In Praise Of Bottom-Feeders
A fascinating quote inward today's Wall Street Journal: Warren Buffett to Tim Geithner only afterward the Bear Sterns bailout:
Absolutely incorrect on expose 2, Mr. Buffett. There is no to a greater extent than patriotic act an American sitting on a few billion dollars tin john perform, than to demo upwardly at a burn downward sale alongside a fatty checkbook as well as a pen.
It would for certain receive got given courage to other wealthy investors, endowments, hedge funds, as well as sovereign wealth funds.
H5N1 bottom-feeders' frenzy powerfulness every bit good receive got shown to the likes of Mr. Geithner the limits of constantly repeated stories of "no buyers," limitless "fire sales," "liquidity spirals;" the belief that that solely highly-leveraged as well as panicky intermediaries educate property prices, thus authorities must ever bail out all creditors.
H5N1 proficient Bear Stearns failure powerfulness good receive got saved us from a bad Lehman failure.
"I was form of hoping you lot wouldn't create it, because thus everything would receive got crashed as well as I would receive got been get-go inward trouble to buy."Buffett continued,
"It would receive got been terrible for the country, but I would've made a lot to a greater extent than money"Amen on expose one. A's burn downward sale is B's buying opportunity. In the end, a lot of finance depends on flexible long-only coin to come upwardly inward as well as receive got risks when others are selling.
Absolutely incorrect on expose 2, Mr. Buffett. There is no to a greater extent than patriotic act an American sitting on a few billion dollars tin john perform, than to demo upwardly at a burn downward sale alongside a fatty checkbook as well as a pen.
It would for certain receive got given courage to other wealthy investors, endowments, hedge funds, as well as sovereign wealth funds.
H5N1 bottom-feeders' frenzy powerfulness every bit good receive got shown to the likes of Mr. Geithner the limits of constantly repeated stories of "no buyers," limitless "fire sales," "liquidity spirals;" the belief that that solely highly-leveraged as well as panicky intermediaries educate property prices, thus authorities must ever bail out all creditors.
H5N1 proficient Bear Stearns failure powerfulness good receive got saved us from a bad Lehman failure.
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