No-one can dispute the track record of Warren Buffett and his well deserved prominence in the history of investment management. But things sometimes do go just a little bit over the top.
The fascination with the Sage of Omaha and the AGM for Berkshire Hathaway (BRK.A) seems to have led to more media activity this year than I can ever recall. Unfortunately a lot of the media commentary seems to be of the kind that is completely lacking in real content but reported because they are the utterances of "the greatest investor of all time" - in other words, if anyone else had said them they would have been considered so humdrum as not worthy of attention.
The following brief extract from a blogger that I follow - Mish Shedlock - captures the essentially "vested interest" nature of some of Mr. Buffett's thoughts about the current environment.
Buffett, in his most recent letter to shareholders in February, said he supported the U.S. government actions, while predicting bailouts will cause “unwelcome after-effects” including inflation.
Of course Buffet supports the bailouts. So does PIMCO and so does anyone holding corporate bonds of financial institutions in general. They stand to benefit from these taxpayer sponsored bailouts. It's as simple as that.
It's hard to disagree with that straightforward conclusion as to the motivation behind the sage's self-serving rhetoric.Related Links
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