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catoismymotor (33.56)

Warren is a sellout!

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May 02, 2009 – Comments (14) | RELATED TICKERS: BRK-A , BRK-B , CAKE

I am a great admirer of St. Warren of Omaha. How he goes about making his picks is a wonderful example to all investors. With that being said I think that his comments at his annual meeting yesterday concerning how the present administration has handled the financial crisis we not on the mark. I will admit that I think he said what he did to help market stability and help maintain, if not boost, the financial stocks held by BRK-A. I think he is not thinking past the date he forsees as that of his death, selling the future of his children and grandchildren cheap. I am usually a "glass is half full" kind of guy, but not when it comes to how our government has handled things thus far. Feel free to tear me to shreds on this one. I will feel disappointed if you don't.

14 Comments – Post Your Own

#1) On May 03, 2009 at 3:33 AM, gunlock8 (< 20) wrote:

I think he meant both adminstrations not just this one. He also said nationalising FNM (Paulson under Bush admistration) was an excellent move. So put your partisan hat aside, it gets really tiring. But yes he is talking his book when it comes to banks. He always has talked his book, nothing new. Just turns out he has been right on the stocks he has held almost all the time. That's the reason for his popularity. SInce you are a "great admirer" you should know that/

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#2) On May 03, 2009 at 3:33 AM, gunlock8 (< 20) wrote:

I think he meant both adminstrations not just this one. He also said nationalising FNM (Paulson under Bush admistration) was an excellent move. So put your partisan hat aside, it gets really tiring. But yes he is talking his book when it comes to banks. He always has talked his book, nothing new. Just turns out he has been right on the stocks he has held almost all the time. That's the reason for his popularity. SInce you are a "great admirer" you should know that/

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#3) On May 03, 2009 at 3:38 AM, kaskoosek (85.49) wrote:

Buffet should only care about his holdings.

If the economy did fall into a deflationary spiral, he would have been bankrupt by now. Ofcourse he is going to thank the government. They did a service to him.

 

"Selling the future of his children and grandchildren cheap".

Sorry, but the future has already been sold by outsourcing a lot of the manufacturing base to third world countries.

 

 

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#4) On May 03, 2009 at 4:20 AM, wuff3t (97.58) wrote:

I do think you're a bit wide of the mark on this one. Naturally he would talk up his own holdings - he probably puts an enormous amount of effort into selecting his investments, and only invests when he thinks something is a dead-cert money-maker. So he's bound to be positive about them.

Buffet has a fantastic reputation for integrity, so the idea that he might sell his own children's future cheap seems too odd (for me, anyway) to comprehend.

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#5) On May 03, 2009 at 6:48 AM, portefeuille (99.60) wrote:

If Buffett were such a great investor (and almost everyone would agree on that as "the media" seem to suggest) should BRK-A/B not trade far above book value?

(somewhat annoyed of being confronted with so much media attention focused on Buffett every year) 

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#6) On May 03, 2009 at 7:06 AM, automaticaev (30.64) wrote:

is now time to buy oil and natural gas?

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#7) On May 03, 2009 at 9:35 AM, kaskoosek (85.49) wrote:

Do not buy oil.

 

Developed markets are demonizing oil right now.

 

Medium term I am bullish on oil. Long term (5-10 years) not so much. Seems like the substitute is going to be natural gas.

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#8) On May 03, 2009 at 11:38 AM, tonylogan1 (28.12) wrote:

Buffet is giving away far and away the majority of his money when he dies, so I would not question his motivations as it relates to "selling the future of his children and grandchildren cheap"

He is always going to talk his book, and with the increasing role of government in deciding winners and losers, I think he has done a pretty good job weaselling into a good position to benefit.

I don't like any of it, but then again, when was the last time I had to try and turn 50 Billion dollars into 52 Billion?

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#9) On May 03, 2009 at 12:00 PM, catoismymotor (33.56) wrote:

Gunlock8,

I am a Libertarian. To learn more please visit www.lp.org. To learn more about individual liberty and free markets please visit www.cato.org, hence my handle.

Thank you,

Cato

P.S. - A government which robs Peter to pay Paul, can always count on the support of Paul. – George Bernard Shaw

Giving money and power to government is like giving whiskey and car keys to teenage boys. – P.J. O'Rourke

A wise and frugal government which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government. – Thomas Jefferson (1801)

 

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#10) On May 03, 2009 at 12:31 PM, catoismymotor (33.56) wrote:

Tony,

The tab the government is racking up will be paid buy the next generations. Did you know that until last week we are still paying for the Spanish American War? Yep. Click the link at the bottom. I was not specificaly speaking of his personal fortune. Even the ants in my garden know he is going to scatter his fortune to the wind just like his ashes when he checks out.

St. Warren as an American capitalist should be speaking out against government interference. I think it is a shame that he has decided to be almost a "right hand of the devil" than stand in his path. This makes him a borderling socialist turncoat. He has betrayed the system that helped to get him where he is today. He is a sellout.

Yours truely, with sprinkles,

Cato

http://www.usatoday.com/money/industries/telecom/2006-05-25-phone-tax_x.htm Report this comment
#11) On May 03, 2009 at 12:45 PM, catoismymotor (33.56) wrote:

To Everyone,

I know that my tone, with these posts, has been confrontational. I have not meant to be off putting or guff. I am very passionate about the mistakes I see being made by those in power, elected or otherwise. I feel that it is my duty to bark about them from time to time. Thank you for indulging me. Fool on!

Cato

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#12) On May 03, 2009 at 1:10 PM, kaskoosek (85.49) wrote:

Socialism is not always bad.

Go to Europe or Canada.

I'd personally would rather live in Sweden, Canada or Holland rather than the US.

Beleive me no one needs 100mn dollars to live comfortably. A mix of socialism and capitalism would maximize the standard living of the populace, on condition the politicians are not corrupt.

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#13) On May 03, 2009 at 1:21 PM, JibJabs (91.91) wrote:

http://clausvistesen.squarespace.com/alphasources-blog/2009/4/16/imf-world-economic-outlook-2009.html

 2009 IMF world outlook report

 government spending has tempered their pessimism

 

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#14) On May 03, 2009 at 2:08 PM, catoismymotor (33.56) wrote:

Kaskoosek,

I have family in Canada and Europe is quite lovely.  

Cato

P.S. - The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery. – Winston Churchill, of the UK no less.
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