October 25, 2010
– Comments (3)
Berkshire Takes Accounting Rules Into Its Own Hands, Tells SEC To Stuff It
In a world where everyone lies......what good is "investment" advice.......
Wow, was just going to blog about this.
I don't know why people still idolize this man, whose returns have sucked in the past decade, and who now (with his pal Munger), regularly sugarcoats reality and covers his own butt at the expense of taxpayers. One of the biggest hypocrites on Earth, now exposed. The fascination with him is part of our celebrity culture I suppose, and he is the Brittney Spears of value investors.
Berkshire is getting desperate, as have the government and investment banks, as the ship is about to sink. Why does the mainstream, including most TMF investors, still not see the depression we are in and the nightmare ahead??
Notable quotes from zerohedge:
A new just released stunner discloses the unprecedented level of hypocrisy attained by Warren Buffett, for whom apparently accounting rules are swell, except when he actually needs to follow them. Reuters has just announced that the U.S. Securities and Exchange Commission questioned Warren Buffett's Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. The issue arises out of $1.86 billion in "unrealized" losses in Kraft and USB, which had a duration of more than 12 months, and should have thus been written down, as is required of most non-monopolistic companies which believe the world revolves around them. Berkshire's response: "We believe it is reasonably possible that the market prices of Kraft Foods and U.S. Bancorp will recover to our cost within the next one to two years assuming that there are no material adverse events affecting these companies or the industries in which they operate."
Billy...can you give me a little background about you...simply because I respect your opinion and gives me some perspective on the foundation for your thoughts...
As you may know, I was attorney with strong investment experience........especially in basic fundemental bottoms up analysis.....
Playing hard was my perspective...playing fair was the core of my values....and that which I try to teach my children and demand out of anyone I call my friend.....
And let me tell you....I have a collection of friends that I would stack against anyone in the world....the fact that most have really really high IQs and some consider "successful" is merely a coincidence......as every single one of them is self made and if you stripped them of everything they materially had.....there would be no change in my perspective of them nor the value they bring the world
I just wrote a little bio then deleted. Then I wrote another smaller one and deleted. I enjoy my anonymity at this point. A couple TMF guys like TMFSinchi and TMFJake know my real name, and I'd be happy to email you if they can facilitate an info exchange privately.