Anyone w/ photoshop skills...insert face of Buffet!
Posted on 03/02/2009 5:38:55 AM PST by Liz
IN LETTER, ORACLE ADMITS TO ERRORS IN WORST-EVER '08
Warren Buffett admitted to doing some "dumb things" in 2008 - the worst year for Berkshire Hathaway in the 44 years he has run it. A brutal stock market decline amid a teeth-gnashing recession pushed Omaha-based Berkshire to a 96% drop in profits, its fifth straight quarterly earnings decline. Buffett, known as the Oracle of Omaha for his decades-long record of picking value investments, said buying ConocoPhillips shares when gas and oil prices were at their peak was perhaps the dumbest move in 2008. Berkshire bought 84.9 million shares at $82 a share - it closed Friday at $37.25, Buffett's paper loss was $2.6B. "I still believe the odds are good that oil sells far higher in the future than the current $40-$50 [per barrel] price," Buffett wrote... "But so far I have been dead wrong." ......Buffett explained to shareholders his investment philosophy - ".....pessimism is your friend, euphoria the enemy"......... in discussing Berkshire's buying and selling of derivatives, the seemingly indecipherable risk insurance product, Buffett told shareholders: "I expected these contracts to show a profit at expiration. Now, with the recession deepening at a rapid rate, the possibility of an eventual loss has increased." Buffett chided private equity firms, mortgage brokers, non-banks converted into banks to gain low-cost federal financing, monoline bond insurers and a host of other companies that helped bring about or are, in his view, gaining an unfair advantage during the recession.
(Excerpt) Read more at nypost.com ...
I really hope he hears about it at Berkshire Hathaway’s annual meeting on May 2nd in Omaha.
Past years have been, for the most part, a love-fest as adoring shareholders fly in from all over the country to hear the “Oracle Of Omaha” belch forth his opinions on a whole lot of nothing.
I handle certain legal arrangments for a number of mid-level to high value clients who own Berkshire Hathaway and I really really hope they’re good and steamed.
Dumb to do his darnedest to bring a Marxist to power.
Bump your post. I always felt a rush of “class envy” in re Buffett whenever he oh-so-ostentatiously complained about not being taxed enough.
Heard around the White House water cooler:
“Stock market? What stock market?”
The market isn’t the only loser
Buffet backed. That commie he helped put in the White House is even more of a loser. God help us.
Anyone w/ photoshop skills...insert face of Buffet!
OBVIOUSLY, having a sh*t-load of money does NOT make you smart.
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