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Warren Buffett's Latest Letter To Investors

Tyler Durden's picture




 

For those who follow folksy Uncle Warren, here is the breakdown of Berkshire's Q4 and full year results, as well as his latest letter to investors.

  • Book value at Dec. 31: $134,973/shr
  • Book value up by 18.2% since ’12 end
  • 4Q oper EPS $2,297, est. $2,204
  • 4Q derivative gains $334m
  • 4Q investment gains $880m
  • Insurance float ~$77b at Dec. 31
  • Cash & cash equivalents $48.19b at end of yr
  • Will be aggressive on shr purchases if stock price descends to 120% level

Berkshire Hathaway’s Warren Buffett says in holder letter he would like to buy larger stake in Heinz.

Though the Heinz acquisition has some similarities to a “private equity” transaction, there is a crucial difference: Berkshire never intends to sell a share of the company. What we would like, rather, is to buy more, and that could happen: Certain 3G investors may sell some or all of their shares in the future, and we might increase our ownership at such times. Berkshire and 3G could also decide at some point that it would be mutually beneficial if we were to exchange some of our preferred for common shares (at an equity valuation appropriate to the time).

As usual, Buffett preaches his irrational optimism in a country that over the past 237 years has piled up $17.4 trillion in debt and over $200 trillion in derivatives, which has made the concept of capitalism a mockery as even a modestly sized counterrparty failure would collapse the system. Of course, those like Buffett would be again bailed out. Others wouldn't be so lucky but at least they can have their optimism. From the WSJ:

"Indeed, who has ever benefited during the past 237 years by betting against America?" Mr. Buffett wrote in his annual letter to shareholders, released Saturday along with Berkshire's fourth-quarter and annual report. The "dynamism embedded in our market economy will continue to work its magic. America's best days lie ahead."

On the operational front, Berkshire did well to quite well in a year in which the Fed pumped well over a trillion in extra liquidity which went into the stock market if not the economy:

For the fourth quarter, Berkhire's net income jumped 9.6% to nearly $5 billion, helped partly by gains at its insurance operations. Berkshire owns auto insurer Geico as well as large reinsurance businesses, both of which are core operations that have propelled the company's growth from an ailing textile manufacturer in the 1960s to a diversified holding company with a market capitalization of $282 billion.

 

Mr. Buffett uses the insurance premiums it collects from customers upfront to invest for Berkshire's benefit. Berkshire can use this money, which Mr. Buffett calls "float," because insurance claims are typically paid much later. In 2013, Berkshire's float grew to $77.2 billion. Last year, Berkshire insurance business also generated about $3.1 billion in underwriting profit, its 11th consecutive year of earning such a profit.

 

Revenue and net earnings at one of Berkshire's biggest units, the freight railroad Burlington Northern Santa Fe Corp., rose to $22 billion and $3.8 billion, respectively.

 

Berkshire's "Powerhouse Five"—a group of large non-insurance businesses—made $10.8 billion in pretax profit last year, up from $758 million in 2012, Mr. Buffett wrote in his letter. This group includes Burlington Northern, utility company MidAmerican, chemicals maker Lubrizol and industrial companies Marmon and Iscar. Earnings for these five companies could increase by $1 billion before taxes if the U.S. economy continues to improve, Mr. Buffett said.

It wasn't all high fives this time. In this year's letter Buffett does a mea culpa for his investment in the near bankrupt Energy Future Holdings, fka TXU:

Most of you have never heard of Energy Future Holdings. Consider yourselves lucky; I certainly wish I hadn’t. The company was formed in 2007 to effect a giant leveraged buyout of electric utility assets in Texas. The equity owners put up $8 billion and borrowed a massive amount in addition. About $2 billion of the debt was purchased by Berkshire, pursuant to a decision I made without consulting with Charlie. That was a big mistake.

 

Unless natural gas prices soar, EFH will almost certainly file for bankruptcy in 2014. Last year, we sold our holdings for $259 million. While owning the bonds, we received $837 million in cash interest. Overall, therefore, we suffered a pre-tax loss of $873 million. Next time I’ll call Charlie.

