Buffet: ‘You Are All Weak, Now I Pounce’
The man who recently admitted to collecting nuns’ fingerprints as a child, Warren Buffet, has confessed today in a NY Times Op-Ed that he is on an equity buying spree:
“I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds… If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities…
…fears regarding the long-term prosperity of the nation’s many sound companies make no sense.”
Buffet went on to wheel out his usual line – “Be fearful when others are greedy, and be greedy when others are fearful” – and borrow some advice from hockey star Wayne Gretzky: “I skate to where the puck is going to be, not to where it has been.”
More importantly though, he compared the current moment to pre-FDR depression era USA, and the war ravaged economy of 1942, suggesting the ‘Sage of Omaha’ reckons we’re looking at a good number of years in bad recession.
Posted by Jonty Rhodes in Hot Money | October 17, 2008 11:17AM |
October 17th, 2008 at 12:47 pm
Does anyone listen to Buffet anymore? He’s always blowing his trumpet but here’s the sad truth:
if you’re worth twenty squillion clams you basically make money just by breathing.