Wednesday, December 12, 2007

Buffett Owned UBS

Correction. Buffett said USB (U.S. Bancorp). So no news here...
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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