article_id":"2428634955","we_media_id":null,"thumbnails":["https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F773092%2Fbank-customers.jpg&op=resize&w=165&h=104"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428634955","pubTimestamp":1713521220,"sourceInfo":{"source_id":"fool_stock","name":"Motley Fool"},"weMediaInfo":null,"summary":"Buffett no longer likes this stock, but the Senate's top-ranking Republican does.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4504":"桥水持仓","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0106831901.USD":"贝莱德世界金融基金A2","BRK.A":"伯克希尔","LU0971096721.USD":"富达环球金融服务 A","BK4176":"多领域控股","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BRK.B":"伯克希尔B","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4585":"ETF&股票定投概念","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4581":"高盛持仓","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4559":"巴菲特持仓","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4588":"碎股","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4550":"红杉资本持仓","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4207":"综合性银行","LU0251142724.SGD":"Fidelity America A-SGD","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0175139822.USD":"AB FCP I Global Equity Blend A USD"},"translate_title":"参议院少数党领袖米奇·麦康奈尔无法停止购买这位沃伦·巴菲特前宠儿的股票","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BRK.B":1,"BRK.A":0.9},"content_text":"Sen. Mitch McConnell is buying a stock that was once one of Warren Buffett's favorites.\n\n\n\n\n\n\n\nMcConnell has bought the stock every quarter for years.\n\n\n\n\n\n\n\nThis company appears to have largely moved past the issues that caused Buffett to sell all of his stake in 2022.\n\nIf you take a walk through the corridors of Capitol Hill, you're likely to bump into a few millionaires along the way. More than half of the members of Congress have net worths over $1 million. As you might expect, many representatives and senators are active investors. Senate Minority Leader Mitch McConnell is one of them. The Kentucky Republican can't stop buying shares of this former darling of Warren Buffett. A stock Buffett used to likeThe stock I'm referring to is Wells Fargo (WFC 2.73%). For years, the big bank ranked among Buffett's favorite stocks.The Oracle of Omaha first bought shares of Wells Fargo for Berkshire Hathaway's portfolio in 1990. The bank stock was a big winner for Buffett and Berkshire throughout the years. Wells Fargo even looked like it might be a \"forever stock\" for Buffett. However, when the bank's phony accounts scandal was exposed in 2016, Buffett didn't immediately exit his position in the stock. Over the next few years, though, he drastically reduced Berkshire's stake in Wells Fargo and eventually sold all remaining shares in 2022. Buffett publicly stated that Wells Fargo built \"an incentive system that rewarded bad behavior.\" Sen. McConnell's regular buying patternWhile Buffett was selling Berkshire's shares in Wells Fargo, Sen. McConnell was buying shares of the bank. The Kentucky senator has purchased shares of Wells Fargo like clockwork every quarter for years -- even when the big bank's scandals were routinely making headlines. Why has McConnell invested so regularly in Wells Fargo? There's a simple explanation: dividend reinvestment. Every quarter, any dividends paid by the company are used to purchase additional shares.However, while Sen. McConnell has reported these transactions, he wasn't the one buying Wells Fargo stock. His disclosures revealed the owner of the stock was his wife, Elaine Chao. She served as Secretary of Labor in the administration of former President George W. Bush and Secretary of Transportation during the Trump administration. Should you buy Wells Fargo stock, too?Things appear to be looking up for Wells Fargo. Its shares have jumped more than 40% over the last 12 months. The company has implemented new control measures to try to prevent the kind of issues that occurred in the past from happening again. A consent order was lifted in February 2024 -- a major milestone in Wells Fargo's goal to put the scandal behind it. Is the stock a good pick again as it once was when Buffett was a big fan? I think income investors could find Wells Fargo attractive. The big bank offers a dividend yield of nearly 2.5%. Its dividend payout ratio is a low 28%, indicating plenty of flexibility to increase the payout in the future.However, the potential of interest-rate cuts later this year could negatively impact Wells Fargo's interest income. The company's earnings fell year over year in the first quarter of 2024. Growth investors can find better stocks to buy right now.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428634955"}