This page has been archived and commenting is disabled.
Michael Steinhardt Tells The Truth, The Whole Truth, And Especially The Truth About The Greatest "Con Job": Warren Buffett
Just after dawn, hedge fund manager Michael Steinhardt appeared on CNBC as the token contrarian in the Titans of Groupthink series. After some pleasantries we hit the 6 minutes mark where the formerly trite narrative experienced a flash crash. In the most candid discussion of the truth in America, Steinhardt said that “we live in an inland sea of calm waters while surrounding us are turbulent, horrible places,” to which everyone nodded soberly in agreement, unaware of what was coming next. “America seems almost as insular as it has in times past,” He continued. “America is not the wonderful place it used to be... Look at the rest of the world compared to America, look what’s happening all over and then here the biggest thing we have to worry about is how long it will take Buffett to come down to earth…how long until people like you begin to realize his reality and get off some…cloud.”
Yet the smackdown of the Becky Quick/Joe Kernen Buffett-sycophant brigade was the prime attraction by far.
"Here in America's the biggest thing we have to worry about is how long it will take for Buffett to come down to earth where he should have been a long time ago, so people like you begin to realize his reality and get off some cloud."
"What is Buffett’s reality,”
“His reality is that he is the greatest PR person of recent times. And he has managed to achieve a snow job that has conned virtually everyone in the press to my knowledge…and is remarkable that he continues to do it.”
“Really,” Quintanila responded with a shake: “so outperforming the S&P, I don’t know how many hundred times, over the course of his portfolio…doesn’t matter?”
“Ooo, I’m not sure he’s done that. What he has done, and this is a great measure of the man’s wonder, is that he gave away two and a half cents for the first 70 years of his life- he gave away nothing- and then in one fell swoop gave almost all of his money thoughtlessly, to one guy. And from that moment on became the greatest advocate of philanthropy and pitched all the bumbling billionaires to do the same thing. That takes a special guy having given away nothing and then in one fell swoop ‘boom!’ he gives it all away and pitches the other yo-yos to give it away too. Now what does that say? I think that’s worth reflecting.”
And why a special place is reserved in the 9th circle of hell for the Chairsatan, right next to his true master: "He has just screwed all those nice old people who saved all their lives to retire and he is paying half of one percent so he could recapitalize the banks... The Journal does not talk about this because those people don't matter...If you listen to Bernanke inflation is low even though you can't help noticing what is really going on. Inflation is so skewed where inflation is commodities is flying and wages inflation is zero so for the average guy in America it is terrible. Not bad but terrible."
There are many CNBC producers packing their cubicles after this truthy disaster of unbelievable proportions.
Absolutely must watch (link)
h/t Paulo
»
- 69939 reads
- Printer-friendly version
- Send to friend
- advertisements -
+1
Amen....fucking windows is a piece of shit. One of the worst products in the world.
Windows is a piece of shit. I don't need a new media player or web browser, I want built in security. I feel like I'm paying "protection money" for extra software to stop viruses and spam.
Vista was so shitty they had to redo it and charge everyone two years later for a patch job called windows 7. Bloated, glitchy software.
I said fuck it, and went Mac.
you are beginning to understand. they sell you windows with its security flaws and make money again selling you patches for them. all the while still being open to certain rootkits so the CIA can get in. Tough shit that those deliberate holes are used by scammers as well.
God help us , when the music stops and it will stop one day soon, i think.
CNBC pulled it
Well, when they start turning on each other and eating their own...
...you know.
Maples, Kangaroo's WTF is he talking about ;>
He has one of those jag-off Billionaire safaris in his yard.
Bullion.
That's what I thought until he said something really weird like tellerums.
I took him to mean gold and the CAD and AUD. His favorite, biggest trade has been short the 2y
Canadian and Australian gold coins. He might have made mention of Bufs, Eagles, Pandas, Roosters, Sovereigns and Philharmonics.
NOT BAD FOR BASIC CABLE.. PT 2.
the enemy of my enemy, is not necessarily my friend.
The video opens in Chrome, for sure.
I had to use Chrome rather than FF to get it to play.
full 16 minute clip:
http://video.cnbc.com/gallery/?video=3000014541#eyJ2aWQiOiIzMDAwMDE0NTQx...
The full clip IS a must see!
When CNBS can't be guarenteed a stock pumper outside the paid shills, something is moving in the background.
