There Was A Time When Buffett Lamented A Plunging Dollar, Blasted The Trade Deficit And A "Squandering" America: We Miss That Buffett

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Tue, 08/31/2010 - 12:47 | 555429 spekulatn
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Sell out Bitchez!

Tue, 08/31/2010 - 13:06 | 555497 Hdawg
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NWO sell out

Tue, 08/31/2010 - 15:38 | 555980 Dont Taze Me Bro
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He never sold out. He was a rotten s.o.b from the start but we were too naive to see it. I think the financial crises of 2009 brought everything into focus.

Think about it for a second: What drove the man to accumulate $60+ billion? It sure wasn't the need to help the world. An average saint would have stopped after making $1-5M. lols @ people who sanctified him.

Also, Buffett's edge did not come from his value investing method -- it came from his back-door dealings. His relationship with some of Wall St most corrupt/crooks go back to the early days of his career.

Tue, 08/31/2010 - 21:17 | 556678 Thomas
Thomas's picture

My take on Buffett...

(Thomas is a pen name).

In short, he's a dick. Just by chance, I got an email from the author on the original temptation article today. Gotta wonder what he thinks of Saint Warren now.

Wed, 09/01/2010 - 05:03 | 557106 Dont Taze Me Bro
Dont Taze Me Bro's picture

Great article Dave! You have a good insight.


Also, thanks for the Lewis link. This was my first time reading that article. I think Michael Lewis is a great writer. I am glad he left the business and became an author. He is doing a great service to our society by writing about this stuff.

I hope Tyler does a post on this (if he hasn't already done it before):

Tue, 08/31/2010 - 12:50 | 555435 Caviar Emptor
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2 years from now: Buffet to speak to us via webcast from his compound in Sri Lanka

Tue, 08/31/2010 - 13:12 | 555522 Ripped Chunk
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Tue, 08/31/2010 - 19:14 | 556498 Geoff-UK
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Tue, 08/31/2010 - 12:54 | 555453 LoneStarHog
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Bear Markets EXPOSE and DESTROY virtually everything.

Tue, 08/31/2010 - 13:04 | 555492 Paper CRUSHer
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Tis wat Oracle of Omaha juiced to say....."when the tide goes out all that remains on the sandy bitches are naked shorts".

Tue, 08/31/2010 - 13:34 | 555601 whatsinaname
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All those views were prior to the Buffett puts. Now he NEEDS the S&P to go to 1500 or BRK loses its skin.

Tue, 08/31/2010 - 12:56 | 555458 Azannoth
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He really needs to retire now before he destroys his reputation totaly

Tue, 08/31/2010 - 13:03 | 555485 septicshock
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I believe he has ensured everyone that he will hold onto his position till his dying breath. I admired him for his charity once, now I detest the man for selling out.

Tue, 08/31/2010 - 13:10 | 555512 Hdawg
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His charity?...are you kidding me !?@#$

His foundation activities are not his decision. They are decided by the people that have left the doors open for him through the years.

Wakey, wakey

Tue, 08/31/2010 - 13:10 | 555516 spekulatn
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The Oracle of Omaha has not changed.

Folks no longer buy his bullshit.

Good for all.

Tue, 08/31/2010 - 13:19 | 555552 JR
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Exactly. There was never a time when Warren Buffett was not an insider.

Tue, 08/31/2010 - 14:01 | 555676 Sudden Debt
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These are my principles and if you don't like them I have others - Groucho

I guess he thinks alike...

Tue, 08/31/2010 - 12:56 | 555460 LePetomane
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Buffet bought into Goldman.  nuff said.

Tue, 08/31/2010 - 13:00 | 555472 septicshock
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And the cock sucker praised them to boot for cheating the public.

Tue, 08/31/2010 - 13:19 | 555551 william the bastard
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He was Obama's biggest endorsement after Teddy

Tue, 08/31/2010 - 13:06 | 555482 Spalding_Smailes
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I would have done the same thing ...

He really did get a great deal.


Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B) agreed to buy $5 billion in perpetual preferred Goldman shares that pay 10% interest.  In addition, Berkshire receives warrants giving it the right to buy $5 billion worth of Goldman’s common shares at any time over the next five years at a price of $115 per share.

Based on Tuesday’s closing price of $125.05, Buffett made an almost instantaneous paper profit of about $437 million on the warrants. With yesterday’s advance, that paper profit rose to $783 million.

Tue, 08/31/2010 - 13:06 | 555499 LePetomane
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Oh it was a good deal alright.  It just so happens I don't listen to him anymore.

Tue, 08/31/2010 - 13:21 | 555558 william the bastard
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Shares went to $50 afterward.

Tue, 08/31/2010 - 13:25 | 555570 Spalding_Smailes
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And have rebounded to $189.00.

Tue, 08/31/2010 - 13:38 | 555612 william the bastard
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They went to $50 first and then he needed TARP and then he needed the US taxpayers to bail AIG to get the shares back to breakeven. What is the price now?

Tue, 08/31/2010 - 12:57 | 555464 Übermensch
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Hey look I still drive a 60s Oldsmobile... Love me pleeease.

Tue, 08/31/2010 - 12:57 | 555466 CosmoJoe
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Buffet enjoys making money, else he wouldn't be as rich as he is.  With that in mind, how can anyone be surprised when he advocates for policies that will keep him enriched?

Tue, 08/31/2010 - 13:13 | 555526 Azannoth
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He plans to give away 95% of his money anyway, why does he even give a shit why not give everything away now ? Is he that senile already or does he have a plan and does a 180 at the end ?

Tue, 08/31/2010 - 13:25 | 555566 william the bastard
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He missed the tech boom entirely.

Tue, 08/31/2010 - 14:58 | 555835 Frank Owen
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"It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God." He's worried about making it into heaven, so he's trying to buy his way in.

Tue, 08/31/2010 - 19:22 | 556511 Geoff-UK
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He wants to leave a legacy, with Berkshire Hathaway. 

You know, like Henry Lehman, Emanuel Lehman, and Mayer Lehman did (Lehman Brothers, now deceased);  and Joseph Bear and Robert Stearns did (Bear Stearns, now deceased)...

Let's hope that insider-trading sonofabitch Buffett lives long enough to see Berkshire Hathaway's demise.


Tue, 08/31/2010 - 12:57 | 555467 Handle with care
Handle with care's picture

I've paid less attention to what Buffet has to say after Taleb pointed out that in a population of millions of investors there has to be a "Warren Buffet" emerging purely through the laws of probability and his success may not be due to any great personal attributes whasoever, other than those necessary as a pre-condition to being in the group from which a Warren Buffet would emerge

Tue, 08/31/2010 - 13:05 | 555496 Übermensch
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Well... u need to ask, what came first Buffet or the law of probability of someone like him  arising.

Tue, 08/31/2010 - 13:22 | 555561 mikla
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I've paid less attention to what Buffet has to say after Taleb pointed out that in a population of millions of investors there has to be a "Warren Buffet" emerging purely through the laws of probability and his success may not be due to any great personal attributes whasoever, other than those necessary as a pre-condition to being in the group from which a Warren Buffet would emerge


This is an absolutely brilliant comment, and mathematically true.  It also describes Bill Gates -- he's not a genius, never was, but was in the "right place at the right time" with a decent gorilla-arm business sense.  Both Gates and Buffet were inevitable arrivals given shifting landscapes (Buffet for the rise of the financial sector leveraging, including re-insurance, and Gates due to the need for established inter-operability among apps in the young PC industry).

Neither were geniuses, a person would have been in their shoes no matter what (we *would* have gotten that growth and standardization no matter what).  Of course, this comment is not to diminish their accomplishments:  Buffet and Gates individually *did* actually perform well where many others would have (and did) fail:  Buffet due to ability to perform fundamental analysis, Gates due to ability to monopolize technology standards.

This won't be repeated for those sectors.  Both sectors have peaked, and will move into monopoly decline forever (for lots of reasons).