Reuters has some other highlights from the letter:

RED FLAG ON PUBLIC PENSION PLANS:

"Local and state financial problems are accelerating, in large part because public entities promised pensions they couldn't afford. Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made that conflicted with a willingness to fund them. Unfortunately, pension mathematics today remain a mystery to most Americans. Investment policies, as well, play an important role in these problems. In 1975, I wrote a memo to Katharine Graham, then chairman of The Washington Post Company, about the pitfalls of pension promises and the importance of investment policy. That memo is reproduced on pages 118-136. During the next decade, you will read a lot of news - bad news - about public pension plans. I hope my memo is helpful to you in understanding the necessity for prompt remedial action where problems exist."

ON BERKSHIRE'S EXPOSURE OF BofA:

"Berkshire has one major equity position that is not included in the table: We can buy 700 million shares of Bank of America at any time prior to September 2021 for $5 billion. At year-end these shares were worth $10.9 billion. We are likely to purchase the shares just before expiration of our option. In the meantime, it is important for you to realize that Bank of America is, in effect, our fifth largest equity investment and one we value highly."

ON BUYING MORE H.J. HEINZ:

"Though the Heinz acquisition has some similarities to a 'private equity' transaction, there is a crucial difference: Berkshire never intends to sell a share of the company. What we would like, rather, is to buy more, and that could happen: Certain 3G investors may sell some or all of their shares in the future, and we might increase our ownership at such times. Berkshire and 3G could also decide at some point that it would be mutually beneficial if we were to exchange some of our preferred for common shares (at an equity valuation appropriate to the time)."

NV ENERGY 'FITS NICELY' INTO BERKSHIRE:

"NV Energy, purchased for $5.6 billion by MidAmerican Energy, our utility subsidiary, supplies electricity to about 88 percent of Nevada's population. This acquisition fits nicely into our existing electric-utility operation and offers many possibilities for large investments in renewable energy. NV Energy will not be MidAmerican's last major acquisition."

'GEICO'S FLOAT WILL ALMOST CERTAINLY GROW':

"Further gains in float will be tough to achieve. On the plus side, GEICO's float will almost certainly grow. In National Indemnity's reinsurance division, however, we have a number of run-off contracts whose float drifts downward. If we do experience a decline in float at some future time, it will be very gradual - at the outside no more than 3 percent in any year."

HUNT FOR BERKSHIRE'S BEAR:

"And we will again have a credentialed bear on Berkshire. We would like to hear from applicants who are short Berkshire (please include evidence of your position)."

* * *

For all the other folksy witticisms (zero mentions of gold or fondling it this year), you can read them in the letter below (link) or the WSJ liveblog:

Source: BBG, WSJ

 

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Sat, 03/01/2014 - 11:15 | 4493243 Catullus
Catullus's picture

Oh EFH. One of the worst LBOs in history. Blames it on not talking to Charlie. On paper the thing was always a piece of dogshit. $40bn is the number.

That they got .60 on the dollar for that piece of shit tells me that you should never ever ever ever ever get in a deal with Uncle Warren

Sat, 03/01/2014 - 11:40 | 4493332 Car 54 Where Are U
Car 54 Where Are U's picture

Some very large PE shops were all part of the debacle. I fail to see the wisdom in buying a regulated business where the regulator allows you to only get a fixed return on your assets of 10-12%. After bond payments what's left for growing the business and shareholders? To compound the idiocy, your feed stocks are a wildly fluctuating commodity.

Sat, 03/01/2014 - 13:56 | 4493831 LMAOLORI
LMAOLORI's picture

 

 

I prefer Reason's take on the bailed out buffoon...

 

Warren Buffett's Deals Come at Taxpayers' Expense 


snips

How did Warren Buffett get his property so cheap? Simple! You paid for it.


The second-richest American, Berkshire Hathaway CEO Warren Buffett, has given the March 17 issue of Fortune magazine an exercept of his forthcoming annual letter to investors. The tale of two successful Buffett purchases is illuminating, but not quite in the way Buffett intends.

 

In other words, while Buffett boasts of his great real estate bargains, the ones paying the bills are the taxpayers. The savings and loan bailout cost taxpayers an estimated $130 billion. The insurance premiums that banks pay to the FDIC to cover failures mean the banks pay less in taxable dividends to shareholders and less in taxable interest to depositors.

 

 

p.s. I didn't downvote you

 

Sat, 03/01/2014 - 21:13 | 4495277 jbvtme
jbvtme's picture

he's an antique. does heinz make depends diapers?  then i'm long too

Sat, 03/01/2014 - 14:21 | 4493910 Freddie
Freddie's picture

Buffet is an Obama-loving POS and a crony klepto-capitalist.   F him.

