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Dan Loeb Slams Buffett For Being Habitual Hypocrite
Last week, we highlighted the latest example of billionaire hypocrisy, as Bloomberg suggested that George Soros — who ostensibly believes higher taxes on the wealthy would be good for society and for the economy — may owe nearly $7 billion in taxes. Soros, Bloomberg said, has for years exploited a loophole that allows him to delay paying taxes on management fees which, when reinvested tax free, have helped his fund grow to six-and-a-half times what it would have grown to had taxes been paid on the fees when earned. On Wednesday, another billionaire was called out for being a hypocrite and this time it was a fellow billionaire doing the finger pointing.
In an interview at the SkyBridge Alternatives Conference yesterday, Dan Loeb — who no one ever accused of mincing words — committed what to many hero worshippers will likely be seen as financial market heresy by accusing Omaha’s favorite octogenarian of habitual hypocrisy both in word and in deed. Here’s more from NY Times:
Mr. Loeb, who runs the $17.4 billion hedge fund Third Point, told an audience of hedge fund faithful on Wednesday that Mr. Buffett “has a lot of wisdom, but I think we need to be aware of the disconnect between his wisdom and how he behaves.”
He was taking aim at a public bet that Mr. Buffett made against the hedge fund industry, which Mr. Buffett believes cannot outperform the broader market and, specifically, the Standard & Poor’s 500-stock index.
Speaking to shareholders at an annual gathering for his company Berkshire Hathaway over the weekend, Mr. Buffett pointed out that the S.&P. 500 had gained 63.5 percent since 2008, while an index of hedge funds had increased by 19.6 percent over the same period.
On Wednesday, Mr. Loeb used his one-on-one interview at the SkyBridge Alternatives Conference, or SALT, to retaliate.
“I love reading Warren Buffett’s letters and I love contrasting his words with his actions,” he began. Lest anyone think it was a put-down, he quickly added, “He’s a very wise guy.”
But wise or not, Mr. Loeb had a few critical things to say about Mr. Buffett. “I love how he criticizes hedge funds, yet he had the first hedge fund,” Mr. Loeb said. “He criticizes activists, he was the first activist. He criticizes financial services companies, yet he loves to invest in them. He thinks that we should all pay taxes, yet he avoids them himself.”
To this, the audience erupted in laughter.
Hilariously, the comments came on the same day that saw yet another Buffett-owned, BNSF "bomb train" derail and erupt in flames, proving once again that transporting explosive liquids at high speeds poses a far larger threat to the environment than any pipeline, and suggesting once more that the perpetual White House Keystone XL veto has nothing to do with the environment and everything to do with preserving the Oracle's oil transit business, meaning Buffett-related hypocrisy is now transmitted through the words and actions of the most powerful man on the planet.
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On behalf of all of Nebraska, let me apologize for Uncle Warren.
Tom Osborne is not amused.
Billionaires turning on Billionaires. Hmmmm, wonder when the banks, including CB's, start to turn on each other. Stay tuned.
The rule to climbing the wealth ladder is to be kicking those off the rungs beneath you, especially the higher you get. Warren's methodology is to get there first, ring out the easy money and then explain how evil it is for anyone else to follow his lead. As it is with all of these assholes, the enabling factor is the press. For either ideological or financial reasons the press chooses to look the other way when this shit happens. The press is the propaganda arm that the tyrants use to rule over us.
i'll bet he is an avid church goer too. drink wine in the basement playing bingo, hit the bars and fuck a slezzy bitch and repent by noon the next morning. i am an upstanding christian, holyier than you cause i put some money in a plate and i am saved of my sins...
kinda describes wall st to a tee, just add coke and several zeros...
the human delema, fucking hypoooocritics...
If i remember Warren was also in the loop with Continuity of Govt implications on 9/11
All these hedge fund skimmers can choke on a bag of dicks.
Why not actually fucking make something you worthless fucks.
pods
GOT $75 Billion, Need Another $50 Billion, I Need It, Just Need It Need It...
He is an infected douchebag of greed masked as a kind old uncle. But in the dark corner of realitiy, he is a wealthy pedophile fucking the shit out of his 'kids.' Uncle Warren, your level of hell will be 10. The darkest and hottest.
gates, buffet and the those that want to 'give' their wealth...after they die to humanity...with a million strings attached....the longest being 'their' legacy and ego/image.
give your money today, if you are sincere. so afraid to die, they want their name to live on.
