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In Reply to: RE: 50 Shades of Warren posted by regmac on February 27, 2015 at 08:16:16
I might want to view the linked source, and subsequently reply here about it, but I have a long-standing policy of not going to ya who, Fbook, and some other sites, and so I'm not going there. And, oddly enough, my Internet computers are working fine. (Surely, not causal.)So, would you mind posting a few pertinent snippets from the article?
Thanks!
:)
Edits: 02/27/15Follow Ups:
Why are you fearful of Yahoo Finance? I spend an hour on the site each day with no problems.
Snippet: Friends, our time together is coming to a close. I'm leaving Yahoo Finance next week. There isn't a mystery here. You won't find any hidden "car people" or conspiracies. This was my decision and it was made months ago. After four years, hundreds of segments and tens of millions of your clicks it's simply time for me to move along to other challenges.
I'm leaving you in good hands. In fact, as timing would have it, Warren Buffett, the unquestioned master of investing, both in practice and teaching others how to think about money, is releasing his annual letter to shareholders in the morning. I started teaching myself how to invest with Buffett's letters some 30 years ago. Tomorrow morning at 8am I'll be pouring a cup of joe and reading Buffett along with everyone else on Wall Street. If you have even a passing interest in finance I encourage you to do the same.
Get the Latest Market Data and News with the Yahoo Finance App
Newbies get a gentle introduction to investing accounting in the notes, but it's only after you master those basics that the letters come to life. Anyone can learn how to build a balance sheet. While Buffett is brilliant, his real gift - and what made him arguably the richest man on Earth - is his utter belief in his own exceptionalism. Buffett plays by his own rules. He gets away with it because he sets standards for himself that are far higher than the laws and regulations that apply to mere mortals.
In 2008 when Buffett famously "bet on America" by investing $5 billion in Goldman Sachs (GS) he left out the part where he bought preferred shares priced at a discount, paying a 10% dividend and offered only to him. Because of those provisions, Buffett's stake in Goldman is up about 200% more than anyone who thought they were buying alongside him. I rather doubt Buffett sees why that taints his legend any more than the donut-center-sized tax loophole he exploited when he funded Burger King's (QSR) Tim Horton's buy last year. He had a unique opportunity and he took it. I would have done the same.
Buffett's self-belief is his foundation. It allows him to fail without for a moment thinking himself a failure. In fact, Berkshire Hathaway (BRK-A) is one of the most successful companies in history, but it's named after one of Buffett's earliest follies. Berkshire Hathaway was the name of a textile mill Buffett started buying shares of in 1962. He's said it's his single biggest mistake, costing him more than $200 billion in compound returns over the last 50 years.
A lot of guys would try to hide that. Buffett just kept the name of the company and started moving his cash into insurance where the cash flows were much better. The rest is capitalist history, myth and just a dash of hokum....
Thanks! That was mighty nice of you.
It's not that I'm fearful of y'all who and some other popular sites, it's just that I don't want all the junk that some of them leave on a person's computer, some of which makes my browser slower. And since I don't have a need for ya who Finance (I use Reuters, MarketWatch and a couple others), I figure I'll just avoid it.
Regarding Warren Buffett, I have mixed feelings about the guy. On the one hand, he's a brilliant investor who's done extremely well, partly through 'insider deals' which the rest of us don't have access to. On the other hand, he (and his friend Bill Gates) is most definitely part of 'the one percent' which the Left continually whines about, but he gets away with it *because* he's a social lefty himself - kind of a "he's an evil capitalist, but he's our evil capitalist, so he's ok" thingy. ;)
It's easy for he, Mr. Gates and others to make themselves look good by throwing their money around to charities, since the amounts are so paltry compared to their enormous wealth that they don't even miss it. C'mon, Warren, throw 50 billion out the door this year. You'll still be rich.
Here is what Forbes had to say today:
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