The Wisdom of Warren Buffett
There have been plenty of times recently, where Warren Buffett and I have been at odds. He doesn't know this, of course, but I have debated Warren long and hard in the comfort of my living room on the one-way medium of my TV.
I have no issue with Buffett's investing style or results. In fact, I do everything I can to mimick his style and his picks. My disagreements with Warren are political in nature. He was an unabashed supporter of Barak Obama for the past two years. I had great reservations about our then "President-to-be" based on what I perceived was a commitment to an ideology that was unfriendly to our economic system. Those reservations are being borne out. Warren Buffett wrong, at least on the narrow (but very important) point of Obama's capability of caring for our economy in a time of crisis.
Today, I am vindicated. He came out this morning on a series of interviews on CNBC and indirectly criticized the Administration and the Congress for a lack of focus and cooperation on the most important issue of our time: the Financial Crisis and resultant Depression.
Listening to Warren is more interesting than reading me. So I will use the rest of this post to link the most interesting of his interview segments. There was almost three hours of segments done by Buffett, so if you like hearing what he has to say, you can go to CNBC.com and view them all.
Warren says that no one is immune from the effects of a financial meltdown. Even the wealthy and powerful are frightened at a time like this.
Warren says: "The banks should get back to banking". I have been beating this drum for months now. We need to reinstate "Glass-Steagall" or something similar, that regulates the banks and separates them from riskier investing businesses. Getting rid of mark-to-market would be a good short term fix.
Warren also talks about what he did wrong the past few months, the mistakes he made. Buffett is always straight up about his errors and that it is part of being an investor. If he can make mistakes, we all should expect and accept them.
Related posts:
