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T,

The 50% and two times earnings examples were from the distant past (1950s), but the high yield position was Buffett's junk bond position in 2002.

Buffett had a 30%+ return on an secured Willams issue in 2002, you may recall. At the time, the stock was at .82. Today the stock is pushing 20.

Please don't ask why I remember this.... (Bluster before brains had me buying at 5 in mid-July, 2002 and .82 in late July, 2002 and really loading up in October, 2002 below 2. Genius had me selling above 5 less than a year later.)

:(

Mark
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