Some of Buffett's philanthropy you don't here about. The depopulation agenda. Old Warren gives good money to sterilize 3'rd world women.
https://pop.org/content/billionaire-boys-club-worlds-plutocrats-1471
And the problem with that is.......?
You are free to go kill yourself if you think eugenic agenda is a good thing.
Why do you think he thru in with Gates Foundation?
The host is not listening. Whenever the old man says something, the host's eyes get glazed over and he asks about a trivial matter - they still don't have a frigging clue what is going on, they can't see the train wreck around the bend.
"Kangaroo meat as a business opportunity" what a jack off host.
I don't watch CNBC but thanks to ZH for posting that clip. The host was so fucking clueless, I kept asking myself how that guy has a job. He couldn't frame a question without interrupting himself in an attempt to clarify what he was trying to say and never actually completed a sentence or asked a cogent question. He said everything we need to know about his journalistic qualifications right there at the end when he said, "'67 or '87, I have trouble reading the teleprompter". I laughed for five minutes after it was over, mumbling to myself "I have trouble reading the teleprompter". Holy shit, no wonder I don't watch CNBC, with clowns like that who are supposed to be qualified to talk to financial players like Steinhardt. That dude was a straight up moron.
And you're right, the talking heads have no clue that we're rapidly approaching the cliff. It was refreshing to hear a guy like Steinhardt lay some truth out there.
Excellent video clip to say the least. It's always good to hear the guys that have been in the trenches for 50 years schooling us younger folks on the horrible truths of today's markets and monetary systems.
Sure, America isn't the same as it was back then. Now I have a chance to win a lottery.
God bless you Tyler Durden. Bless every hair on your crazy awesome head.
I was wondering when the hook was going to drag him off air
Beckys fangs started to show. Twilight....
Inbound the guy interesting and he did sugar coat a lot of what his points are. I think buffet must have banged his wife or daughter. He definately has it in for him and his new philanthapy
Awesome post. Thanks.
I don't worship at the alter of St. Warren, but Steinhardt's education was financed by mob money. His father was the mob's top fence.
The Deep Capture site has some interesting things to say about him.
Yes, He got his money his money like all the billionares did.
They Stole it. Bill Gates? Rockefeller? ... But, it is nice to see someone who knows how it works tell the truth.
I think He's pissed because 'They ruined the game and now it is ending for all of us....'
You are exactly right.
yeah - he admitted it was wild west which implies all of that.. and now the fools roll in and fuck it like a radioactive tsunami
Oh - this can't make Mrs. Quick happy - since I have suspected for some time now that she is "Serviving" Buffett on all of his little business jaunts. She has Warren on her speed dial - and every time she interviews him she flutters her eyebrows and licks her lips in one of those "Oh Warren Take Me" kind of looks and jestures. Funny.
Yesterday we had Michael Scheuer tell the truth on CNN and today we have Steinhardt on CNBC...what's happening...is the MSM running out of shills or are the shills abandoning ship?
This presidential campaign just got a little bit more expensive, I think; but then maybe I'm too cynical...
Nobody wants to look like the lone silent tin soldier trumping up the Fed when failure in the markets is inevitable is my take.
Truth is becoming popular. Thanks sites like Zero Hedge for allowing those who felt crazy to coagulate and realize that they are just not insiders. The truth is contagious.
Truth is the only antidote to the toxins, brother. Ingest & apply it in heavy dosages.
You must admit people are finally discussing the realities opposed to the myth in past years. The good news is that this is only the beginning especially as it applies to alternative media. The MSM is destroying themselves. Most of my Wall Street RE clients who work at the top firms and hedgefunds all have lengthy conversations with me about Zero Hedge and ALL know the accuracy of this website and Tyler's hard work at contradicting the way of life reliant upon the privelged gaining from the remainder of America's stupidity.
Every trader on Wall Street I have spoken to knows that Zero Hedge is always sitting on their shoulder tapping them with the actuality of what is occurring. One thing I can say without hesitation is that THEY ALL READ ZERO HEDGE and consider it the primary source of news for what is actually occurring in the markets since it is impartial. And they all shrug their shoulders knowing that only the Bernank and Oval Office connections keep their business profitable. Luckily most are honest to God good people who only want to be rewarded for their research and dilligent work and want to revert Wall Street back to a viable non subsided business that Americans trust and rely on. They want to help those in the other sectors make money via their trade and not one which is fixed to take advantage of them since they know at this rate it is only imploding upon them.
