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You can’t become one of the world’s richest men and not take a calculated risk or two. Right now, billionaire Wilbur Ross is doing just that.Ross, who is chairman and CEO of private equity firm WL Ross & Co., first made a name for himself in the 1970’s as the country’s foremost bankruptcy advisor.In more recent years, Ross has become celebrated for his uncanny ability to spot value in distressed businesses across a wide range of industries including energy, telecommunications, foreign investment and textiles.And during an interview on CNBC’s Fast Money Ross told us that he’s again spotted opportunities in areas that others have left for dead -- European banks and nat gas.Here’s what he had to say:
Nat Gas “I think we’re very close to a bottom in nat gas ,” said the billionaire.“I think with the cutbacks in production that are coming and the continued growth in demand - mainly the substitution of natural gas for coal -- prices will double or even triple from where they are now."However, before you run out and buy the UNG, it’s important to note Ross is talking about time horizon of a couple years. “Squiggles in the next month or two aren’t very important to me,” he says. Ross invests for the long-term.
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