This link has been bookmarked by 23 people . It was first bookmarked on 14 Apr 2008, by Frank Baxter.
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07 Mar 09
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30 Nov 08
With Wall Street in chaos, Fortune naturally went to Omaha looking for wisdom. Warren Buffett talks about the economy, the credit crisis, Bear Stearns, and more."><meta name="KEYWORDS" content="Warren Buffett, Buffett"><meta name="AUTHOR" content="By Nicholas Varchaver, "><meta name="SECTION" content="news"><meta name="SUBSECTION" content="newsmakers"></head><body onLoad="cnnHandleCSIs();"><div id='diigo_sta' style='border-bottom:1px solid #888;margin-bottom:5px;position:absolute;top:0;background-color:#fff;z-index:999;width:100%'><p style='font-size:14px;width:100%;margin:5px 10px;color:#666'>This is a cached version of <a href='http://money.cnn.com/2008/04/11/news/newsmakers/varchaver_buffett.fortune/index.htm'>http://money.cnn.com/2008/04/11/news/newsmakers/varchaver_buffett.fortune/index.htm</a>. Diigo.com has no relation to the site.</p><a style='position:absolute;right:20px;top:5px;color:#666' href='javascript:void(0)' onclick='document.getElementById("diigo_sta").style.display="none";return false'>x</a></div><div id="template_body"><div id="adBanner"><!-- ADSPACE: business_news/fortune/top.728x90 --><div id="ad-840228" align="center" style="padding: 0; margin: 0; border: 0;"><script type="text/javascript
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29 Apr 08
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23 Apr 08
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22 Apr 08
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repairs to
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What Warren thinks...
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'took some guts that I didn't want to match.'
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repairs to
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expounded
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prognosis
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parmigiana
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weightier
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Here's one from yesterday. We bid on this particular issue - this happens to be Citizens Insurance, which is a creature of the state of Florida.
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Sarbanes-Oxley
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they get screwed up often enough to make them even more fabulous
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you don't want a capital market that functions perfectly if you're in my business
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People continue to do foolish things no matter what the regulation is,
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There are significant limits to what regulation can accomplish
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I mean, two for two!
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incidentally
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efficacy
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bigamist
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transformational
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a paper route.
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But when people panic, when fear takes over, or when greed takes over, people react just as irrationally as they have in the past.
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ut $500 million in PetroChina
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And they should buy it over time.
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You just make sure you own a piece of American business, and you don't buy all at one time.
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stampeded
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often in hammy poses (wrestling for his wallet was a favorite).
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stack up against
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You've got $20 trillion of residential real estate and you've got $11 trillion of mortgages, and a lot of that does not have a problem, but a lot of it does.
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The scenario you're describing suggests we're a long way from turning a corner.
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it seems everybody says it'll be short and shallow, but it looks like it's just the opposite.
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deleveraging by its nature takes a lot of time, a lot of pain.
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Now, I don't invest a dime based on macro forecasts, so I don't think people should sell stocks because of that. I also don't think they should buy stocks because of that.
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any large financial organization, the CEO has to be the chief risk officer.
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Their investment strategy should factor in that (a) if you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market. And (b) they can't pick stocks that are better than average.
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There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time.
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you should get greedy when others are fearful and fearful when others are greedy
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like a good time to be greedy.
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I mean, if you don't believe that, forget about buying stocks anyway.
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And the only way an investor can get killed is by high fees or by trying to outsmart the market.
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So leveraging up was one hell of a stimulus for the economy.
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and all that
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Hell, they're all subject to the same thing.
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hey've got to, in effect, try to read the DNA of the people running the companies.
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And the worst thing you can have is models and spreadsheets.
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19 Apr 08
Marek RozanskiWith Wall Street in chaos, Fortune naturally went to Omaha looking for wisdom. Warren Buffett talks about the economy, the credit crisis, Bear Stearns, and more.
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18 Apr 08
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17 Apr 08
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16 Apr 08
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ken ."how will investors ever know when it's safe? They can't, they can't. They've got to, in effect, try to read the DNA of the people running the companies" - CEO as chief risk officer. "I think I know my limits. I mean, at Salomon, they had all these models
data finance information knowledge management math money quotes risk values wisdom
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14 Apr 08
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