My stock alert was triggered for Wells Fargo Corp (NYSE: WFC) at $28 per share, two days ago. I did not buy any shares. I would like to own some stock but I'm still hoping for one more dip before I jump in. Having been burned by financial stocks this past year, like many investors, I'm proceeding with caution. It closed yesterday at $28.98.

I suppose I do own some fractional interest indirectly through Berkshire Hathaway (NYSE: BRK.A) and the Vanguard Group Inc., the largest (8.8%) and fourth largest (3%) shareholders in Wells Fargo respectively. By the way, insiders own less than 1% of the company so although "my pal Warren" prefers companies where managers have some skin in the game, this one contradicts that philosophy. The respected Chairman CEO, Richard M. Kovacevich, has actually been the largest seller of the stock, which he does through a planned process almost every two months.

Wells 52-week high / low range is $37.00 / $24.38. Although I did not buy any shares yet, I do get the feeling that Wells Fargo may look like a steal in 12 months. It is the fifth-largest bank in the United States. Regular readers of the column know I missed another stock Anglo American.

Perhaps it was childish not buying WFC on Tuesday, but financial stocks and commodities are two very different things right now...

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of AAUK.