Municipal Bond Forum
Behind Berkshire’s move
Q
While I agree with you that “reading the tea leaves” behind Berkshire Hathaway’s decision to terminate credit-default swaps insuring municipal debt is fraught with problems “Divining the Oracle,” I would hate to be among the lemmings as the cliff approaches. It’s difficult not to be a little worried.
A
James A. Klotz responds:
Our worries aren’t with Warren Buffett, they’re with our elected officials, who are fiddling in a troubled economic environment.
Although we can’t read Buffett’s mind, we do take solace in the fact Berkshire Hathaway still retains a large portfolio of municipal bonds which, if it were the company’s desire, could currently be sold at historically high prices.
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