Go Where They Ain't

"The bond market has seized up, stocks are in turmoil, private-equity funds are sidelined and hedge-fund managers and lenders are hosting fire sales.

"These are happy days for Warren Buffett.

"'I can spend money faster than Imelda Marcos when things are right,' he says, referring to the former Philippines first lady and renowned shopper.

"For the past three years, Mr. Buffett's traditional bargain-hunting investment strategy has been partly stymied as debt-fueled private-equity funds and hedge funds drove asset prices out of his value-investing orbit.

"The result: Today he's sitting on a war chest of nearly $50 billion in cash.

"Now, with the shakeout in the subprime-mortgage market forcing the end of easy money and the distressed sale of assets -- such as Thornburg Mortgage Inc.'s sale yesterday of $20.5 billion of its top-rated mortgage-backed securities -- many see Mr. Buffett, the 76 year-old chairman of the giant Berkshire Hathaway Inc. holding company, as one of the last buyers standing."

(“After the Tumult, Is It Buffett Time?; Berkshire Chief Finds His Popularity Grows As More Loans Falter.” by Karen Richardson. Wall Street Journal: August 21, 2007. pg. C.1)

SO MUCH for the lemmings...

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