Sat, 03/01/2014 - 11:21 | 4493267 NOZZLE
NOZZLE's picture

Some koolaid drinker posted a chart the other day comparing outstanding US Debt to "Public Assets" as a way of claiming that record debt is not so bad since we have record "Pubic Assets" to match.  

I can measure debt because it can be counted (like the gold in Ft. Knox is all accounted for).  But if you are valuing "Public Assets" in the same manner in which you are counting the percent of unemployed or obamaCare enrollees or measuring global temperatures in a parking lot in downtown Tempe, then it is a subjective and meaningless number.  

Sat, 03/01/2014 - 11:30 | 4493294 caShOnlY
caShOnlY's picture

and don't forget how many times you can re-hypothecate those assets!!!!

the problem today is how they value the assets - fantasy land.  The only real asset that has value is constantly being smashed. 

 

Sat, 03/01/2014 - 14:23 | 4493919 Freddie
Freddie's picture

He bought Heinz as a payoff to Kerry and his pals.  Piece of shit.

Sat, 03/01/2014 - 14:01 | 4493865 LMAOLORI
LMAOLORI's picture

 

 

@Nozzle

ROFL that's some skewed logic when over $1.5 Trillion in forclosed rotting homes are considered an asset.

Sat, 03/01/2014 - 11:23 | 4493274 no more banksters
no more banksters's picture

A more simple model in favor of the 1%

Maximum possible equality on the base - chaotic inequality in total and the extinction of middle class

http://failedevolution.blogspot.gr/2014/02/a-more-simple-model-in-favor-...

Sat, 03/01/2014 - 11:24 | 4493277 DaddyO
DaddyO's picture

...which has made the concept of capitalism a mockery as even a modestly sized counterrparty failure would collapse the system.

Anyone remember LTCM?

Could it happen again, most assuredly!

At this point it is only a matter of when...

DaddyO

Sat, 03/01/2014 - 12:46 | 4493571 Greenskeeper_Carl
Greenskeeper_Carl's picture

Oh it will most definitely happen again. My favorite line s has to be about "who has made money betting against America". Michael burry comes to mind, he made a killing. And I wish people would quit saying betting against America anyway. You are betting against the criminals on Wall Street and their govt / fed enablers ability to keep an economy running on bullshit and unicorn farts. And as long as they keep getting bailed out, this behavior will continue. These people get to keep all their gains to themselves, while their loses are socialized across the entire country, that is most assuredly not capitalism.

Sat, 03/01/2014 - 17:19 | 4494545 GhostInTheMachine
GhostInTheMachine's picture
@Greenskeeper_Carl

Tru that bro, two thumbs up for the Burry reference, they guy is my hero. Plus I read his MSM money blog entries on stocks and his strategy, I ' ve been using it ever since with profit. Great Guy plus Scion capital is up and running again. I think he is getting some money flowing in his direction. Thet way he's been treatee by the wall street guys show what wall street really is - a bunch of morons and douchbags (incompetent at that).

Sat, 03/01/2014 - 17:15 | 4494531 GhostInTheMachine
GhostInTheMachine's picture

LTCM was a bag of fun. Merton and Scholes got a bot to confident and at some point were making 40% annually. The usuall establishment was looking at them with envy. The way I see it, they did not bail them out fully since they got to influential. They had to go. But worry not if counterparty sinks the "friends of friends of FED" will surely not go down. They know when it will rain and they got their money printing arc.

Here's some trivia - they went to Buffeet to bail them out, Uncel said no. Then they went to none other than Soros, he said if they get half he will give them other half (Knowing that it owuld not happen).

 

Sat, 03/01/2014 - 11:24 | 4493278 Dollarmedes
Dollarmedes's picture

Long statism!

Sat, 03/01/2014 - 12:50 | 4493588 williambanzai7
williambanzai7's picture

Sat, 03/01/2014 - 15:15 | 4494067 Atomizer
Atomizer's picture

Grandpa wants to break the newz by using soft tones.

Sat, 03/01/2014 - 11:28 | 4493286 easypoint
easypoint's picture

Warren was born during the eve of the great depression. He came of age about the time WWII ended. When his investing career began buy and hold good companies was a pretty fool proof plan. Up until 1964 you could walk into a bank and exchange a ten dollar bill for a roll of quarters that had a silver content of 7.15 ounces. Money was still money (more or less) for the first 25 years of his fabled career.

