Volatile Week 'Not the End of the World': Wilbur Ross
Billionaire investor Wilbur Ross told CNBC Tuesday he was not perturbed by last week's volatile market swings.
"We bought some things during that period on the simple theory that it’s not the end of the world. If we like something at $100 and now it’s at $85, we should like it better," said the chief executive of WL Ross & Co.
Some of those stocks he bought last week include Exco, Assured Guaranty and Bank of Ireland .
Exco is an oil and natural gas company and Ross believes that despite its current low price, natural gas will eventually be "a big part of the energy solution."
He is also very big on Ireland. Unlike the "Club Med countries" of Spain, Portugal and Italy, Ireland "doesn’t need structural reform in the economy," Ross said. "It needs to get through the financial crisis when its banks went berserk."
His investing philosophy is simple: "Stick with the same names we already have real positions in. Those are the names we're most comfortable with. They're the names we know the best."
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Wilbur Ross owns shares in XCO, AGO and IRE.