BOSTON (TheStreet) -- Billionaire investor Wilbur Ross said he bought assets last week as global markets plunged on Standard & Poor's downgrade of U.S. debt. As it turns out, Ross was purchasing stocks before the plunge, initiating positions in companies such as Buffalo Wild Wings (BWLD) during the second quarter.Ross, who founded WL Ross & Co., is known for his expertise in distressed securities. Last week, Ross, 83, told Bloomberg that buying stocks during the sharp decline on Monday "will prove to be a uniquely rewarding experience" in a few years' time. During the second quarter, Ross saw opportunity as well, picking up new positions and increasing stakes in other companies before the market plunge.
|Wilbur Ross of WL Ross|