Buffett Turns Wall Street's Frown Upside Down

Star investor hunts for lucrative bargains
By Heather McPherson,  Newser User
Posted Aug 21, 2007 3:43 PM CDT

(Newser) – Wall Street may be seeing red after weeks of volatility and losses, but Warren Buffett is seeing green as he goes bargain-hunting for the same kind of junk bonds and stocks that have netted him nearly $50 billion, the Journal reports. Downtrodden deal-makers are hoping the star investor will use his Midas touch to buffer their bottom lines.

Subprime-collapse casualty Countrywide, with its suite of high-quality mortgages, could be one apple of Buffett’s golden eye. Leaving no stock unturned, Berkshire has also been gobbling shares of struggling companies Buffett already owns. Says one fund manager who's also a Berkshire shareholder: "This is Berkshire Hathaway's market."