Old farts like Warren Buffet fall under the category of "Do as I say, not as I do". World will be a better place without them moving forward.
@RCcalhoun, actually it's not really that obvious or simple.
"Made" people kind of understand that their "making" is only safe keeping money for the big daddy who made them.
Take one mega successful financial success, anywhere in the world and there is a "hand that guides them" so to speak.
So, the charity route is standard for th emga-wealthy. Rockerfeller Foundation, Ford Foundation et. al.
They're just giving back, only not below, but back UP!
Meanwhile, sequence 16...another drum and flute twist...
https://www.youtube.com/watch?v=QKrzijChaYM
@ ORI
then why not give it while they are alive? why do they cling to greed and control while living? its a pile of bull shit.
Agreed RC, but that was my point.
THey are only apparently that wealthy and understand that their "colossal" wealth will always go back to the larger NWO NGO 1,000 point sof light.
Modern philanthropy is all about social engineering, not out of any kind of kindness or empathy.
In fact, Modern India has been completely molded by targetted western philanthropy.
Who slams Dan loeb for hanging out with Epstein and Dershowitz at the carribean pedo resort ?
Oy
Warren is a brilliant investor. Buy the Railroad that hauls Oil and have Obama veto your only competion the XL Pipeline. And when the Oil tankers derail, crash and burn all over the place have the media bury the story.
See brilliant investing.
Now that's a toughie, kill the XL and benefit Warren OR build it and benefit the Kochs. Billionaires to the left of me, billionaires to the right, here i am, stuck in the middle with you.
Somehow, I don't think that was a tough call for Obama to make.
While the Kochs are involved in a lot of deals, the XL pipeline wasn't one of them. The Kochs are the bogeymen of the delusional left.
http://www.politifact.com/punditfact/statements/2014/nov/19/thom-hartman...
You are wrong. Greg Palast, one of the last remaining true investigative journalists explains it for you. And BTW, the author of that piece you linked didn't say they wouldn't make money, just not what some have estimated.
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&I...
I'm so glad that the last true investigative clairvoyant journalist explained in detail how bad the pipline safety record would be if built; leaving me with the assumption that Uncle Warren's train wrecks are a better alternative. Love the added investigative journalism.
Venezuela? Meh. USSA is going to import from somewhere to keep its refining busy. Oil is a geopolitical tool of our masters.
I don't want to build a pipeline to carry other peoples shit, period. I'd prefer Warren and the Kochs both lose.
No, you are wrong. The link you provided is to a leftwing fringe site and the author clearly has a bias.
Here's what the Washington Post had to say about the Koch Brothers and the XL pipeline:
"The link between Koch and Keystone XL is indirect at best. Koch’s oil production in northern Alberta is “negligible,” according to industry sources and quarterly publications of the provincial government. Moreover, Koch never reserved any space in the Keystone XL pipeline, a process that usually takes place before a pipeline is built. The pipeline also does not run anywhere near Koch’s refining facilities."
http://www.washingtonpost.com/blogs/wonkblog/wp/2014/03/20/the-biggest-l...
You seriously quoted the Washington Post, that's hysterical
Warren was heavily invested in AIG. That's all you need to know!
I Try Not To Be A Hater, But Mother4fucker Its Hard When You Read About What These Fuckers Are All About...
I gave up trying, which was actually quite easy for me 'cause I never really tried all that hard to begin with. I hate 'em all.
Dan Loeb better stay out of the gym, especially avoiding treadmills.
Does Dan have a brother Larry who will beat the shit out of him too?
No, but he has a brother Darryl, and another brother Darryl.
Buffett is all for estate taxes----becasue he has insurance companies that sell a lot of insurance to cover estate taxes and further the life insurers have a tax break that at death there is no tax on the payout.
I do not care that Buffett takes advantage of the system--however just do not boast about what we should be doing and be the hypocrate that Loeb is saying.
I am so sick of everyone in the MSM fawning over this guy. He's an old fuck who managed to invest a lot of money during the golden age of investing. Then he managed to buy and influence politicians to bail his ass out. I see no difference between Warren and a TBTF bank. These old arrogant, greedy, fossils never seem to go away.
