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Berkshire Hathaway's (BRK.A) recent unloading of billions in exposure to the municipal market is...
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Tuesday, August 28, 2012, 5:20 PM ETBerkshire Hathaway's (BRK.A) recent unloading of billions in exposure to the municipal market is likely not a sector call, according to Citi's George Friedlander. Chances are Berkshire's counterparty in the CDS transaction (Lehman's DIP vehicle) wanted out and offered a good price to unwind the illiquid position. Berkshire retains $8B in exposure to muni bonds and is likely to look for spots to increase its footprint.
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