Fortress (FIG) Has No Direct Exposure To CDOs

Yesterday, on the Fortress (NYSE: FIG) conference call, Chairman Wes Edens said Fortress has no direct exposure to CDOs. Fortress does use CDOs to finance FIG's activities, but it does not own any CDOs. Wes Edens said that Fortress will grow at close to 50%, but is only trading at 15 times 2007 numbers. These are pretty modest numbers for a company growing at that pace.

Wes Edens expects slow growth in the US as a result of the housing meltdown, but he thinks growth in developing markets will be strong.

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