Better care. This 'system' is the fruit of 'Satan' itself. Either you're part of the problem, or part of the solution...
lol Warren Buffet the insider access man
and the sheeple worship his ass
Crony billionaires have always promoted all forms of socialism because it helps them control the people, and some of them, like Buffet, are apparently afraid of the people and don't want to be first on the list if the people ever wake up, grow a pair, and side with the people instead of the cronies. BTW, are there an billionaires who are not cronies?
Maybe the reason Bufft owns the trains is to make sure they have accidents that make a pipeline look better, and o course he would profit from the pipelne. He is a crony after all.
We all want "fairness" rules after our coffers are full.
Like the people that buy the first McMansions on farm land and then vote to block further development to keep the land pure?
most people suck ass
while the rest, unfortunately, end up taking it in the ass.
Agreed. I can't wait for the EMP.
As soon as a slight personality conflict rears up, end it right way with a POW!
Actually those McMansion motherfuckers usually buy the farm land, build their bullshit, then start crying about the smells and sounds of agriculture, and try to get government to drive or regulate real farmers out of business!!
Atheists rule this world for a short time.
C. Knob "Atheists rule this world for a short time." What the fuck is that supposed to mean?
Eventually we all die and meet our maker.
Don't do as I say. Do as I do.
Some people can be fooled all the time.
For all these crony capitolists who say they should pay more more taxes: You may send a check to the US treasury anytime you want. They will accept it. Infact, they preffer you do that instead of sending checks to a 501c3s where your buddies work on rescuing stray cats who have been abandoned by their owners on mars.
You see, some day, somebody will abandon a cute kitty or puppy on the surface of mars. Just like someday they will fix the tax code. We need to be prepared. All these "alpha males" are supposed to be about bold leadership. Do it warren. Do it Soros. I dare you.
Cue Sarah McLachlan music.
"Surfacing is my favourite Sarah McLachlan album" John Beckwith in Wedding Crashers.
As with all leftists it is 'do as I say not as I do'.
Talk about a false god, Buffet is the essence of this and quite honestly has no basis in reality as to what the world is actually about and how the average person lives.
Buffet is not smart at all. He made a bet on America in the 60's and 70's when the market was fragile. It worked. And now for his next trick........still waiting
You are mostly right, but IMHO I don't think he thought the market was fragile, but he thought he could make us think it was fragile, and that he was a risk taker. We have been under Keynsianism since Bretton Woods. He always knew that corporations will be bailed out by future generations of taxpayers, at the end of an IRS gun. The debt is now 18T+. That's why they are stock piling hollow point ammo.
his secret is simple, buy and hold through thick and thin. he never had to sell. most investors sell way too soon. king of the ten plus baggers. that is all i'll give him. otherwise he represents almost everything i hate...
Actually, his secret is simple but not as you describe. It is to buy and get subsidized by government so you never have to sell because you will always make money you didn't rightfully earn.
He's a connected socialist who knows how to work the back alleys of DC and get on the dole.
It's easy to win when government guarantees you will win.
i describe him early in his career, insurance jobs-ha,, but his strategy evolved to just as you describe-crony investing with ass covered by bought and arm twisted scum fucks called politicians..
http://www.nydailynews.com/news/national/n-teacher-pleads-guilty-sex-2-students-article-1.2178246
Buffett is a legendary investor. He is also an insider who pretends to be an outsider.
The goverment uses Buffet as a private front to bail out connected companies with tax payer dollars.
Goldman Sach of sh&^t and Bank of America are two companies that would not have survived 2008 without Buffett.
Now hurry up and die you fuck and take Greenspan with you.
Buffet is a kook that lives in a weird house. Likes to screw with everyones life.
In short, he's a progressive republican that will do damn near anything for the Obama administration.
The oil must flow, we prefer trains over pipelines. So what if they blow up every once and a while? It's still safe, as long as you're not in the blast zone.
He's also a junk food pimp selling illness and early death for profit.
I wonder why he hasn't got into the healthcare business big.
Yes, pulling the strings from behind the screen while pretending its all just luck and intuition.
Welcome to the "Do as I say, not as I do" oligarchy that we've been subjected to for decades. There might be hope for you yet!
Naw, who am I kidding
So, the mask is coming loose, huh? "Grandpa Buffet" revealing his darker side...
Btw,, where's Becky Quick this morning? Hopefully not hanging from a meat-hook in Buffet's basement as he dons the Gimp mask and chooses his instruments...
The only way Soros and Buffet could still be alive today is with a direct pipeline to the Chinese organ donor farms.
