Wells Fargo (WFC) shares were already suffering from the scourge of low rates prior to the recently revealed account creation scandal. William Smead, portfolio manager of the Smead Value Fund (SMVLX) , says the bank will bounce back from this one-two punch. 'Even great companies stumble once in a while and they are quickly making amends to move past this as quickly as possible,' said Smead. Berkshire Hathaway (BRK.B) is a major holder of Wells Fargo shares and it is another one of Smead's top picks. Shares of Warren Buffett's investment vehicle are up 11% thus far in 2016, outperforming the 4% rise in the S&P 500. Smead believes that Berkshire will expand its lead over the index as the economy improves and interest rates finally tick up. Disney (DIS) , down 12% year-to-date, is another one of Smead's favorite stocks despite recent worries about the so-called Mouse House's ESPN division losing subscribers. In Smead's view, the ESPN problems are overblown, and increased consumer spending will increase profits at the company. Finally, Smead is a fan of Gannett (GCI) , despite the media giant's shares sinking over 28% this year due to its troubles completing the Tronc acquisition.
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