These guys really want to be rewarded for their hard work and not one reliant upon favoritism. We all want to buy stocks and invest in companies but not at these non free market prices and selective immunity of insider trading occurrences. Algo computer trading is killing critical thinking in relation to trends and geopolitics and it will inevitably destroy the markets before they can be rebuilt.
The human brain and it's ability is incredibly more powerful than any computer ever will be because instinctually it can think outside the box, reference history and just performing daily life cycles, respiration, data filtration via dreaming and more importantly creativity far exceed the computing powers of a computer when it relates to making a decision. An algo does not consider black swans and human emotion nor conditioning . For God's sake..WE CREATED COMPUTERS.
There are no algos that comprehend human emotion and strife to survive and be free of tyranny be it economical or physical.
Government-Media-Military/Industrial Complex
That last one there - the Military/Industrial Complex, was the itch in the scratch, for a long time. It still is, but we can now add 'Financial' to it, in the interest of completeness and truth. In fact, Financial now envelopes Military/Industrial Complex (think General Electric, Boeing, etc.).
Okay, so Government-Media-Military/Industrial/Financial Complex.
That last one there - the Military/Industrial/Financial Complex, it has eaten the prior two - the media and the government.
So media and government are now proxies of the Military/Industrial/Financial Complex.
There is no democracy. There can't be a democracy in anything approaching a measurable amount when the the truth is so scarcely reported, but rather, fantasy, lies and deception become routinely spread through the proxy media.
And the 'elected' politicians? They are dependant upon the other two institutions to raise enough money and distribute their message (lies of Hopium to get the sheeple to push their names on the punchcard or ballot).
We have no democracy in Amerika. It's a myth.
A very smart person termed this 'Deep Capture.'
You forgot oil, or does that fall under military?
Definitely under the Military/Industrial/Financial Complex.
And yes, good point.
It's the lubricant of the system, and thus far more important than spilled blood.
Government-Media-Military/Industrial Complex
That last one there - the Military/Industrial Complex, was the itch in the scratch, for a long time. It still is, but we can now add 'Financial' to it, in the interest of completeness and truth. In fact, Financial now envelopes Military/Industrial Complex (think General Electric, Boeing, etc.).
Okay, so Government-Media-Military/Industrial/Financial Complex.
That last one there - the Military/Industrial/Financial Complex, it has eaten the prior two - the media and the government.
So media and government are now proxies of the Military/Industrial/Financial Complex.
There is no democracy. There can't be a democracy in anything approaching a measurable amount when the the truth is so scarcely reported, but rather, fantasy, lies and deception become routinely spread through the proxy media.
And the 'elected' politicians? They are dependant upon the other two institutions to raise enough money and distribute their message (lies of Hopium to get the sheeple to push their names on the punchcard or ballot).
We have no democracy in Amerika. It's a myth.
A very smart person termed this 'Deep Capture.'
They might be shiting their pants public executions are common after a revolution
As I said: The 35 year old, fed-sponsored credit-binge, made almost everyone look good, and made some look exceptional. The ongoing worldwide credit-collapse will reveal the best for what little they really are.
One can only hope. Shit, I just want half a chance of running a small business to live off of, but even that dream is beyond reach in this hellish reality.
Awesome. We have to go Faberge with this clip:
http://www.youtube.com/watch?v=mcskckuosxQ
50 million shares traded in BAC today..lol
Now someone tell me again that the banks do not have an agreement not to sell ANY stocks. This market is a complete illusion.
Today has to be the lowest volume on record since 2008 aside from yesterday. These past 800 dow points since March are phony.
Don't forget Michael Steinhardt is Chairman of Wisdom Tree, where Maria Bartiromo's husband, the young Jonathan Steinberg, son of Saul, is CEO. I wonder if Maria gets a dressing down for hubby's boss' bubble bursting truthisms.
-gratuitous tities-
for all the feminiist that keep junking me.
Thanks for Posting, You don't even have to say anything...
Thank you as always.
They say if you have them flaunt them. But you avatar reminds me of someones rear end taking a dump.
He is saying Buffett uses his philanthropy as a guise to thieve and be protected from regulators. And what he is saying about John G. is right on target.
or a guilty conscience
Never. It's regret! I should have done more!
