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Technology Stocks : Dell Technologies Inc.

DELL 117.73

+0.4%

9:52 AM EST

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To: Sig who wrote (174790)	5/2/2005 1:09:52 AM
From: Sr K	Read Replies (1) of 176388

WPPSS bonds becoming worthless?? I don't think so. There's a difference between a default (that gets headlines) and something that's worthless (or an investment opportunity). From notes from the BRK 2003 Annual Meeting: [According to Of Permanent Value: The Story of Warren Buffett (a wonderful 1,490 page tome for true Berkshire junkies), "Buffett quietly bought $139 million worth of Projects 1, 2, and 3 of Washington Public Power Supply System bonds in 1983 and 1984…Buffett explained how WPPSS had defaulted on $2.2 billion worth of bonds issued to help finance Projects 4 and 5. That stigma stained other projects and Buffett was able to buy the bonds at a steep discount."] Did 4 and 5 ultimately become worthless?

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