========= May do well in the end; lots of long only funds pray it goes down so they can buy more of it.
Lol. You clearly don't understand what he did. Look at the deal in detail. Buffet will make out huge on this. Not to mention his 10 year call option to purchase 700 mill shares at $7.25. Cumm preferreds, not many get that. Believe me, I am not a fan of Buffet when it comes to his political views and recent voice in taxes, etc.
Buffett made over a billion in his first ten years in the market.. How are you coming along, there buddy?? Dont question Jagger on how to be a rock star Dont question Federer on how to win at tennis and you dont question Buffett on making money in the market. That being said, can he be wrong, sure, will it matter, no. Did he over leverage and bet all his marbles on this, no. I think topic is closed. EF
Servicing their customers LOL. Yeah, servicing them by charging them fees. This is only a start of what banks are going to do to screw people out of their money. http://www2.wspa.com/news/2011/sep/30/new-bank-america-debit-fee-has-customers-looking-o-ar-2490091/
I thought i had read different, but if you can verify it , i stand corrected. Still a great deal of money. even for ET traders, thats big money... EF
It wasn't billions. But remember 50MM was almost 50 years ago. He started with a hedgefund and when the hedgefund dissolved, he sold everything except Berkshire and GEICO. GEICO at the time gave auto insurance to army men and Berkshire made quality clothes. He then used Berkshire as his investment vehicle. His big coup was that he bought insurance companies for almost nothing (when you realized that they were positive working capital - taking in premiums but don't payout until much later). He used the insurance premiums to fund his acquisitions. You should read a biography on him. I read American Capitalist. He's a facsinating guy. A success in business but I think a failure as a parent, husband, and family man. He claims he sits and just drinks coke, but he actually does insane amounts of research. One of the executives of his divisions would complain that Warren knew this guy's financials better than him. But when his son broke his arm, warren couldn't be bother to put down his sec statements to tend to his crying son.