Daily Reckoning - Bashing Buffett…Once Again With Feeling
[This came out a couple of weeks ago, but I've been so busy it took until now for me to finally get around to reading it. Well worth reading, in my opinion.]
“Right now bonds should come with a warning label,” opines Warren Buffett in this year’s letter to Berkshire Hathaway shareholders. That seems like a reasonable idea, but why stop there? Why not slap a warning label on each one of Buffett’s public pronouncements as well?
The warning would go something like this: This pronouncement may or may not express my honest opinions, but it will almost certainly advance a hidden political agenda that enables me to gain access to preferential treatment from elected officials and various agencies of the federal government.
Buffett knows investing, no doubt about it. He’s an expert’s expert. But Buffett also knows how to make sure the government’s butter lands on at least one side of his bread, if not both. He’s an expert’s expert.
Both activities are perfectly legal, but only one of them is perfectly disgusting.