Never. It's regret! I should have done more!
i am excited about cnbc pro!
I'd like to smash Kiernan's smarmy face in...that little pompous, filthy Leprechaun.
Hey Kiernan, what's your viewership up to? It's got to be what?....3 or 5 thousand?
Becky Quick is a bubble-headed cunt. She'd be the perfect money honey if she didn't look like a pug.
Let this bastard eat Ramond noodles 5 meals a week and see how smart he looks.
Watched him this morning. Loved it.
"Have you been to Detroit? Cleveland?"
Yes, SHF pretty soon.
Indeed. Been to both in the past year, all I saw was the result of the 'wonders' of globalization.
Just like greenspan everyone is starting to realize warren buffet is a douche bag
A sage voice of rationality, reason and calm ... tnx for posting the vid Tyler.
haha he is anything but steinhardts propensity to douchebaggery is legendary
Long term players dropping out of the game.
Gross shits on the Fed.
Guys like Steinhardt dissing Buffet on-air.
Typically when the wheels are falling off, the criminals start pointing out the criminals who are REALLY on the scam!!!
Just because a criminal starts to be honest, or shits on the other criminals, doesn't make him a hero.
word
Listen to Steinhardt pontificate is no more fun than listening to Buffett pontificate, except that Buffett is not as bitter. Defending Gutfreund at Solomon Brothers is a joke. Poor Mr. Gutfreund. My heart bleeds!
I couldn't help but notice the reference to history and the last 30 years.
But there's other important history to study here.
As Dennis Hopper said to Chris Walken in True Romance, "I like to study history.....
And as long as were on history. The Massachussetts Minutemen are an interesting lot.
Minutemen
The Minutemen playing a crucial role not only in the Revolutionary War, but in earlier conflicts.Although the terms militia and minutemen are sometimes used interchangeably today, in the 18th century there was a decided difference between the two. Militia were men in arms formed to protect their towns from foreign invasion and ravages of war. Minutemen were a small hand-picked elite force which were required to be highly mobile and able to assemble quickly. Actually armed and ready in under a minute.
Minutemen were selected from militia muster rolls by their commanding officers. Typically 25 years of age or younger, they were chosen for their enthusiasm, reliability, and physical strength. Usually about one quarter of the militia served as Minutemen, performing additional duties as such. The Minutemen were the first armed militia to arrive or await a battle.
Although today Minutemen are thought of as connected to the Revolutionary War in America, their existence was conceived in Massachusetts during the mid-seventeenth century. As early as 1645, men were selected from the militia ranks to be dressed with matchlocks or pikes and accoutrements within half an hour of being warned. In 1689 another type of Minuteman company came into existence. Called Snowshoemen, each was to "provide himself with a good pair of snowshoes, one pair of moggisons, and one hatchet" and to be ready to march on a moment's warning. Minutemen also played a role in the French and Indian War in the 1750's.
A journal entry from Samuel Thompson, a Massachusetts militia officer, states, "...but when our men were gone, they sent eleven more at one minute's warning, with 3 days provision..." By the time of the Revolution, Minutemen had been a well-trained force for six generations in the Massachusetts Bay Colony. Every town had maintained its 'training band'. The adversity that this region faced — Native-American uprisings, war with France, and potential for local insurrections, social unrest, and rioting — provided ample reason to adhere to a sound militia organization. In his recent book, perhaps David Hackett Fischer puts it best, "The muster of the Minutemen in 1775 was the product of many years of institutional development...it was also the result of careful planning and collective effort." (p. 151). By the time of the Revolution, Massachusetts had been training, drilling, and improving their militia for well over a hundred years.
Saw this this morning, fell off of the bedroom trunk.
My favorite lines:
This was the best interview I've ever witnessed on CNBS.
It was surprising to see CNBC not censor more of his remarks, but maybe it's possible that Goldman is turning on Buffet.
Absolutely one of the best ZH posts ever. Beautiful!!!!
Well said.
good for michael, taking control of those three clowns. asking joe "my handicap is 80" where you born yet? i thought that was the best. he humbled that trio like i have never seen humbled before. yes becky "the hair" quicky (her hair is all she got). he was like a master to the three young and dumb dogs, i will obey and sit. his demean gentle soul calmed those twits fast.
