Wells Fargo Is It The New Market Barometer?

Wells Fargo (WFC) announced results and had a curious quote from the CFO Howard Atkins; which makes one wonder if Wells Fargo is becoming the new market barometer. They will do well in bad times but stay out of relative trouble when their peers blow their brains out with fads and mania's. Check out this quote and remember if memory serves correctly Warren Buffet bought into these guys a long time ago.

"Wells Fargo’s business model typically produces above-peer revenue growth particularly during difficult economic times like these when others in the industry are incurring losses on activities in which we did not participate,” said Atkins. “With the acquisition of Wachovia, we’re now serving almost one of every three U.S. households. Revenue synergies from cross-sell are a huge opportunity much like the Wells Fargo-Norwest merger ten years ago.”

So if the investing public decide these guys are a barometer watch how the executive start shaping their words and communications strategy whenever they go public with a comment.