Wednesday, December 12, 2007

Buffett Owned UBS

Correction. Buffett said USB (U.S. Bancorp). So no news here...
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We've owned UBS. Some of them are black boxes. Some of them are too hard to figure. If they have enormous positions in mortgage-backed, or CDOs, or even in some forms of derivatives, they may be fine but I can't know that. I like 'em fairly simple and somebody's characterized what's going on now as a flight to simplicity. And there's a good reason for that. You should only buy what you understand. And I can only understand simple things, so, ergo, I look at simple businesses.
Warren Buffett's Complete CNBC Interview: Video and Transcript (2 of 2)

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