The TRUTH About Warren Buffett…GREAT rolodex and deep pockets always win!

Warren is not that special.  He is flawed like you and me.

He has the best lawyers, bankers and Fed officals money can buy.  He does not need Facebook.  He has a sick rolodex of FIVE. GREAT rolodex and deep pockets always win.

Warren did not nab any $LULU at $4 or $bidu at $100 or Google at $300.  He chose Ballmer and Gates.  Big woop.  Old fart with no balls or vision anymore.

He bought Goldman at $115 during the credit crisis.  It took serious balls I guess, but maybe inside information or just luck to not implode because the stock went to $50 and could have easily been gone.  I can get that 50 percent drawdown with any shmuck at Merrill.

He was not backing up the truck in late 2008 on startups, he was talking his book, one that still almost imploded as his financial stocks fell another 30 percent in the first quarter of 2009 (after his New York Times piece on why you should buy stocks). That’s talking your book to a big audience that likely barfed up the ETF’s they bought after that bought advertorial just three months and 30 percent before.

Today Michael Steinhardt calmly asked, why do we put Buffett on such a high pedastal.  The blogs say he ripped into Warren Buffett.  I don’t see it.

I don’t trust Warren Buffett, but I don’t trust anyone with my money. They just can’t possibly care enough about it as you do. I don’t know much, but I know this. I want to be the one pissing away my real money.

20 comments

  1. Davo says:

    But anyone who plays bridge and a banjo must be a straight shooter! Perhaps it’s because I’m not American, but I’ve never understood the reverence for that clown. His hypocrisy is there for all to see (ie. on derivatives, private jets, dealing with investment banks, etc). Unfortunately, he’ll probably be dead before Berkshire’s derivative book or overgeared insurance portfolio blows up, and his successors will wear the blame.

  2. Leonard Golub says:

    Warren Buffett has history’s longest best investment record, 20% a year for 50 years. He pays himself 150K a year, and his interests are fully aligned with shareholders. Anyone is free to invest with him, and there are no lockups. He doesn’t invest in anything he doesn’t understand. Those things he does understand, he buys hand over fist, like ALL OF BURLINGTON NORTHERN SANTA FE. These days, Buffett prizes cash flow that he controls, and prefers to get his hands on it by acquiring companies rather than taking passive positions. If you are a Berkshire shareholder there is no one more trustworthy, and many far less. Buffett’s writings over the years are generous, and in the spirit of a teacher. They are available to shareholders and non-shareholders alike. I watched Michael Steinhardt’s comments. They were utterly lacking in either grace or accuracy, and seemed to contain resentment, envy, and possibly greed. Howard can have Steinhardt. I’m keeping my Berkshire shares. Leonard M. Golub, CFA, New Capital Management

    • roger mason says:

      Leonard is full of baloney. look at a 10 year chart of Berkshire
      Hathaway (BRKA). He has made a pitiful, measly 70% in 10
      years- only 7% profit a year.
      Silver has gone up 780% in 10 years, or 78% a year. Warren
      and his senile partner Charlie hate silver and gold.
      Warren is a drooling senile old fart who has LOST money
      with BRKA the last three years. Look at the facts for yourselves.
      Roger Mason
      http://www.economicrant.com

  3. Hi leonard. It’s the game of money and I am not knocking his results. For style he gets a zero of late. His annual letters and reasoning is generally dead on with how I think though as well.

    I dont think you read my post well but thanks for chiming in.

  4. ivanhoff says:

    Buffett is a not an innocent little angel when it comes to money, but no billionaire is. His position gives him access to deals very few people have, but he has earned that position. He is not the best timer when it comes to buying and selling, but he is also smart enough not to put all his eggs in one basket. The fact that everyone talks about him, no matter in what light, is the biggest testament of his achievements. When you have $40 billion in cash to invest, many good deals have to be passed as size impacts exit strategy.

  5. Leonard Golub says:

    Howard, thank you, I feel I did read it, particularly “I don’t trust Warren Buffett.” Meaning, as I understood the comment, you don’t trust him to manage your money. But he has been nothing if not an honest steward of other people’s money, both as a hedge fund manager and as a controlling shareholder and executive. I have followed him since I was a younger man in the early 90’s. Buffett has built a 10k stake in the 1950’s into a $50billion one purely on investment, not entrepreneurship or inheritance, and as a result I don’t think there’s been anyone like him, and the fame is deserved. And I imagine that’s what grates a guy like Steinhardt, or at least that’s what it looked like to me. It didn’t take much courage for Steinhardt, or anyone, to bash Buffett when he hasn’t had the best few weeks dealing with the Sokol problems. And frankly I think Sokol broke the law, and I imagine we haven’t heard the last on it from Buffett. But those of us who know just how astounding and almost absurd his long term record is know he’ll manage out of it with integrity and what’s best for shareholders. The annual meeting will certainly be interesting…Best, Leonard

  6. TWWMainStreet says:

    Wow, how do you really feel Howard. I was surfing the web based on info I was looking for and found your rant I mean blog. I find it refreshing that you have no qualms about tearing down what you consider to be a false front (Warren Buffet public perception). I have to wonder what your motivation is? Elevation by subtraction or exposure by controversy. Regardless, I look forward to your next “expression”.

  7. Jbeyer says:

    “I don’t trust Warren Buffett, but I don’t trust anyone with my money. They just can’t possibly care enough about it as you do.”

    Warren has all of his wealth in BRK, so he’s looking after your money just as well as he’s looking after his own. Horrible point.

    “He was not backing up the truck in late 2008 on startups”

    Are you kidding Howard? With 1 billion in cash streaming in monthly, you think he has time to be investing in companies like StockTwits? Warren’s investment strategy is very clear. Startups never have been, nor ever will be a part of his strategy. And I think his record shows that you can do just fine without them.

  8. guest says:

    Warren Buffett is a great big investors. I hope he is willing to invest in obat keputihan gatal berbau

  9. putriasfihani says:

    warren buffet marvelous indeed investors that crystal x di jakarta and obat gatal gatal di selangkangan is so idolized.

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