Yeah, you've got the flavour right.. although... he tends to not buy distressed assets so much as assets that the market thinks are distressed.... a solid busin

Yeah, you've got the flavour right.. although... he tends to not buy distressed assets so much as assets that the market thinks are distressed.... a solid business (i.e. non-distressed) is very important to him. Maybe I'm just playing with definitions, but here's an example: American Express was guilty of fraud, and things looked really bad for them, because their business is based on trust - surely their future bleak, thought Wall St. Their stock price tanked (this is just the opinion of the market; it may or may not correspond to reality). But Warren Buffett went down to the supermarket, and observed people: in fact, they still trusted American Express, in the operational sense that they still used it. The fraud didn't affect Amex's business at all. So he put half his wealth (or something like that) into it, and made a killing... by buying a non-distressed asset at a distressed price. And here, price is just another word for opinion. Sorry to go on, I just like talking about it.