Warren Buffett slams "disgusting" money manager behavior in annual letter

[schizo]

Prolly nothing but interesting nonetheless.

https://www.foxbusiness.com/busines...lams-disgusting-money-manager-behavior-letter

Notably, in a summary of the past year, Buffett issued what he said was an important warning, slamming "disgusting" behavior by money managers.

"Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well," he said.

"That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required."

Buffett said that deception under the guise of "bold imaginative accounting" has "become one of the shames of capitalism."

 

[Darc]

Are Warren Buffett and Charlie Munger getting a bit past it? They are/were obviously great Investors, but both approaching 100 years of age, wouldn't the grey matter be declining making decision making, reading, analysing etc slow? (All that blow and Hookers must take its toll eventually).

 

[wildchild]

Prolly nothing but interesting nonetheless.

https://www.foxbusiness.com/busines...lams-disgusting-money-manager-behavior-letter

Notably, in a summary of the past year, Buffett issued what he said was an important warning, slamming "disgusting" behavior by money managers.

"Finally, an important warning: Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well," he said.

"That activity is disgusting. It requires no talent to manipulate numbers: Only a deep desire to deceive is required."

Buffett said that deception under the guise of "bold imaginative accounting" has "become one of the shames of capitalism."

Ohhh its Warren "Do as I say, not as I do" Buffett. Greedy old fuck who was been the paying the press to do puff pieces about him for years. The term "Old and in the way" fits him and Dead Eye Charlie quite well.

 

[hipster ned]

Are Warren Buffett and Charlie Munger getting a bit past it? They are/were obviously great Investors, but both approaching 100 years of age, wouldn't the grey matter be declining making decision making, reading, analysing etc slow? (All that blow and Hookers must take its toll eventually).

Quite the opposite…they are a reminder of a time when there was a level of accountability

 

[Nobert]

I wonder in %'es how much of the whole US market (probably he had US market in mind) is touched by this so called "bold imaginative accounting".

Maybe everything is ,,alright'' and it just happened so that, in a short period he stumbled across few extreme exceptions.

 

[Darc]

Can people please stop writing in tiny font size please! Hung over and blurry eyes here.

 

[Overnight]

Can people please stop writing in tiny font size please! Hung over and blurry eyes here.

Just use the zoom function of your browser.

 

[Overnight]

This is Google Chrome at 175% zoom.

It would look much better on your screen, because a SS here is shrunk. Get with it man!

 

[maxinger]

How much did Warren Buffett lose?

How much did the money manager win?

 

[The_Krakenite]

-wouldn't the grey matter be declining making decision making, reading, analysing etc slow?

Maybe... Soros may be an old fogie, but even he has recently warmed up to buying into the Bitcoin mining industry.

On the other hand, he was very slow into the dot-com bubble as well, and he finally blinked right as the shit was about to fall through the floor. Pretty much bought into it at the worse possible time. Doh!