If you have watched any financial news recently you have seen Warren Buffet at his annual shareholders event in the oracles hometown of Omaha Nebraska. Any news on the fact that the bulk of his businesses that are having record breaking years are all economy driven and housing market driven ventures. He has made a fortune in home industies. I had to look in his annual shareholders letter to find his real thougths on the housing market and the future of its related industries. Here is a small quote where he siad, "Overall, our 76 operating businesses did well last year. The few that had problems were primarily those linked to housing, among them our brick, carpet and real estate brokerage operations. Their setbacks are minor and temporary. Some major financial institutions have, however, experienced staggering problems because theyengaged in the "weakened lending practices" I described in last year's letter. John Stumpf, CEO of WellsFargo, aptly dissected the recent behavior of many lenders: "It is interesting that the industry has invented new ways to lose money when the old ways seemed to work just fine." And, looking further at his investment strategy in these areas it is plain to see that he still likes these same industires moving forward and has continued his bullish outlook on real estate. By the way if you see anyone complaining about the economy, the Nebraska Furniture Mart (purely an economically driven/ discretionary income destination right?) Yeah, well it did 7.25 MILLION dollars this saturday...that's right in ONE DAY! Stay upbeat.......for more real estate related topics and trends or to search for homes in Kansas City go to www.davidvannoyjr.com
David Van Noy Jr.