Enjoyed the interview.Always nice to hear something different than the propoganda machine CNBC. That said, the guy contradicted himself throughout most of it.
Not at all. He simply claimed the US was better off relatively speaking....
Super spot Tyler. Just click on it here and it works fine. I just watched it. At some point the truth will reign, or it is all over for us.
Interesting. This guy thinks Obama is a shoe-in for 2012, and on another thread, Obama slam dunk loses in 2012.
Squeeky Fromm, Girl Reporter
glib---slippery, slick, too smooth to be convincing.
Steinhardt is not glib.
re Buffet, Gates, et al...Steinhardt asked only that we reflect on it. Andrew Carnegie spoke openly about millionaires being irresponsible in giving their money to others who would determine its distribution.
To paraphrase AC... you created the fortune, so you should take responsibility for its distribution and consequences. It is irresponsible to allow others to decide what is to be done with it.
AC spoke before passage of personal income-tax laws that led to avoidance considerations, when giving to "charity" meant others' taxes had to rise to pay for the non-revenues to government...a continuing scandal.
Darn, this one really deserves 7 stars, Tyler!
I bet Becky Quick pissed her pants when that guy picked on the old wrinkled dildo she loves so much, he is never going to be on CNBC again
God Bless
Michael Steinhardt!Mr. Steinhardt desrves the Medal of Freedom as well as the Medal of Honor AND the Fu*k'n Purple Heart.
On second thought, the Medal of Freedom is worthless now so give him the Purple Heart....Steinhardt is a True Hero for speaking with a Golden Tongue!
I ditched the DISH 6 months age and went through bullshit withdrawl ( that stuff is addictive) for several weeks, but I'm happy to report that I no longer have any appetite for bullshit - in fact it makes me nauseous. That's how I know that this excellent clip wasn't bullshit - my stomach remained calm. Gotta admit it was fun seeing Becky, Joe and Carl still doing their old schtick - which says to me that there's still nobody home as MSNBC, as if. I do completely agree with Steinhardt, being of approximately the same vintage - America is nothing like it used to be. Having a child today would either be an act of supreme courage or child abuse - probably the latter. I'll offer a prediction here - Obama will not win in 2012; in fact, he will lose big. I will cheer that outcome as loudly as I cheered his election, having been completely taken in by the Oreo sucka and his clever, clever invisible managers. Oh, the deals that must have been cut by Barry to get his lying ass into office. And while he's definitely delivered the goods for his Rasputins, something's getting set to blow big time in America and whatever it is it will sweep all those bastards away. Or perhaps I'm just an old fool and the bad guys win again.
Everything looks worse as you age. You think you're still you, but you're slower, probably fatter, and less mentally agile, no matter how much you bullshit yourself.
Nothing at all will change in 2012. Obama may well be gone, but those who become presidential nominees represent only one set of interests no matter who they are. I desperately want to believe otherwise, but save for a real collapse, nothing is going to change.
I saw the US was full of shit and filled with injustice when I was 15, now much older and wiser, I see I was correct when I was a teen.
Ron Paul on Dylan Ratigan sounding like populist.
Rips on Corporatism, Wallstreet, Derivatives, etc.
Run Ron, run!
http://www.youtube.com/watch?v=ev1ZaAsWmkI
Cabletown that now owns CNBC must be pressing for both sides to air more......NAWWWW!
Holy shit did I just see Tyler 30 years from now ?
Guy was literally hypnotic with the truth no less . I thnk every newscaster had tears in their eyes . Truth hurts I would love to hear what goes through the heads on those pillows tonight. I bet you 1 of the three quit or get fired in the next year .
Wonderful. An impressive and thoughtful man.
DavidC
I found the guy embarrassingly slow in his delivery....I wanted to give him a good kick up the rear or send him some cyber speed tablets. He was sooo slow, I found myself forgetting what the hell the point was, that he was trying to make. If this went out at any time other than late night, who would have stayed with it??? I'm just asking.
If this rates seven (count 'em) stars, my sincere wish, that you eventually get some better TV to watch, goes out to ya. Or, maybe that deafening silence, that cringe inducing silence was worth a seven.
Maybe I've become a funky Old Geezer and his speed of delivery was fast enough for me. Why should wisdom have to be fast?
DavidC
Wisdom and thoughtfullness takes time to articulate. Shill talk can go at any speed
FunkOG, go take your Ritalin.
