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August 20, 2007

Warren Buffett Raises Money For Barak Obama - Says Bargains Abound in Subprime Mortgage Mess

posted by MR WAVETHEORY at 8/20/2007 08:59:00 PM
If you are a Buffett fan, you will be interested to know that Warren Buffett was holding a fundraiser for Barak Obama last Thursday where he was charging $2300 per head to the event. Buffett was interviewed by CNBC. He told Becky Quick from CNBC that he thinks the volatility is presenting opportunities in the subprime mortgage sector.

Watch the CNBC video summary of Warren Buffett interview in Omaha. (free)
Watch the CNBC video Warren Buffett interview Part 1. (paid)
Watch the CNBC video Warren Buffett interview Part 2. (paid)

There is also a rumor from the Wall Street Journal that Countrywide may sell a stake to Buffett according to Heard on the Street. You've got to love this guy for the stuff he comes up with.

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

Berkshire Hathaway Inc. (NYSE BRKA) has $50 billion in cash and that's more than enough to buy Countrywide Financial Corporation (NYSE CFC) which has a market capitalization of $11 billion - that's a 50% discount from a year ago when it was worth over $20 billion. It's too early to tell what he's picking off. He's probably going to get a bargain investment opportunity. The nice way to describe it is that he is a value investor. The other way ... vulture investor! Time to load up on mortgage stocks. It's nice to be a money bag during times of stress.

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