Can you blame him for eyeing some of the troubled companies, he isn’t called the oracle because he got lucky once, there is money to be made in a downturn. It seems almost logical that buying a motgage company or a builder while it is cheap and everyone else is running away, change the business model, learn from the mistakes and emerge on the other side of the cycle. There is a reason thousands of people trust their money to Buffet and people watch his moves, nobody watches my moves for good reason.
I have to second what bob said about Wells Fargo, not sure about B of A but if a bunch of lenders go under, eventually the survivors will pick up market share. Things don’t go up forever and they won’t go down forever, it’s a little dicey right now because the smoke isn’t anywhere near settling but when it does, there will still be banks.
