
Dr. Joseph Ackerman (source DPA/Manager Magazin)
Notes and observations about the stock market
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)
UBS, which is hiking its Tier 1 capital to 12 percent in a 19.4 billion Swiss frmanc injection has ordered a halt to proprietary trading -- which involves investment banks committing their own money to investments and trading positions.Source Reuters: UBS Investment Bank Faces Challenge to Recover