Further, this is in contrast to Steve Jobs -- a true genius, a real rat bastard that nobody would want to work for, and a man that if accidentally born in the Soviet Block would have murdered millions of people by the time he turned 40.  However, he is a true genius that made Apple (and Apple is likely screwed when Jobs is gone).

Summary:  Hold no reverence for Buffet.  His meritorious investor statements and behaviors in the past are independent of the fact that today he is over-levered, and his self-serving statements now are to draw attention away from the fact that his "baby" will likely die before Buffet will.

Tue, 08/31/2010 - 15:09 | 555877 ElvisDog
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I second your opinion on Gates. I know a number of high-level Microsoft people, and they tell me that in the last years that he was active in Microsoft they would cringe if Gates walked into one of their meetings. He didn't really know what was going on (i.e. hadn't stayed on the cutting edge) and they knew the meeting was going to bog down. I think he's one of those people who had the one good idea when they were young, and Gates happened to be in the right place at the right time to exploit it to the fullest.

Tue, 08/31/2010 - 15:29 | 555949 fearsomepirate
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Gates' good idea was to buy someone else's good idea.  Really, what made him was his understanding in the 1980s that who makes the operating system is more important than who makes the hardware, and if you get your OS into as many computers as possible, you win.  That's why Microsoft is huge and Digital Research (whom IBM first approached for an OS for their new 8088 line of PCs) doesn't exist anymore.

Tue, 08/31/2010 - 13:02 | 555476 Segestan
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The US should just simply say .. NO!.... and default. There is plenty demand and skill in America, for the US to become what it was once designed for... Independence. tell the UN and the CCP ...Fuck OFF!

Tue, 08/31/2010 - 19:26 | 556521 Geoff-UK
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But...but...but then who would buy U.S. government debt?  The government would have to live within its means!

I actually pray California does this, and screws bondholders so badly that California is forced to pay for everything in cash for the next 100 years.

Tue, 08/31/2010 - 13:02 | 555478 digalert
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Buffett became an advisor to Obama...

I wonder? nah never mind

Tue, 08/31/2010 - 13:02 | 555480 pamriallc
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The recent commentary from Buffett has in fact been:  "The USA should be careful of Greenback Emissions" --  In other words, he was calling the USD something akin to refuse.

Where are people who actually read vs people who would rather curse those who have added so much to the system?

Tue, 08/31/2010 - 13:12 | 555523 thesapein
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Confusing, isn't he? Someone probably put him on meds and whispers in his ear.

Tue, 08/31/2010 - 14:46 | 555808 Frank Owen
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the manchurian investor

Tue, 08/31/2010 - 14:04 | 555683 Sudden Debt
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No one would have crossed the ocean if he could have gotten off the ship in the storm!

Tue, 08/31/2010 - 13:08 | 555509 SheepDog-One
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Buffet is now only concerned about his monthly hand job from Becky Quick.

Tue, 08/31/2010 - 13:11 | 555519 MarketFox
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Was Buffett not the 6th largest recipient of TARP ?


And was it not Buffett that had a 50% draw down ?


And what will happen to Buffett when the market declines to 5000 ?


And was Buffett a "Silver Spoon" ?


So tell me....just who is Buffett...really ?



Tue, 08/31/2010 - 13:12 | 555524 10044
10044's picture

He's always been an insider trade and a crook, that's the end of it

Tue, 08/31/2010 - 13:14 | 555528 Ripped Chunk
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His Omaha country boy not one of them Wall Street guys story has been seen for what it is for years now. Bullcrap. 

Tue, 08/31/2010 - 13:15 | 555531 guidoamm
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For anyone fearing a hyperinflationary outcome  (as Mr. Buffet is on record to have predicted) then investing in BRK/A should stand them in good stead for coming years. In my opinion the performance of Buffet's fund is the ultimate barometer of what "flation" we are to die from...


Tue, 08/31/2010 - 13:15 | 555533 williambanzai7
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Buffet, buffoon, what's the difference

Tue, 08/31/2010 - 14:05 | 555687 Sudden Debt
Sudden Debt's picture

a few billion dollar which he has and we don't :)

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