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We sleep very well with Warren Buffett

April 06, 2006

Bruce Berkowitz: "The investment community believes he (Warren Buffett) may be over the hill, but we don't think so. $40 billion of cash just waiting for an opportunity. You have the repeal of PUCA, the public utilities holding act, which will allow Warren Buffet and Berkshire to take the float from the insurance business to invest at a very nice regulated rate. And then you have Katrina, Rita and Wilma from last year, which really hurt the structure of the property and causality insurance industry, and Berkshire's Ft. Knox balance sheet, the way they came through, they will be a safe haven, because as time goes on, the promise to pay is very important. What good is it to do business with a company that isn't going to pay you at the end of the day?"


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