Buffet

marketsurfer · Mar 10, 2004

Quote from MRWSM:

Actually the fact that he drives old cars and lives in a shack is one thing I really really hate about him. If anyone should be spending money it should be him, the economy could use it. I also dislike his opinions on inheritence, he thinks inheritence is a privately funded charity. Not sure if he's changed his mind but last I heard he makes his kids sign legal documents for loans, even made his daughter write him a check for $20 when he paid her parking fee.

He doesn't know of any charity that is properly run that deserves a donation, yet he says it's better in his hands so he can make it grow and then they will get more at the end.

Only thing that I respect and inspires me about him is his accomplishments. I can't say I agree with his opinions at all.

agree. however, i believe he is the "black swan" and we have been "fooled by randomness" into believing that he has special skills. thanks to taleb for the nomenclature.

surfer

swoop[TR] · Mar 10, 2004

"Survivorship Bias" has always been the name of this game, it is hard to accept it but the dough seems to be flowing to a select number of individuals.

marketsurfer · Mar 10, 2004

Quote from swoop[TR]:

"Survivorship Bias" has always been the name of this game, it is hard to accept it but the dough seems to be flowing to a select number of individuals.

i agree. no matter how much i don't want to accept it, it really seems to be the way things are.

surfer

sprstpd · Mar 10, 2004

Quote from MRWSM:

Actually the fact that he drives old cars and lives in a shack is one thing I really really hate about him. ... Not sure if he's changed his mind but last I heard he makes his kids sign legal documents for loans, even made his daughter write him a check for $20 when he paid her parking fee.

Money gives you freedom to live your life in a manner of your choosing. Is a person who drives a new car and lives in a mansion more likable? Imparting financial responsibility to your offspring is deplorable?

marketsurfer · Mar 10, 2004

Quote from sprstpd:

Money gives you freedom to live your life in a manner of your choosing. Is a person who drives a new car and lives in a mansion more likable? Imparting financial responsibility to your offspring is deplorable?

it is a question of deceiving the public. he does not actually live in the little house very long each year. he owns several opulent mansions where he spends most of his time. the little house is a prop. this is why i object.

surfer

sprstpd · Mar 10, 2004

Quote from marketsurfer:

it is a question of deceiving the public. he does not actually live in the little house very long each year. he owns several opulent mansions where he spends most of his time. the little house is a prop. this is why i object.

surfer

Good point.

MYDemaray · Mar 10, 2004

Surf,

Have you ever read Buffet's piece, "The Super Investors of Graham and Doddsville"? If so I would be interested in your response. He basically attempts to refute the notion that he is a "black swan".

The morsels about his little house/opulent villa is very interesting...where did you get that? If true, this is an interesting twist indeed...

Cheers,

MYD

Diode · Mar 10, 2004

Quote from marketsurfer:

it is a question of deceiving the public. he does not actually live in the little house very long each year. he owns several opulent mansions where he spends most of his time. the little house is a prop. this is why i object.

surfer

There's a story about Paul Tudor Jones: even after he became hugely successful, with offices on three continents, he continued to rent the "dingy little office" where he got his start as a cotton trader, so as not to forget where he came from.

Perhaps Buffett is doing the same with his little house?

Arnie · Mar 10, 2004

Used to have a lot of respect for the Old Bozo. But really, the guy completley missed the greatest bull run of the 20th century. I think his overall, long term performance has more to do with compounding than "Stock picking". But he is entertaining

WarEagle · Mar 10, 2004

Quote from Arnie:

I think his overall, long term performance has more to do with compounding than "Stock picking".

Does that really matter? How many of us have compounded our way to $42 billion?

I don't care for his politics, but the man is a genius when it comes to making money in the financial markets, missed bull market not withstanding. He is winning in the only category that counts in this game.

Buffet

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