Buffett modified his tune after Berkshire’s shoe earnings progressively shank over the following few years, falling to $17 million by 1999.
A growing number of asset managers see a prolonged downturn spurring the next big cash injection for the $4.5 trillion ETF industry.
Expectations for 2020 suggest that even more firms are expected to go up for sale and be purchased by aggregator firms with larger cash flows.
The U.S. housing-market crash a dozen years ago is evidently ancient history for many mortgage lenders.