Right?!?! OMFG that was NOT worth the pain.
Like a ruh-tarded Wilfred Brimley on 'ludes.
*This* is was passes for scathing analysis now?
Fuck me running.
Slow is a old Jedi mind trick to make you pay attention - extremely effective.
Clarence Darrow would have approved.
Just tried to finish watching it after an interruption and it is no longer available. guess it was too racy for the CNBC censors...
unfuckingbelieveable - somebody tell me a country where I can take my PM's and get out of this fucking shithole...
Argentina in northern Patagonia.
Unbelieveable that some on this board crap on the dude for 'talking too slow'. They did this with Rand Paul recently also... if you want speed go play in traffic against an HFT... allow the thoughtful amongst us to enjoy one of the only truthful pieces on cnbc in a long time.
Viewers that think Steinhart 'talks too slow' are used to the con men on shows like Fast Money...and think that fast talk equals 'smart'.
In addition, fast talkers are not used to 'reflecting' on anything. Reflection requires one thinking for one's self... Exactly what most people fear. To reflect is to take a topic and examine it from various perspectives...How many people do you know that are capable of that?
Warren "Con Man" Buffett is 150 years old. Why do assholes live this long?
Prior to taking over Berkshire, Buffett ran an investment partnership structured alot like today's hedge funds (the structure was 0% management fee, and he got a performance fee equal to 25% of any returns in excess of 4%).
Anyway, he wrote annual letters to his investors in the partnership, just like he writes an annual letter to Berkshire shareholders. In those letters (which I found at a blog online - not sure if they're still out there or not) when Buffett was in his early to mid 20s, he repeatedly expressed an infatuation with the miracle of compound interest. When I read them, I came to the conclusion he had decided to set a lifetime goal for himself of becoming known as the best investor in the world. Not because he is greedy, but just to prove that through the virtues of sound investing and compounding the he could become one of the richest men in the world. That would demonstrate miracle of compounding that he was describing to his investors 55-60 years ago. It was just a way to keep score.
You can see his infatuation with compounding more recently when in one of the recent shareholder letters (one in the past 5 years) he goes into great detail and cranks through the numbers to demonstrate how the free cash flow generated by See's Candies has been reinvested over the past 30 odd years and the compounding effect has benefitted Berkshire shareholders enormously.
I think the reason why he never sold a share of Berkshire until recently was because he wanted as much of it to compound for as long as possible. It's also why he never let Berkshire pay out dividends, why he never paid himself a bonus, and why he never drew an annual salary in excess of $100K. It's also why he's obsessed with minimizing Berkshire's taxes. The goal was always to maximize the amount of money constantly compounding within Berkshire. Then once he proved that compounding had turned him into one of the richest men, there was nothing left to prove. So he decided to let Bill Gates figure out how to give it away.
Grotty:
And Immelt is at snowflake's knee, why, GE payin' ZERO.
ya gotta' give him credit--GS, CEG, etc. in '08--he had the Rothschild cash on hand when blood b on the streets.
and ol' Billie will organize us. 'cept that he never got anything right until V.3. and we have only one shot at V.next
- Ned
Jesus Christ... it is STUNNING how obsessively jealous some people are of Buffet. Who gives a fuck what kind of person he is. He wildly successful yet some people cannot even acknowledge that much... who cares if he's a nice guy. He isn't your boyfriend people....
some folks still really disturbed about Coke Zero ;-)
New Coke bitchez, I am still pissed.
Is that you, Becky?
This is a very very wise and articulate American.
Great post...thank you to all at Zero Hedge who provide an information service/medium of such excellence. ZH is compulsory daily reading for all here in our Funds Management office in Auckland, New Zealand. The young analysts (all VERY academically smart) are also now getting world-educated (taking the red pill). Cheers and good wishes to you ZH
This Michael Steinhardt guy is great. I like how he talks so calmly. I can listen to this guy for hours and not get tired of it.
Most people on this "board" should re-run the videotape. MS made all of his points without profanity and without any loud noise.
I respect that man because he has a proven track record, which most of us could not come close to.
My suggestion is to "remain vigilant, keep posting and not mistaken loud noise for correctness".
GLD (which is a scam) has beat buffy by a huge margin the last 5 plus years.