He is now simply a crony capitalist playing the long side. I seriously doubt that his success could be duplicated if he started from scratch today. Nonetheless, he will be worshipped at the altar of corporate state capitalism for the forseeable future.

Sat, 03/01/2014 - 14:09 | 4493882 Next to Arch Stanton
Next to Arch Stanton's picture

Analyzing the return trends validates your point; his best years of outperformance were the first 20 (14.7% better than S&P).  After that, his absolute outperformance versus S&P narrows every decade.  Since 2006, 3.7%.  Even Crony Capitalists have difficulty outperforming in a manipulated, Fed-warped market.

Sat, 03/01/2014 - 15:45 | 4494158 Its Only Rock N Roll
Its Only Rock N Roll's picture

I disagree as corporate state capitalism is on the verge of collapse.  Uncle Warren will go down vilified and remembered for the crony capitalist he is.  He will suffer the same fate as Joe Paterno.  Held in reverence for decades as a demi God only to die a despised individual. 

 

Sat, 03/01/2014 - 11:33 | 4493307 greatbeard
greatbeard's picture

Nobody has stepped up yet?  I will.  Fuck Warren, and fuck Munger.

Sat, 03/01/2014 - 13:36 | 4493793 just-my-opinion
just-my-opinion's picture

That dumb ass...got out of those papers while the net spent it all...Now look at the tech....app...anyone

Sat, 03/01/2014 - 11:35 | 4493313 buzzsaw99
buzzsaw99's picture

america's best days lie ahead.? what a maggot.

Sat, 03/01/2014 - 12:08 | 4493432 Mrs. Haggy
Mrs. Haggy's picture

Yeah, that one really made me cringe.  He's sick.

Sat, 03/01/2014 - 13:02 | 4493631 JonNadler
JonNadler's picture

yeah, America best days also  lay ahead in 1859 and 1929

Sat, 03/01/2014 - 13:50 | 4493840 greatbeard
greatbeard's picture

>> best days lie ahead.

Technically, that really depends on what you're definition of "best days" is. If you are a .01%er, the best days just migh lie ahead.

Sat, 03/01/2014 - 11:42 | 4493342 autofixer
autofixer's picture

Warren Buffett, crony capitalist.  

Sat, 03/01/2014 - 11:53 | 4493375 A Nanny Moose
A Nanny Moose's picture

Technically we've amassed $17T in debt over the last 179 years.

Sat, 03/01/2014 - 12:53 | 4493604 Greenskeeper_Carl
Greenskeeper_Carl's picture

IMO neither of those numbers are important, it's what has happened since the federal reserve was created. We have increased it by 5000% and lost 96% of our purchasing power in that time. I think we have passed the event horizon on this one, where we are going to double our debt about every decade, and it's going to keep getting worse as our population ages, and the 200T in unfounded liabilities start to come due. I dont care what the CBO says, we will double our debt again by 2022 or so. Obviously this can't go on forever, and when that realization reaches the average person it isn't gonna be pretty.

Sat, 03/01/2014 - 15:20 | 4494082 easypoint
easypoint's picture

Halfway up the compound interest hockey stick at least.

Sat, 03/01/2014 - 11:58 | 4493396 Seasmoke
Seasmoke's picture

That BOA deal, is a dirty deal !!

Sat, 03/01/2014 - 11:59 | 4493404 buzzsaw99
buzzsaw99's picture

In the midnight hour, buffett screamed MOAR MOAR MOAR! With a rebel yellen, he want MOAR.

Sat, 03/01/2014 - 12:15 | 4493461 ParkAveFlasher
ParkAveFlasher's picture

Trading with myself, uh uh oh, trading with myself, and if I had a fed, I'd simply sell again, cuz I be tradin' with myself uh uh oh oh....

print print print print print printprintprintprint wooooo

Sat, 03/01/2014 - 13:04 | 4493638 Emergency Ward
Emergency Ward's picture

There is nothin' fair in this world There is nothin' safe in this world
And there's nothin' sure in this world And there's nothin' pure in this world
Look for something left in this world......Come on
It's a nice day for a SHOTGUN YELLEN white wedding

Sat, 03/01/2014 - 12:07 | 4493428 Traianus Augustus
Traianus Augustus's picture

But he looks like such a nice man!

