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Buffett goes to Wharton - May. 2, 2008
Warren Buffett
Tags: Warren, Buffett, buffett, wharton on 2008-05-05 -All Annotations (0) -About
more frommoney.cnn.com
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What Warren thinks... - Apr. 14, 2008
Tags: warren, thinks, 2008 on 2008-04-28 and saved by2 people -All Annotations (0) -About
more frommoney.cnn.com
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What Warren thinks...
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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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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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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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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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any large financial organization, the CEO has to be the chief risk officer.
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'took some guts that I didn't want to match.'
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repairs to
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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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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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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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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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