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Billionaire investor Jeff Greene spoke with FOX Business Network about the United States economy and how he is investing as a result. Greene expressed optimism about the economy in the short term but confessed he is “extremely worried long term.” Greene said that he likes Citigroup (NYSE:C) stock because “when this economy finally kicks into gear, which will happen” he expects the banks to be “big earners.” He also said he believes real estate (NYSE:IYR) is “turning the corner” and “now is the time to get in.”
On concerns about a double dip recession:
“I am extremely worried long term. In the short term, we are a cyclical economy, I think we are going to work our way through this period.”
On why he likes the Citigroup stock:
“If you look at their price to book value, it’s excellent, if you look at their capital, it’s excellent, they are franchised all over the world. These banks (NYSE:KBE) when this economy finally kicks into gear, which will happen, these are all going to be big earners. I am pretty well invested in the financial sector.”
On whether he believes in investing in real estate:
“I made my first real estate (NYSE:IYR) investments during the last year; first in seven years. I think we are turning the corner. I am based in Florida. Florida is obviously ground zero for the real estate bust. At some point, all of these homes will get bought and the market will get bought. People are going to look back on today as being the golden day. Now is the time to get in.”
On the real estate market:
“There was such a huge overhang for so many years. The problem now is the expectation that there is a certain date when real estate is going to get better. We are going to grind our way through this inventory, and eventually all of these homes will get purchased and the foreclosures will go away.”
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