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Posted by Monitor on June 25, 2008, 3:13 pm
Market News: Warren Buffett sees opportunities in subprime business
Published: Wed Jun 25, 2008 1:17pm EDT
http://www.reuters.com/article/marketsNews/idUSN2546353120080625
NEW YORK, June 25 (Reuters) - Warren Buffett, chief executive of
Berkshire Hathaway sees some opportunities for investing in the
subprime mortgage business, he told Reuters in an interview on
Wednesday.
Buffett said Berkshire Hathaway had already made some subprime
investments through its Clayton Homes manufactured housing unit.
"We have bought some subprime paper in the open market, as people have
wanted to sell portfolios," he said of the investments Clayton Homes
has made to date.
Other investments are possible, he said.
"We listen to anything we hear about," said Buffett. "If it is big and
unusual, and carries the proper premium, we listen."
Buffett, who is famous for investing in businesses in beaten-down
industries, started up a municipal bond insurer earlier this year.
He said that unit might indirectly invest in some distressed areas,
including subprime. "Some of that may be a factor in what we are doing
in bond insurance -- it is an indirect fall-out from that," he said.
Buffett said last month that he was generally hoping to make big
investment deals, "the bigger the better."
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