Calling Buffett and Ichan

[TurfRuler]

If these gents want another investment opportunity, here is my advice:

http://www.hollywoodpark.com/bet_the_races/racing_news/racing_news_05062007.html

[garyoz]

Warren Buffett is a terrible manager. He bleeds his assets dry, squeezing workers and operations to maximize cash flow. Ask a pilot for NetJets, making about 30% of what a major airline pilot makes or look at what a terrible newspaper the Buffalo News is and all the money that is taken out of the community. There are many other examples.

Icahn has owned a Breeder's Cup winner and a stable of high end horses, but again, he is a financier--cash flow maximization and dividends up to the parent company. The racing industry doesn't need anyone else trying to take many out--

[TurfRuler]

We do need Hollywood Park and not another business park or high priced residential homes and condos in Inglewood. If you fans are relunctant to visit Hollywood because it is in Inglewood why would you want new residents to live and shop there?

[classhandicapper]

Warren Buffett is a terrible manager. He bleeds his assets dry, squeezing workers and operations to maximize cash flow. Ask a pilot for NetJets, making about 30% of what a major airline pilot makes or look at what a terrible newspaper the Buffalo News is and all the money that is taken out of the community. There are many other examples.


As a shareholder of Berkshire Hathaway since 1987 I call BS on this one.

Besides, Warren wouldn't have a thing to do with horseracing. The economics are preposterous.

[DJofSD]

Maybe Carl can get a seat on the board here.

[saevena]

Point Given: For your information, Buffet may not want to own a track, but I once read that as a young man living in Washington, he put out a tip sheet that was sold at the Maryland tracks, after getting a Congressman relative to get for him every book on handicapping in the Library of Congress. I believe he also peddled pinball machines to businesses at this time.

[skate]

Point Given: For your information, Buffet may not want to own a track, but I once read that as a young man living in Washington, he put out a tip sheet that was sold at the Maryland tracks, after getting a Congressman relative to get for him every book on handicapping in the Library of Congress. I believe he also peddled pinball machines to businesses at this time.

good point, saevenas.

as the second "longest lasting profit making business" , the world has ever known, skate says " go gettum Buffet-man".

hey Warren, as long as "they keep bitching", you gots to show a positive return.:cool:


oh, saevenas, was that the "long-Show-Lou" or "long -shot - lou" tipper sheet. i think i bought a few, so thanks Warren.

[chickenhead]

warrens focus on cash flow has allowed him to turn $100K into something like $120 billion in liquid assets.

I hope someday I'm as shitty at running things as he. Good god man!

[DanG]

Warren Buffett is a terrible manager.
Everyone drawing a breath is entitled to their opinion…but, I must say this one knocked me off my seat.

I honestly never thought I would read that in print. :eek:

[Cratos]

Warren Buffett is a terrible manager. He bleeds his assets dry, squeezing workers and operations to maximize cash flow. Ask a pilot for NetJets, making about 30% of what a major airline pilot makes or look at what a terrible newspaper the Buffalo News is and all the money that is taken out of the community. There are many other examples.

Icahn has owned a Breeder's Cup winner and a stable of high end horses, but again, he is a financier--cash flow maximization and dividends up to the parent company. The racing industry doesn't need anyone else trying to take many out--

I have been a Buffett fan almost as long as I have been wagering on race horses and if Mr. Buffett is a "terrible manager," I would sincerely like to see or read about a "good manager."

[garyoz]

Depends what the definition of "manage" is? If it is stripping out cash flow to the benefit of the shareholder's then he is a good manager. If it is about squeezing your employees to maximize cash flow, than he is a good manager. Just the type of manager racing needs.

[classhandicapper]

Depends what the definition of "manage" is? If it is stripping out cash flow to the benefit of the shareholder's then he is a good manager. If it is about squeezing your employees to maximize cash flow, than he is a good manager. Just the type of manager racing needs.

I don't know where you are getting this silly idea from.

Warren buys dozens of companies and he rarely if ever merges them with any of his other operating companies in an effort to find synergies and cost savings by laying off redundant workers. He also almost always keeps the existing management in place. That's why so many tightly held companies actually seek him out to buy them when they are ready to cash in some chips from the family business.

Yes of course he manages to maximize the return on capital and to build the competitive advantage of the company, but never at the expense of workers. Workers are compensated with proper incentives. I am not aware of morale problems or high turnover at any of the companies he has had a lot of influence over except when it was warranted (a period at General Re and another at Salomon Brothers when there were legal issues)

I've owned shares of BRKA since 1987 and have a little over 40% of my entire net work in the stock. I know the company very well and you are getting inaccurate information about WEB from somewhere.

[garyoz]

Opinions and interpretation makes markets. Netjet pilots at $40k a year--good compensation for sure. So what track do you want him to run?

[saevena]

Skate:

Sorry, but I don't know the name of Buffet's tip sheet; the fact that he produced a tip sheet was mentioned in a book I read. By the way, the last time I was at the races at Flagstaff, I bought a program and then asked the seller if he sold any tip sheets. He looked at me and said, "Are you kidding, this is Flagstaff!" I got quite a laugh out of it.