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According to Lee Munson, head of Portfolio LLC and author of the book Rigged Money, Buffett is merely looking for a trade. "The dude still has $8 billion of exposure," notes Munson, "so he basically cut his exposure in half." The CDS amount to insurance against municipal bond failure. The idea of reducing exposure now would be to resell the contracts later at a better price. It's a position shift, not a sea change.... Continue to read.
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