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Warren Buffett investment advice: make sure it’s idiot-proof

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Warren Buffett, chairman of Berkshire Hathaway Inc

Here’s a pearl Warren Buffett passed on to Wells Fargo & Co.executives earlier this year on how he decides which companies to invest in:

“I like to invest in companies that are so simple to run, that even an idiot can run it, because sooner or later one will,” he said.

Wells Fargo WFC +0.13% CEO John Stumpf shared Buffett’s comment Wednesday while addressing the National Press Club.

Buffett’s company Berkshire Hathaway Inc. BRK.A +0.60% BRK.B is Wells Fargo’s biggest shareholder and owns approximately 9% of the company.

Asked if Buffett has any influence on the way the bank is run, Stumpf said “no”.

He could have more but he doesn’t ask for it,” he said.

Buffett understands companies, he understands culture, and is a very good person, Stumpf added.

Stumpf indicated he got to know the Oracle of Omaha through playing bridge online.

“He’s a very accomplished player,” said the CEO. “When I feel like getting shellacked, I get online and play Warren,” said Stumpf.