Investment guru Warren Buffett says the worst of the global credit crunch is over for Wall Street, but not for the man or woman on the street.

The chief executive of Berkshire Hathaway said there would be "a lot of pain to come" for mortgage holders.

He made the comments as Berkshire Hathaway's annual meeting got under way in Omaha, Nebraska, attended by a record 31,000 people.

The meeting has become known as "Woodstock for Capitalists".

Mr Buffet's investment decisions often go against the market and are followed religiously by many.

However, Berkshire Hathaway, the company Mr Buffet took over in 1965, has not escaped the credit crisis.

It saw its first quarter profit tumble 64%, hurt by losses tied to derivatives contracts and a steep slide in insurance premiums.

"The worst of the crisis in Wall Street is over," Mr Buffett told Bloomberg Television shortly before the weekend meeting began.

"In terms of people with individual mortgages, there's still a lot of pain left to come," he added.

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