NEW YORK ( TheStreet) -- Billionaire investor Warren Buffett said Berkshire Hathaway ( BRK.B) has increased its stake in IBM ( IBM) and Wells Fargo ( WFC). The legendary investor said on CNBC early Monday that he owns about $10.7 billion worth of shares in IBM, the technology blue chip, mostly accumulated during the third quarter. He now has a 5.5% stake in the company.
Meanwhile, he continued to buy Wells Fargo, a long-time favorite. Berkshire Hathaway is expected to file its quarterly 13F report with the Securities and Exchange Commission later Monday. Buffett told CNBC that it isn't clear Europe has the will or ability to do "whatever it takes" to solve the debt crisis. Europe was not going away and its economy will be stronger in 10 years but things were going to be difficult. He said he does not own eurozone banks and would need to understand them better before making an investment. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.