highnote
10-08-2008, 05:02 PM
"Large amounts of risk, particularly credit risk, have become concentrated in the hands of relatively few derivatives dealers ... The troubles of one could quickly infect the others ... In our view, however, derivatives are financial weapons of mass destruction ..."
-- Warren Buffett, 2002 Berkshire Hathaway shareholder letter
He saw this coming 6 years ago.
He's had 6 years to figure out how he would deal with the financial crisis when it arrived. He's sitting on a mountain of cash and is buying into GE and Goldman Sachs.
I'm sure he's looking ahead 5 years from now to see where he wants to be positioned when other scenarios arise.
I don't give out stock picks, but if I did this is the only one I could recommend now. I hope he lives to be 100.
-- Warren Buffett, 2002 Berkshire Hathaway shareholder letter
He saw this coming 6 years ago.
He's had 6 years to figure out how he would deal with the financial crisis when it arrived. He's sitting on a mountain of cash and is buying into GE and Goldman Sachs.
I'm sure he's looking ahead 5 years from now to see where he wants to be positioned when other scenarios arise.
I don't give out stock picks, but if I did this is the only one I could recommend now. I hope he lives to be 100.