Nobody brings that up
So Stienhart,tell us ZH'ers something we don't already know . The CONfidence is indeed dwindling,more and more the word is getting out that the current manifestation of the USA is a fantasy. the way this guy engaged the cnbcer's to simply reflect and the consequent look of unease on their face's say's it all. All he had to do was to connect a few dot's for them and bam! Yes I think we are getting closer to the end of this sham, it's about time
"Yes I think we are getting closer to the end of this sham, it's about time"
you seem young.
So, I guess you guys don't pull out yer hair, when driving behind someone doing a constant 5 - 10 mph below the speed limit, who takes corners at 1 mph and still makes a hash of it?
I love it when capitalists like Steinhardt become sentimental and so caring as he was about what happened to Gutfreund.
Also didn't know Buffet's tax returns were public ... after all how else would Steinhardt know how much he did NOT donate to charity in the first 70 years of his life.
Not a Buffet fan or groupie but Steinhardt comment had a strong smell of envy!!
I would like to see how Buffets Burlington deal is working out in Q-3! By then he will have a bid in on The 5th-7th US fleet to transport his crude to reload the tanker cars on his community railroad.
Tyler,
The video bookend, if you will, for this clip is Todd Schoenberger on Kudlow's first segment tonight. Here, you had a shill hawking "large cap stocks"...whose contrary comments to the bearish fellow set against him was to vigorously suggest that the average joe's of the world were not paying attention to the global black swans...that that was all over our heads.
Seriously, I cannot imagine anyone taking comfort in Schoenberger's analytical powers after that display. Then again, not an hour goes by without at least one criminal syndicate Wall Street banker type chucking his cred on the the bonfire of this Ponzi rally in the soft blue light of the BlowHorn [CNBC]...which only affirms for me that this...
...this is the last rally.
I wonder just how many poor bastards are buying into this last bonfire.
One Last Round o' Looting by the Banksters before it's time to close down the Bar!
I have had several scotchs with MS, not since 1996. But the man is the real deal, no bullshit, and real..Of course he has steamrolled people, that firm would chop your head off, he also made me money, lots of folks money. Everything he said in that clip is the truth..period.
That was maybe the best article/link that I have ever seen on ZH
Brilliance
50 bucks says that CNBC will never have Steinhardt on the show again. They make their money sucking up to the monetary authorities, Buffett and the rest of the financial community.
http://www.TheAngryGrapres.Com
the respectful silence disproves you. the talking heads were at the feet of the master. its interesting that a critic of buffet comes from his own generation.
I agree. But will the money masters let such a man back who hammered FED policy. The Fed is bankrupting the retired population that relies on income from CDs and bond portfolios that yield zippo.
http://www.TheAngryGrapes.Com
PS, sorry for the misspelling on my original note above. A little too much red wine tonight perhaps.
I haven't heard of him before this and I am an instant fan. He is the 10% truth balacing 90% lies. He might be back in a year.
I will marry his granddaughter and defend her with my life.
you might have to do something about your breath first.
dogs and cats living together! total....
milkbone should fix me up and I'll cut back on the garlic.
it's great to hear one of the old pros of investing; we once had capitalism in America
in 20 years if you played this clip, people would think this guy was brought in from an insane assylum
there will be no investing, just a message beamed into your skull telling you your allotment of 2000 calories for today is ready for upload
I really enjoyed his comments
Great work Tyler....thanks this made my day......
Interviewer: (On Buffet)
“What is his reality?”
Steinhardt:
“His reality is that he is the greatest PR person of recent times and has managed to achieve a snow-job that has conned everyone in the press to my knowledge and is remarkable and he continues to do it.”
Interviewer:
“Really? So out-performing the S&P I don’t know how many hundred times since over the course of his portfolio .. does it matter?
Steinhardt:
Well. I’m not sure he’s done that I’m sure you measured that appropriately.
But what he has done I think is a great measure of the man’s wonder is he gave away 2 and a ½ cents for the first seventy odd years of his life, he gave away nothing, and then in one fell swoop he gave away almost all of his money thoughtlessly, to one guy thoughtlessly, and from that moment on he became the greatest advocate to philanthropy and pitched all the bumbling billionaires to do the same thing and many of them did.
Now that takes a special guy, having given away nothing in seventy odd years he gives it all away and pitches the other YoYo’s too.
Well what does that say. Well I think that’s worth reflecting.
Interviewer:
You have not signed the giving pledge I guess?
