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Sometimes it’s not easy being the world’s most successful - and famous - investor. Whenever any media outlets float the idea that Warren Buffett may buy into something - in this case it’s the WSJ reporting speculation by some investors that Buffett may scoop up bits of troubled US mortgage lender Countrywide - the report is picked up by wire agencies, other news media and spreads throughout the blogosphere.

So regardless of whether the Sage and his investment company Berkshire Hathaway have the remotest interest in Countrywide, the pundits have him buying into the flailing mortgage lender. And undoubtedly, Countrywide could see a slight “Buffett-boost” to its recently dismal share price.

To garnish its report, the Journal’s Heard on the Street column on Tuesday also quotes Buffett in ebullient mode, saying:  “I can spend money faster than Imelda Marcos when things are right”.

For the past three years, notes the Journal, “Mr Buffett’s traditional bargain-hunting investment strategy has been partly stymied as debt-fuelled private-equity funds and hedge funds drove asset prices out of his value-investing orbit.

“The result: Today he’s sitting on a war chest of nearly $50bn in cash.”

StockTube notes that while most investors despair, “a crisis presents an opportunity for those who are contrarian in their investment methodology.” So it’s hunting season for Buffett - who has previously joked that he is hunting for elephants.

The Sage himself fanned this along last week when he told TV network CNBC that the worsening credit and housing markets may present some “real” investment opportunities.

Indeed, notes the Journal, “investors are betting that he’s likely to swoop in and make some good calls.” While the Dow Jones index sank last week, “Berkshire’s normally steady shares rallied”. Mr Buffett has already been increasing his stake in financial services companies, including those with significant exposure to the mortgage market.

The Kingsland report thinks that a Buffett bounce for Countrywide could help to offset negative news about Capital One - and wonders which parts of Countrywide the investor might be after.
Countrywide, whose stock price has been hit hard by subprime worries, still has assets - including its debt-servicing business and its portfolio of high-quality mortgages and mortgage-backed securities - that “could be attractive to Berkshire,” says the WSJ’s Heard on the Street, quoting investors.

Controlled Greed picks up the story and comments: “If the subprime mess turns out as bad as many think, Buffett could be the “last man standing.” Picking over the bones, buying assets on the cheap. Some of the companies or loan portfolios to be scooped up might just qualify as the elephants Buffett told [Charlie Rose on PBS] about. But instead of chuckling, he’ll end up laughing — all the way to the bank.”

Maybe Countrywide - and Buffett - know something we don’t, which prompted the US mortgage lender to take out full-page ads in the New York Times and other papers on Monday reassuring investors it is safe to do business with the mortgage lender.