Sat, 03/01/2014 - 12:07 | 4493429 quasimodo
quasimodo's picture

"America's best days lie ahead" 

I would agree with uncle fester on that point, but what the old fuck forgot to add to that statement was "for the one percent of us".....not us maggots.

Sat, 03/01/2014 - 12:09 | 4493437 Captain Willard
Captain Willard's picture

He has underperformed the SP500 over the last 5 years, even with the help of the big sweetheart deals in Goldman Sachs and BofA. Without those, he would have done even worse.

And he is looking for a Bear on his stock to bait at his annual meeting. Perhaps he should just invite the manager of the Vanguard S&P 500 Index fund.

Sat, 03/01/2014 - 14:37 | 4493943 Pee Wee
Pee Wee's picture

Ain't saving the corrupt rich from themselves fun?

Next it's war to save them.  Your blood not theirs (of course).

Sun, 03/02/2014 - 02:37 | 4496201 mollon
mollon's picture

He doesn't invest to outperform the market annually. His  goal is very long term. I would say at least 10 years. I like index funds but they performed horribly between 2000-2010. In the same period BRK has done an excellent job. 

Sat, 03/01/2014 - 12:10 | 4493442 franciscopendergrass
franciscopendergrass's picture

Doesn't this make Warren a modern-day robber baron?

Sat, 03/01/2014 - 12:15 | 4493459 ParkAveFlasher
ParkAveFlasher's picture

doop

Sat, 03/01/2014 - 12:17 | 4493465 elwind45
elwind45's picture

I saw a long line of his coal trains heading south empty. .my q. Is why? Empty trains cost not make money or is eye missing something? Went to a garden party there sat Warren be good

Sat, 03/01/2014 - 12:30 | 4493499 elwind45
elwind45's picture

Do you ever wonder why you didn't pick up for Lehman? It was about to run its course and you were relaxing and garden partying not a care? Now your number is tarnished enough that if you pull same stunt again well does Dobbs and/ or Beck ring a bell? You and the rest stillhad a chance to really roll this ball into the once in a lifetime and yet sold out your soul and country? Alas relaxing not just in a lawn chair this century does favor you

Sat, 03/01/2014 - 12:36 | 4493542 Who Laughed
Who Laughed's picture

Heinz -canned food

Coca-cola -water

 

Getting ready for something...

Sat, 03/01/2014 - 12:54 | 4493609 RafterManFMJ
RafterManFMJ's picture

Could you edit you post? It's not vague enough for me.

Sat, 03/01/2014 - 15:20 | 4494079 Atomizer
Atomizer's picture

His/or Her post is blatantly obvious, read between the lines.

Mon, 03/03/2014 - 03:43 | 4500567 Who Laughed
Who Laughed's picture

haha, wouldn't have picked buffett for a prepper

Sat, 03/01/2014 - 23:49 | 4495761 MeelionDollerBogus
MeelionDollerBogus's picture

me! me!! I got it!

Green eggs'n'sarc-sarc-sarc 'n' spam.

Sat, 03/01/2014 - 12:59 | 4493627 jayman21
jayman21's picture

Any word in his letter about blocking the pipeline from Canada to the US so his rail cars stay full?  I believe his quote was not quite juicy returns, but close when he bought the railways.

Sat, 03/01/2014 - 13:21 | 4493713 Emergency Ward
Emergency Ward's picture

That's only until he can buy some pipeline rights-of-way on the cheap while it looks like the pipeline will be blocked....he has Hillary in his pocket when the time comes for approvals.

Sat, 03/01/2014 - 13:45 | 4493822 TheRedScourge
TheRedScourge's picture

He bought Suncor too though, so really he is already playing both sides.

Sat, 03/01/2014 - 18:55 | 4494932 Blankenstein
Blankenstein's picture


 

http://www.cbc.ca/news/business/warren-buffett-invests-1-4b-in-pipeline-...

"In yet another oil-related foray, Warren Buffett’s Berkshire Hathaway has paid $1.4 billion US for a business that makes chemicals to improve the flow of fluids through pipelines."

"He also has publicly endorsed the Keystone XL pipeline, which would carry oil from Alberta to refineries in the southern U.S."

