George, re. Buffet and junk bonds.
A bit late due to travel. According to an article by Kathleen Pender of the San Francisco Chronile, 03/11/03,
referring to Buffets' letter to shareholders, he states that he expects occasional large losses in junk bonds and advises the individual investor to steer clear of them.
Just to clarify and FWIW. Incidently, I heard Paul Gross in an interview the other day and he felt that the average investor could find 6-7% tax free munis and I believe he was referring to them as fairly safe. Did not make sense to me. Again, FWIW.
Benj
