- Mar 3, 2006
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Buffett on Trump 1991, Notre Dame
"“The big problem with Donald Trump was he never went right.
He basically overpaid for properties, but he got people to lend him the money.
He was terrific at borrowing money.
If you look at his assets, and what he paid for them, and what he borrowed to get them, there was never any real equity there.
He owes, perhaps, $3.5 billion now, and, if you had to pick a figure as to the value of the assets, it might be more like $2.5 billion. He’s a billion in the hole, which is a lot better than being $100 in the hole because if you’re $100 in the hole, they come and take the TV set. If you’re a billion in the hole, they say ‘hang in there Donald.’
`
"“The big problem with Donald Trump was he never went right.
He basically overpaid for properties, but he got people to lend him the money.
He was terrific at borrowing money.
If you look at his assets, and what he paid for them, and what he borrowed to get them, there was never any real equity there.
He owes, perhaps, $3.5 billion now, and, if you had to pick a figure as to the value of the assets, it might be more like $2.5 billion. He’s a billion in the hole, which is a lot better than being $100 in the hole because if you’re $100 in the hole, they come and take the TV set. If you’re a billion in the hole, they say ‘hang in there Donald.’
`
