Posted on 02/28/2009 9:10:48 AM PST by Baladas
Warren E. Buffett, chairman of Berkshire Hathaway investment fund and holding company and possibly still the world's richest person, released his annual shareholders letter moments ago, in which he says, "during 2008 I did some dumb things in investments."
"I made at least one major mistake of commission and several lesser ones that also hurt," he said. "Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action."
That "major mistake," Buffett writes, was the purchase of millions of shares of ConocoPhillips oil company when oil prices were near their peak.
"I still believe the odds are good that oil sells far higher in the future than the current $40-$50 price. But so far I have been dead wrong," Buffet writes. "Even if prices should rise, moreover, the terrible timing of my purchase has cost Berkshire several billion dollars."
Buffett writes that "the economy will be in shambles in 2009 -- and, for that matter, probably well beyond."
Nevertheless, he writes, "America's best days like ahead."
(Excerpt) Read more at voices.washingtonpost.com ...
He shouldn't feel so bad, he's not the only rich socialists who made a "bad mistake" last year that we'll all have to pay for forever.
...like support the coming Obamanation?
Stock boy wunderkind turns out to be just another scammer making his millions off the backs of others.
Backing the Kenyan Manchild would be Dumb Thing Number One.
I believe Carlos Slim is making big mistakes presently with investments in The NYT and Saks...we’ll see.
Yeah, Buffet is a big Obama supporter. I hope that support personally costs Buffet dearly.
Buffet is lying through his teeth. The worst mistake that he made in 2008 was supporting B Hussein Obama for president, and he now knows it. “He ain’t seen nothing yet.’ ‘It ain’t over till it is over.’ ‘The fat lady ain’t sung yet.” The people to whom these quotes can be attributed may yet be proven to be more intelligent than Warren Buffet.
I despise him for that and:
being holier than thou about inheritance taxes when he made a lot of money pillaging companies exposed because of them
and
for the free pass he’s given when folks call him some sort of genius when a big part of what he did was to take advantage of having insurance premiums to invest, which he was able to use and reduce his tax exposure (yes, the same guy who is whining about the rich not paying enough). I don’t understand the detials, maybe somkeone else does.
It is damned easy to be noble when you’ve got yours. He’s hypocrite number 1.
Proverbs 23:5 When you set your eyes on it, it is gone. For wealth certainly makes itself wings, Like an eagle that flies toward the heavens.
Anyone know if he’s commented on Porkulous?
You hit the nail right on the head!
Proverbs 23:4 Do not weary yourself to gain wealth, Cease from your consideration of it.
I've been following that advice for years without knowing that it was Biblical. My creditors, though—heathens, all, I reckon—aren't impressed...
How could he have been so stupid as to buy PhillipsConoco stock when oil was near or at its peak? HE WAS BETTING ON HIGHER OIL PRICES!!! He was in the business of manipulatin'. And when the investment banks failed in September 2008 he and other manipulators could no longer get the funds to wheel and deal, consequently oil prices quickly dropped by about $100/bbl.
I might add that the gold bubble has not yet burst.
Calling him “Hypocrite #1” is right on the money.
He called derivatives “financial weapons of mass destruction”, while trading them in massive size.
He calls for higher inheritance taxes, but puts all of his wealth into a “charitable” foundation — where the federal government cannot touch it or its earnings.
He calls for higher income taxes, while receiving very little income to be taxed.
I wouldn’t mind seeing him in stripes or at least receiving the opprobrium he deserves.
BUMP. Remember when Obama’s buddies lost their investors shirts running up the price of oil to oust the evil Republicans?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.