BRK, Berkshire Hathaway, has a share price of 216,620 dollars, down 1,380 dollars.
Back in 1988 or so, the price was at or around eight grand per share.
Looks like an increase of some 27 times per share.
Must have done something right.
Inside information is king
Maybe he'll get his head caught in a noose while reaching for a baby flavored ice cream cone.
Being bailed out by the US taxpayer sure helps.
probably got a lot of ignorant wonks like yourself to worship at his feet..
The Mercenary Trader guys perfectly called out Warren Buffet a few months back.
They bascially called him a snake who uses his charm and folksy nature to hoodwink owner/operators to sell to him for a lowball price rather than to get in bed with the nasty Wall Street sharks.
But as the guys pointed out, if these owner/operators had employed the sharks to sell their firm they would probably sell it for a much better price and in turn would keep one of the biggest sharks around, Warren Buffet, from lowballing them.
The trick of course is to know they're sharks before you deal with them, if so one can handle them.
This is what we have all come to expect from the cabal.
At this point I am really past being shocked.
dick, I know a nebraskaette, who glows red if I say anything negative about buffett..go big red, still have not been able to induce a stroke in this idiot, but I keep trying..munger and buffett's pr firm needs a tune up.
Good for this guy!
I love it when the rich start eating their own. I see a nail gun in Loeb's future...
I'd rather it was Buffet's future.
" Buffett-related hypocrisy is now transmitted through the words and actions of the most powerful man on the planet."
Ok, where do I send the bill for my new keyboard?
Buffet backs the communist oligarchy in the USA. He's a public enemy, not merely a hypocrite.
Bad day at La Bourse, Dan ..... Zoros, Buffet .... we are all Capitalists by nature .... some of us don't know ourselves !
I just happen to be .... the purist, deepest natural Libertarian .... I can't expect people like Buffet .... to live on my budget !
Zero Hedgers are the real hypocrites. They'll tell you they want a government with sound fiscal and monetary policy - and then exult at the prospect of QE4, accelerating inflation, etc.
Which is it, Zeroes? You want gold to go up or you want debt to come down?
I would rather debt to go up, and gold to be suppressed.
Do I win something?
Why is it when the Fed fails to launch the next QE or the government fails to manage to post as big a deficit as predicted - why no praise or words of encouragement?
It's obvious why - because gold failed to go up and that's all Zeroes really care about.
Do you really think we can stop printing?
Are we going to finance the free cell phones with money out your wazzoo?
Why are you trolling this site?
Apparently the money is good.
I want the government and Fed to stop manipulating the markets, directly or through their proxies. Price discovery.
There's either a nail gun in Loeb's future, or he had better stay out of his mom's basement when wearing pyjamas. smirk.
A tank breakdown turned out to be a planned event.
Yes, RT wrote it, so it must be true!
Remember what I said about MTBF (Mean Time Between Failure)? MTBF means a heavy tank is going to break down often. I recently remarked that since Russia is basically broke, their maintenance program is not, how do I say this not in a mean way, top notch? Shiny new toys that are not maintained break down.
But I can’t believe the announcer actually said this was a planned event. I hope they took the announcer out back and beat the snot out of him. Oh, sorry, he’s not an opposition politician.
*cough* I am so embarassed for RT. I can’t believe they actually printed that!
I haven’t heard so much bullcrap since my last trip to a farm.
Russia fail.
http://toinformistoinfluence.com/2015/05/07/brand-new-t-14-armata-tank-b...
State-owned media outlets say the darnedest things!
Short of potatoes today in Latvia?
Hey thanks for the link to the actual RT story jackass. Did RT report what the announcer said or was RT the announcer? Your comment implies that RT was both the announcer and the reporter.
Fvck'em both! Never work a day in your life and be rich and live forever. Work your ass off your whole life and die early and poor.
even the jewish controlled news papers in Germany are bringing now stories about the comeing crash!
"Es wird zu einem großen Crash kommen"http://www.welt.de/finanzen/geldanlage/article140550440/Es-wird-zu-einem...
Cancer please get cancer.....
When then the fuck are these old assholes like Koch, Buffett, Munger, Soros, Murdoch, Adelson just going to fucking die?
It doesn't make any difference because someone else will just take their place. More often than not, our dreams are replaced by regrets.
