crownboy

story here

According to Buffett:


A voice of reason, or maybe he's getting senile in his old age?

Colander of Truth

He is someone whose greed was well modulated, thus his success in the market and selfless vision on tax policy.

And what better retort to a "Democrats know nothing about the economy" spew than to utter "Buffet is a Democrat."

Ruy Lopez

A voice of reason, or maybe he's getting senile in his old age?

Reason? Quite possibly. Senility? You're kidding. Buffet, one of the savviest investors around who would be hard to encapsulate. Let me try.

1)Buffet say tax cut is unjust. He probably believes that.

2)He made an immense fortune from the great bull market and got out around the top. That's why he has $42 billion in cash or equivalent, the best asset to hold now.

3)He knows 65 million Americans or more are trapped and losing in the stock market he just abandoned; he knows they will lose more. He has guilt feelings.

4)He knows that grave income inequality or the "gilded era" is correlated with economic depressions.

5)Now that he is basically out of the market; has positioned profitably in junk bonds; and has the luxury of contemplating what to do next with his cash---he feels generous about giving advice. Is this noble or crass?

Don't judge the person. Learn from him.

By the way, if the recession deepens and prolongs, this guy will topple Bill Gates as the richest man in America.

Ut

His holding company, Berkshire Hathaway, used to be a textile company when he first bought it. In the 1980's, textile were not anymore a profitable industry in the US and shareholders called for closing the plants. Buffett said that those working in the plants were in their 50's and would not be able to find another job if he closed the plants. He said he would not act in a socially irresponsible manner just to get an extra point of yield.

What did the shareholders answer? Well, they have nothing to complain about. Look at a chart of Berkshire Hathaway's stock: can you say 20+% compound yields for 40+ years

Loren Pechtel

Buffet has the luxury of not having to pay attention to the shareholders if he doesn't want to. He and Charlie Munger (sp?) hold a controlling interest.

Jesus Tap-Dancin' Christ

Japan would love to be in our "recession", mainly because we aren't in one.

theyeti

Clearly Warren Buffett is committing class warfare.

theyeti

Optional

We aren't? What are we in then? I know that in 2000 when I got let go and had to go looking for a job, I had one within a week, and then had a month off to kick back and enjoy the benefits... And I know that now I'm hang onto my job with both hands and my teeth because statistics would suggest I'd be out of a job for a very, very long time if I lost this one. I know that the fact that I've been getting 3% raises the past couple years has been sheerest luck, as almost everybody else in my industry has had to deal with pay cuts. So... If we're not in a recession, what does all that mean?

-me

theyeti

Very sluggish growth. Around maybe 1% give or take.

theyeti

Hubble head

Stop hating the rich. They NEED that money. Its better they have it to invest in you slack jawed mouth breathing looters than let you piss it away on cheap booze and anything NASCAR. If it wasn't for the rich you would be starving right now-or probably not even alive. That's right -you owe your life to the rich.

They allow us to exist. How can any of us justify our existance beyond a tax cheating, baby pooping, fart box that complains 24/7?

Yes, you should be happy we have a president who treats them well enough to want to live here. You know they could all move to their tropical islands but they know that you would be lost without them so they stick around. Hell, give them free taxes. God bless you all.