Posted on 03/09/2009 12:41:00 PM PDT by SeekAndFind
Warren Buffett, the US investor dubbed the Sage of Omaha, continues to be a cheerleader for equities despite recent spectacular misjudgments on the timing of his buy and hold philosophy.
In a wide ranging interview with the CNBC television todayhe insisted that over 10 years, "you will do considerably better owning a group of equities" than US treasury bonds. This echoed his comments to the New York Times in October that he was buying US equities. Since then the Dow Jones industrial average has fallen by over 26% and more than 2,300 points as it tests lows which have not been seen for 12 years.
Yesterday Buffett defended his October assessment of the market. "I stand by the article," he said. "I just wish I had written it a few months later." He claimed he was not calling the bottom of the market in October and yesterday again refused to be drawn on the short term outlook for financial markets.
"I would never have a feeling that the Dow is going to go to 2,000 or 12,000 or 4,300 or 20,200. I don't – I know over time it will go higher," Buffett said. "But if you buy a cross section of good equities, generally well capitalised companies, you'll make money over 10 or 20 years. I haven't the faintest idea where you'll be in 10 months, but it really doesn't make any difference."
His comments come just over a week after Buffett had to tell investors in his Berkshire Hathaway investment group that 2008 had been the worst year since he took the helm 44 years ago. He reported then that the group's annual income had fallen by 59% and that $11.5bn (£8bn) had been wiped off its net worth.
(Excerpt) Read more at guardian.co.uk ...
He’s back in.
his buy on GE turned out to be just amazingly bad, but to expect it to go to 6$, you pretty much had to be expected among the worst scenarios.
I think I’ve heard enough from “The Oracle” for quite some time.
He should give it a rest.
I simply can’t understand why Buffet and other wealthy individuals grovel before the empty suit Obama. He must realize that Obama’s philosophy would kill any responsible company seeking to make a profit. This type of pandering before the biggest phony in history is baffling.
STFU, Warren baby!
Tell it to all those who, following that dictum, were on cloud nine in 2007, but are freaking now.
Berkshire Hathaway? More like Berkshire Half-Away.
I can lose half my money ON MY OWN, Warren, so STFU!
Or: Please reinvest in the market; I’m losing my shirt—I need some suckers who will snatch up my stocks, stat!
To be such a whiz in the market he sure is a dumbsumbitch when it comes to his politics.I wouldnt buy a pencil from this jerk much less pay attention to his stock advice.His standing is suffering bigtime.I love it.
ya right, like I did the long term and now that it is close to needing it IT’S ALL GONE! All that saving and scrimping went poof.
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