I agree that Buffett seems pretty hypocritical sometimes, however I really dislike people criticizing his tax activism. Tax compliance and tax activism are two different things. Advocating for the wealthy to pay higher taxes is one issue. Minimizing your tax burden while staying in compliance with the current law is a completely separate issue. I don't agree with the people who say Buffett should voluntarily donate his money to the US government through paying extra taxes. He want tax rates generally including his own to be higher, but I don't see why that obligates him to pay money not required under the current system. He pushes for what things should be and deals with them as they are. Where is the hypocrisy?
Way to late for you to be pulling April fools jokes
At the Congressional Hearings in 2008 Bernake told the Assembly the Fed wanted $750 billion for American and European banks and they'd pay it all back, by selling the distressed real estate to the highest bidder. A lot of the Congressmen invoked the name of Warren Buffet. "Well, Warren Buffet told me..."
So, what does that tell you?
https://www.youtube.com/watch?v=bPHuFVE07eA
But he looks so "quaint & cuddly" with Becky Quick on CNBC while eating an ice cream cone; he's the definition of "crony capitalist" and without government largesse BH would be totally different.
www.traderzoo.mobi
Buffett is a part of the elite population that directly benefits from the easy liquidity conditions created by the FEDs which lead to a lower standard of living for the rest of the citizens. The poor people in any country live hand to mouth and do not contribute to tax revenues. The others who earn their living by small businesses or salaries pay taxes at a much higher rate than the rich individuals or big businesses. This is due to the loopholes in the taxation system which enable them to declare maximum profits in countries which have the least tax rates. So effectively in the long run the governments route the money collected as taxes from the middle class of people to the rich. We are in times of privatizing the profits and socializing losses for those who are well connected to the governments and the law makers.
http://www.marketoracle.co.uk/Article40231.html
??????? Who on earth be that then? And please, no bull-shit, be honest.
He is mr average in investor when he isn't as of late played off as picking tops and bottoms because I am doing it and tptb always got an eye on what I am doing and a long list of their middlemen needed between ones bedroom and their eyeballs raped of ambition!
WB is OK - Obama is the real dumb, black hypocrite
Buffet's "aw shucks" false modesty is the biggest form of hypocrisy. He deep down thinks he is such hot shit for being such a "clever" investor.
I'm not a billionaire, so this is not hypocracy:
Tax profits not wages and this whole shit-show will turn around in less than a year.
Better yet, tax sales as intended in the constitution and it will turn around in a year. Those that spend a lot pay a lot, those that don't pay little.
For a full fledged crony, WB is actually quite transparent.
and for all Buffy's jawboning about philantrophy he has yet to give a single dime to charity...and ofc once he's dead...we will suddenly find out he left charity nothing and everything to his kids just like every greedy fker out there..and being dead he wont give a shit about criticism.
That's some nice work, Dan.
Buffet is a total governement stooge. Our hedgefund underperformed the S&P from Jan 2013 to Dec 2014. This year to date we are up 37% and if you go from the beginning of 2007 we outperformed the Spoooz to date by over 200%. Kiss my ass Uncle Fuzzy Ass Hair
The Great Red Dragon (TPTB over the top 5 banks) created the little dragonettes (hedge funds) for one simple reason; no institutional investor would put their money in only 5 places. So they created over 8500 little dragonettes (and wantabees) so the institutions could claim diversity. Where do you think the hedge funds get their loans to leverage.
Exposing hypocrisy is always a good thing. It cuts through the BS and tells you a bit about a persons integrity.
Gee. Glad I'm not the only one who thinks so highly of the 'Oblivious' of Omaha....
Buffett has always made his money from government, starting with information from his father the congressman.
And accelerating through the government dominated market decisions of the 1960s and 1970s.
He deserves credit for knowing how to profit from his inside information.
But...
He has never made money from ex-governmental market moves.
When you have nutjobs like this pilfering the coffins of Chinese and emerging markets serfs of their uninvested petrodollars, it makes guys like Buffet look productive.
Son of a pro-gold senator. Buffett is, was, always will be, a creature of fiat. Without fiat currency, he would be well-off, not wealthy.
How unfortunate all the overseas accounts that were leaked by HSBC whistleblowers weren't made public. Could it be a lot of them were wealthy Americans that had been supporting higher taxes on the rich? Yeah, that would truly wreck the narrative they were pushing.
If Buffett blows up any moar trains, we're going to have to put him on the "NO" choo-choo-train list.