the buffett cultists ripped the magazine saying they just didnt get it how buffett would use the crisis asn opportunity to grow berkshire, guess whos laughing now http://online.barrons.com/article/SB119767697474830557.html
This bust isn't just about subprime. Its the bursting of a super-mega-credit bubble dating back to at least 3 decades and probably longer. This collapse is in the process of destroying every single icon and business associated with that bubble. The two largest shibboleths associated with the super-mega bubble are "buy and hold" and "buy the dip". I can think of no bigger symbol of this than Warren Buffet (Bill Miller is close and we know what happened to him). This collapse will be over when belief in Buffet and his creed is shattered. It looks like that process is well underway.
I don't know who is laughing now. Only time will tell but I know I am laughing at the headline Berkshire Hathaway looks overpriced, even after factoring in the legendary talents of its CEO. For better value, consider AIG and Wells Fargo.