Billionaire investor Warren Buffett and banking analyst Meredith Whitney are "out of their league" when it comes to the municipal bonds market, according to Richard Larkin, senior vice president and director of credit analysis at investment bank Herbert J. Sims.
Whitney has come under fire for her predictions of a wave of defaults in municipalities, causing a run from the muni bond market.
"When it comes to municipal bond defaults, both Warren Buffett and Meredith Whitney are not only dead wrong, they are out of their league," Larkin said in notes sent to CNBC before an on-air interview.
"There could be 50 to 100 defaults in 2011; there could be more. They will not be major or 'sizeable' defaults, and they will not total hundreds of billions of dollars," he wrote.