Warren Buffett’s personal affinity for the companies in his portfolio is often mixed with the harder-headed business decisions made by him or his managers. The Berkshire Hathaway chair appears to genuinely enjoy the taste of Cherry Coke; he also appreciates Coca-Cola’s returns.

It was Wells Fargo where the head and heart were most aligned. When he first bought a 10 per cent stake 33 years ago, Buffett praised the “superbly managed, high-return banking operation”, but the bank also reflected Buffett’s own homespun charm.

Although it later became the biggest bank in the world by market capitalisation, Wells shunned large-scale expansion outside the US. Sticking to consumer and commercial loans, Wells declined to develop or acquire a big investment bank.