Wow...great link, good article. I didn't think the fat bastard even knew options existed; I always thought they were one of those things that the owner of a furniture company thought were just way too risky...
Of course Buffett is going to say nuclear attack is a certainty. It has nothing to do with his portfolio or crazy puts he might've bought. The man is, at heart, an insurance salesman. If you are building a 100 story building he wants you to call him about nuclear attack insurance. And he is going to charge for it. Already he is insuring the next Olympics and this year's World Cup against terrorist attacks and nuclear attacks. If he had said, "forget it. Nuclear attack. Not gonna happen" he would get less customers and he would have to charge less. Simple. Does Buffett have any knowledge whatsoever about this? No. He did say, though, on 9/12, that Berkshire would be wiped out if there was a nuclear attack. He's just trying to protect himself now.
great. what we need is this oracle, who is all nice and hedged, (and maybe short, too?), saying to the <i>world</i>, 'um, yeah, theyre gonna nuke. right here in one of these two spots, too.' it's a like a little old lady walking down a bad street. she has .357 in her purse. She looks at the kids in the hood and says, 'I just know you're gonna steal all the money I just got from cashing my social security check.' sure, it <i>could</i> happen. but to go short and then say it <i>will?</i> I think that's irresponsible, given this man's influence and the volatility of the terrorist mind. But The Oracle might have good reason to be concerned, even from Omaha. Did anyone notice that there was a mailbox bomb placed in Nebraska during the BK shareholder's mecca? :eek: <b>edit</b>: actually, it's more like the lady saying, 'I just know you're gonna steal all the money from that lady two blocks behind me who has all the cash in her purse.'
quote: Originally posted by nitro Magna, I was considering changing my handle to "Huge Rod" Is that OK? ...................... Quote Not quite as ingenious as Rod Shaft, and hardly as subtle, but equally effective.. .............................................. How bout "Dick Steel".
Rigel, I like it. You and nitro are da men! Of course, out of decency we have to acknowledge Rod Shaft for his inspiration....
I agree. All kinds of smart people say all kinds of stupid shit all the time. Like when my neighbor (who doesn't work in the markets) tells me what the market's going to do for the next 5 years - he's normally a smart guy IMO, but when he talks about the market he sounds like a complete jackass. (He parrots what he reads in the financial papers). I'll leave it to the NSA to tell us when we're gonna get nuked.
he doesn't just own insurance company stocks, he owns the biggest reinsurance company in the U.S. and he needs to raise the premiums.
As I mentioned earlier, since the losses on 9/11 Buffet's holding company Berkshire Hathaway has a clause for all policies excluding damages caused by nuclear, chemical and biological attack. So while he may not be innocent, his pronouncement will do nothing to raise his insurance premiums.
well, i was speaking of re-insurance, or insuring the other insurance companies. If every p&c policy out there excludes big attacks like that, then there might not be a problem, but i doubt that is the case. In any case, fear makes people more willing to pay higher insurance premiums. Anyway, i just thought of a good scam! Sell nuclear bomb insurance! If it doesn't happen, then you keep all the money. If it does happen, well run for the hills with your shotgun just like everybody else.