George Pinto wrote: > If the Oracle of Omaha, one of the richest persons in the world and > considered a top investor can't get it right, where does it leave mere
> mortals. Imagine the REAL money people lost taking his advice. Or will > he hide like others behind the fine print "past performance is not > indication of the future" or similar caveats. > Date: Mon, 9 Mar 2009 20:05:42 -0700 (PDT) From: Mervyn Lobo <mervynal...@yahoo.ca> ........the impression I got was that the man [Warren Buffett] knew what he was talking about. This morning Buffet said that he expects that the US economy will be in recession for five years. People do have a clue of what to expect in the future. Mario responds: I'm sitting here trying to make sense of all these comments. 1. Back in mid-October 2008, when it was certain that Barack Obama would be elected, Warren Buffett recommended that people invest in the stock market. 2. Since then the stock market has declined by some 25%. 3. Warren Buffett now says the recession will last for five years. 4. Warren Buffett still supports President Obama who is implementing economic policies and massive government intervention that have never worked to improve any economy previously, ramming them into a country hitherto based on highly successful capitalist principles that have helped more people over a long period of time than any other system. Yet, we are being told that Warren Buffett "knows what he is talking about" and that people do have a clue what to expect in the future. Wouldn't you like to lose BILLIONS within six months based on your own analyses, and still have people convinced that you know what you are talking about? Mervyn wrote: People do have a clue of what to expect in the future. In fact, the fiscal policy of any country is geared towards producing a desired effect in the future. Mario observes: Did the previous socialist fiscal policies of India, China and the Soviet Union produce the desired effect their administrations were looking for? Mervyn wrote: One reporter asked him if he invests in gold. Buffet replied, "I don't understand the concept of taking it out of the ground in South Africa, bringing to the USA and storing it underground, paying storage and insurance fees, and somehow making a profit from doing this." Mario observes: Aaah! Now, that's more like it, Warren, finally some common sense among all the nonsense:-)) CONCLUSION: Based on the evidence, it is George Pinto who "knows what he is talking about" when he concludes that even savvy investors like Mr. Buffett don't have a clue what they are talking about right now.