Sun, 03/02/2014 - 09:33 | 4496634 jayman21
jayman21's picture

He is building a narrative to buy and sell at the right times.  "Publicly endorsed" are the key words.  Behind the curtain is what is more interesting and the actions that follow.  Maybe he is getting ready to sell his railroads and we will hear once again he is a value investor when the real value was blocking a pipeline for a few years while the railroad makes above average returns and then is sold off.  Not typical value investing.

Sat, 03/01/2014 - 13:29 | 4493761 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

 I read through all of the posts, so if I missed it sorry.

Fucking die already Buffett.

Sat, 03/01/2014 - 14:20 | 4493907 Semi-employed W...
Semi-employed White Guy's picture

Fuck that fat fuck!

Sat, 03/01/2014 - 14:31 | 4493941 Rising Sun
Rising Sun's picture

Hey Warren,

Have you blown up enough trains yet?

Think it's time for some pipelines?

 

Sincerely,

 

All the fucking people who have died from trains blowing up.

Sat, 03/01/2014 - 23:47 | 4495752 MeelionDollerBogus
MeelionDollerBogus's picture

Careful what you wish for. The oil industry plans to use eminent domain to own the land under the rails to run pipelines there. One bad spill or boom & you lose the pipe & the rail at the same time.

Sat, 03/01/2014 - 15:06 | 4494036 Gordon_Gekko
Gordon_Gekko's picture

Fuck off, Uncle Warren. Rot in hell, you asshole.

Sat, 03/01/2014 - 16:36 | 4494346 Tooter McGooter
Tooter McGooter's picture

Why the H does BRK not pay a dividend?

Sat, 03/01/2014 - 17:11 | 4494506 GhostInTheMachine
GhostInTheMachine's picture

I read Micheal Burry saying the Buffett said that if he (Warren B the Geico DJ) would start with 50 million now he could grow his business by 50% annually. Now I dont know if he could do that but he has some half a decade of doing just that so, you know, I dont know. But I have a suspision that he could make some money. Burrey was able to multpily his clients money by 500% in less than 10 years (but he made the bet against CDS so to that kicked his portfolio a bit)

Dont bitch abut Warren B. the so called "rare birds" opportunites come up every now and then on the stock market even in my shitty country and you can make money on them. You can use the calculation method that WB uses, its not rocket science Burry's got a reading list, and there are blogs and books to lern how to discount future value.

Burrey -http://www.valuewalk.com/michael-burry-recommended-reading-list/

Buffett -http://buffettfordummies.blogspot.com/

 

Sat, 03/01/2014 - 17:44 | 4494648 hangemhigh77
hangemhigh77's picture

Fuck you Buffrat, you're just a crony capitalist taking bailout money from the taxes haed working people pay into this corrupt shitty system that you benefit from.  I hope you get brain cancer you fucking insider trading corrupt parasite.

Sat, 03/01/2014 - 18:59 | 4494948 Atomizer
Atomizer's picture

Warren Buffett (1962) talks about a brief stock market drop

 

We didn’t have the Federal Reserve Quantitative Easing back then. What makes you think the road to DOW'n Jones Equities recovery is safe today?

Sat, 03/01/2014 - 20:11 | 4495139 mumbo_jumbo
mumbo_jumbo's picture

"Indeed, who has ever benefited during the past 237 years by betting against America bailing out those that it deems worthy"

 

i finish that sentence for him

Sat, 03/01/2014 - 23:28 | 4495677 assistedliving
assistedliving's picture

In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are
potentially lethal.  (2002 letterhttp://www.fintools.com/docs/Warren%20Buffet%20on%20Derivatives.pdf)

what is his current position again?

http://ftalphaville.ft.com/2013/12/19/1729152/the-buffett-difference-der...

 

 

Sun, 03/02/2014 - 07:43 | 4496495 The Shape
The Shape's picture

Fucking disappointing that this Ukraine shit means Andrew Ross Sorkin ain't getting enough publicity for being a total cocksucker.

http://www.thebaffler.com/past/deal_me_out

Sun, 03/02/2014 - 08:35 | 4496539 Its_the_economy...
Its_the_economy_stupid's picture

i find it interesting that WB spouts off constantly about value investing. He has a crew arouind him that he talks up and by association must know more about value investing than any other group of managers. yet... in his letter above, his will instructs that his legacy go into an S&P fund w low cost structure.

What doe this say for his crew's ability in his absence?

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