Steinhardt:
I gave much more of it away much earlier than he did.
But good that he gave it away I guess.
But it’s not so good that things like that are not reflected upon.
Lord Wellington says:
Why did Buffet give all his wealth to Bill Gates?
Was Buffet blackmailed?
And if so. What for?
Cool post L.W. There is only one plausable explanation. They got Googled!
Too deep for me Yen.
I am a simple soul.
Fair enough. I did like your post!
What was so great about that lame CNBC interview. Yeah, the "Monopoly Guy" said some things, but nothing any ZH, Max Keiser, and like followers didn't already know. May seem shocking to be said on CNBC, but who watches that MSM show anymore?
...yes but "when you got cash then you can talk shit"
Michael Steinhardt is a legend! You wanna think finance think like that guy...
Hedge funds don't get bailed out, they take the pain...least can be said for the terrible businesses of Wall Street and the feeder the Fed.
Read More Money than God...goggle it, Steinhardt gets a chapter and his firm from the 1970's...
" Big Silence... Biiiiig Sillleeencccceeee...."
Says it all.
Finally! I have been waiting all day for ZH to post on this most amazing piece of truth to grace the PSYOP channel in years!
I posted it on Facebook so all 500,000,000 members can take their red pill and venture down the rabbit hole of reality...
This interview this early morning on the main propaganda channel, CNBC, was the most truth and brilliance to ever slip into the PSYOP station in years.... The CNBC crew was in shock and awe... Someone would actually speak ill of their beloved god Warren "Tax The Rich" Buffet? I even had to post this link to Facebook for the 500,000,000 members to see... Take your red pill kids....
2 Minute Mark:
Great beginning about the hedge fund industry about pursuit of return and the business model. Steinhardt was about performance, not assets under management and fees unlike the industry objective now of getting that massive asset juice rip off....
6 Minute Mark:
THIS IS MY FAVORITE PART... ripping the Fed about destroying the elderly of our country... (Becky Quick sounds like she might actually care too!)
7:30 Minute Mark:
Let the Warren Buffet bash begin! FINALLY, and only a guy as large as Steinhardt, could get on CNBC and accuse Buffett of a PR snow job... absolutely brilliant!
11:30 Minute Mark:
The truth about inflation all of us really know...
I am glad I caught his interview. Now I can mute/turn off the PSYOP Channel (CNBC) again.... and you should too if you have it on! More truth on Comedy Central...
Funny you mention Comedy Central, one of the few things on the tele I do watch and don't get sickened by ... I can't watch MSM news and haven't for a long time unless the dog steps on the remote and the tele goes to one of their channels by accident.
pls keep steinhardt in context, he's a criminal.
http://test.deepcapture.com/tag/michael-steinhardt/
video's long gone it looks like - found it on YT
http://www.youtube.com/watch?v=RPZHWLlCNB4
massive carry trades out of Japan.
BoJ and it's crap ass brokage firms are buying up yeilds. I hope that oil inflation trade puts the nail in the Japanes govt coffin
The issue is not whether Steinhardt is a crook or anyone is jealous of WB; it's the media's insane promotion of WB at every turn. This is made doubly painful by WB's being a sanctimonious liar and hypocrite - oh he just pulls a $100k salary, but also has a gazillion dollar expense account. "Still lives in his old neighborhood in Omaha" - are they still peddling that lie? WB is pathological on many levels; perhaps "normals" don't get to the billionaire level.
The icing on the cake for ZH readers is that WB is the canary in the coal mine for publishers and broadcasters dependent on retail investor oriented advertising. As long as he can remain poster child for success in long term stock ownership, their funky business models are validated. The appreciation of BH stock is no joke, but it is no model for schmoes either.
When this megalomaniac dies there will be a rash of books by assistants all claiming to be the brains behind BH's success. There will be gossip, and infighting to claim the crown, and we'll eventually see what kind of wool this phony baloney PR genius pulled over the eyes of his pitiful followers.
hello ZH, long time lurker.. time to jump in the fray.. look, I'm not an economist, nor a finance major so can anyone please -
can anyone please explain to me, the glaring significance that I am missing of Buffet giving most of his wealth away at this time to the Bill Gates Foundation?
May be insignificant, to me, it seems like a minor point in the interview.
But the clip is priceless.
toxic8 - I'll give you my opinion as soon as you tell me your age and if you consider yourself "woke up"