But his joke about the Japanese investors went over well.

"Everyone talked about how different Japanese investors were," he recalled last week.

"A lot of major Japanese investors found current interest rates very attractive."

Japanese investors are said to hold about $ 1 billion of the bonds.

At that rate, Japanese investors can double their money in just 174 years.

"They got confidence from these reports, so it was very easy for the Japanese investors to take this position," he said.

Japanese investors, he said, have become afraid to take risks.

About $200 million of the fund has come from Japanese investors.

Japanese investors are looking at Texas real estate, he said.

Like others, Japanese investors pulled money home during the plunge.