I agree 100%!!!!!!!!! There are too many whiners out there imo. Trade, spend, and live no matter the environment! ALWAYS overcome!!! Ooh rah!!!!!
Perhaps he is just talking his book? What I mean is he is a deep value player.... What would be in his best interest?
Buffett is one of us. Apparently the housing crisis has forced him to live in his 50 year old house just when he was ready to retire to some nice warm place.
The economy is deleveraging - from hedge funds, to investment banks, to the average schmoe in the liquor store. Since '01, Americans geared up to the eyeballs on credit card, home loans, CDO's or just plain inflated stocks, and when the other shoe drops, this economy is in for one hell of a shit storm. Pick any barometer of economic health - the dollar, inflation, debt vs equity, confidence, commodities, trade deficit, Government spending - its all headed off a cliff. The Government intervened and saved the Markets from a major crash TWICE now. To my knowledge, thats unprecedented. The first back in March 06 - the huge down move..... PPT bought with force to restore confidence. Then again with the Bear buyout, socializing of junk paper to the Fed (that now Hedge funds think they're getting such a "sweetheart deal" on), slashed rates and rebate checks. Just wait until US Investment Banks clear all that shit onto the plates of eager Hedge funds and "savvy" international investors. Since the beginning of the housing disaster, the whole role of the Fed has been to shill for Wallstreet - to restore confidence in US Markets so WALLSTREET CAN UNLOAD THEIR SHIT DEBT TO THE NAIVE. Oh sure, the economy is okay now. But thats only because the Fed continues to prop it up!! When the Investment Banks are done, rates get jacked as inflation will then "be a problem". All those proud new CDO holders will crater into oblivion as will the now-teetering US economy. Wallstreet is a shell game. They own the Federal Reserve System. Thats not a figurative statement. Thats literal. Most Wallstreet firms or their parents own the Federal Reserve System. They engineer the booms and busts through liquidity creation and contraction. This time they got greedy. But when you own the Central Bank, you just bail your ass out. Then you prepare your next big meal.
Warren never buys Technology do you know that? He missed out on GOOG, BIDU, AAPL, RIMM and lots of others and over time 1000s of MSFT, CISCOs ..
He is is too stingy with his money that's why he is living in a dumpster bin for 50 years. People with $2 billion net worth like Donald Trump etc own and live on palatial spreads worth $100 million or so..attended by blonde butlers in black high heels and sumptious legs. Just look at Hugh Hefner worth less than $100 million he owns some good looking blonde grade A US ponies on a 5 acre spread in the middle of Hollywood. PS: I heard, he used to drive up a beat up car all by himself, often forgetting and sailing past stop signs...
Warren Buffet is the richest man and also world's great miser. Too frugal to spend money and not owning a laptop, he still circles his stocks from the newspaper delivered on his porch or maybe he bicycles to the nearest liquor store and buys it at the vending machine. He hasnot changed much with Technology still uses land lines and old typewriters and saves his coke bottles and cans in a trashbag..
http://wallstreetpit.com/the-us-economy-expanding-not-receding/ Only few weeks ago we were headed for our first-blown horrible recession in 16 years - according to predictions made by the economist elite at Merrill Lynch and Morgan Stanley. With the notion only couple of days ago reinforced by Warren Buffett in a CNBC interview. Media hysteria over the mortgage crisis has certainly misled countless people about prospects for the real economy. This naturally leads one to ask the contrarian question, - since when have the media and the Buffetts...
When you trade on a timescale of years or decades, the newspaper is as good as real-time quotes. I agree that the guy could use fewer fanbois, but of all the people who are overexposed on television, at least Buffett has done something with his life and has informed opinions (whether you agree with them or not) about many things financial. I wouldn't complain about seeing too much Warren Buffett at least until someone cuts off Paris Hilton's microphone.
Thank you, both for writing something reasonable and for making me laugh. The posts by (some of the) traders, who operate on a time scale of minutes, re Mr. Buffett and the recession, for which a time scale of years is appropriate, could not be more ludicrous.