Word: buffetts
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That is why Buffett is not in the cable-news business. For as the economy nose-dives, CNBC - the TV darling of the turn-of-the-century stock boom - is proudly letting the emotion overcome it. (Read about Buffett's tell-all biography...
...March 9 edition of CNBC's Squawk Box, Becky Quick was interviewing Berkshire Hathaway CEO Warren Buffett when the Oracle of Omaha expressed support for the Obama Administration's mortgage bailout. "Becky," co-host Joe Kernen broke in, "tell Warren you're mad that you've done all the right things and all these other people are going to get bailed out." Buffett replied, "There's nothing wrong with being mad, Joe. It's just that there are times when you're mad about something that you've got to overcome the emotion...
...Others seem to be coming around to the banking industry's position. On Tuesday, Federal Reserve Chairman Ben Bernanke said he would support changes in pricing illiquid assets. Also this week, investor Warren Buffett said in a CNBC interview that he would favor suspending the mark-to-market rules. Even the Securities and Exchange Commission (SEC), which has long backed these rules, recently asked the Financial Accounting Standards Board (FASB), a private group based in Norwalk, Conn., that sets accounting rules in the U.S., to look into the matter. FASB spokesman Neal McGarity says his organization is doing that...
...easiest way to dismiss Buffett's assertions about the economy is to point out that his own performance in the market was the worst it has been in 44 years. This may be an indication that his skills as an investor do not extend to picking companies that will do well in a rough period. If other brilliant men in the investing world like George Soros, Wilbur Ross, and Julian Robertson did not see things essentially the same way, optimists could argue that there is no consensus among the great investors...
...global stock markets is expected to continue - including Wall Street's return to the sub-7,000-point level it last visited in 1997. Some stock market analysts believe the Dow could actually dip under its 5,000 mark of 1995 if things get worse. Billionaire investment guru Warren Buffett warned his investors over the weekend that "the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond". Still, Buffet went on to note that despite that terrible economic outlook overall, it "does not tell us whether the stock market will rise or fall". Apart from...