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Wednesday, March 9, 2011

Why Warren "Buffet" Irritates the Shit Out of Me...

...and make no mistake about this Warren. It's your money they want, not your wisdom. Dropping one of those "t's" seems appropriate to me.

Warren Buffet is an excellent and intelligent investor. I've watched Berkshire Hathaway stock for 20 years. It currently trades at around 125k a share!  When he took his huge position in Goldman Sachs while everyone else was fleeing the banking sector- I stood up and took notice. Buffet fully exploited what appears to be a "once in a lifetime"situation. Nobody else could have cut the sweetheart deal that he did. Getting a huge dividend to sit chilly on preferred GS stock until it recovered. In fact, I explored the possibility of doing the same thing.

Sorry, small fish. That offer wasn't made available to anyone else. Only the wealthy elite get a ticket to that game. Now watching him milk the shit out of a new cow.

So Buffet is probably the king of "due diligence." That he wields his wealth like a club gives him a huge advantage. Nobody does it better. Having said all of that, here's what bugs me about Buffet.

It continually pisses me off when he offers his sage wisdom (read opinion) on affairs outside his level of expertise. It also irritates the shit out of me when he condemns a US tax structure that he has taken full advantage of. A tax system created solely for rich pricks like him to avoid paying taxes and shift the burden onto the middle class.

This dude, pun intended, never leaves the ego buffet. I loved it when he said his secretary pays more in taxes than he does. As a percentage. Like he was proud of that. Well if your conscience bothered you that much Warren, why not send in an extra billion or so? Level the playing field. I can't fault Buffet for taking advantage of the system as it exists. An un level playing field. But just because you thrive in a game rigged for elite success- that doesn't make you a polymath in all matters worldly. What have you done to enrich the greater good, not just your own little sphere? Truth is, not much. So spare us the grandiosity, Oracle. The village has given you enough.

You go now. You eat too much.

I used to read everything I could about this cat. I've kind of ignored Buffet over the last few years. He no longer fascinates me. He remains part of the problem. I kind of gave up any hope that he would use his substantial clout to to reform our markets, to end the ridiculous tax code that benefits only the rich and elite and dirt poor, or to leave this nation a better place. Instead I just view him as kind of a large tapeworm, a parasite, that found a generous host. I take great comfort in knowing that a guy like Warren ends up just the same as a guy like me. He who dies with the most toys Warren, still dies. I'd like to think that when I leave this place I'll leave it a little happier and healthier than when I found it. That doesn't have a thing to do with material wealth although guys like Warren and his followers-  would adamantly disagree.


rawmuse said...

I am weary of defending Billionaires in general, especially ones that endorsed Obama. If you are a millionaire, I don't care, it isn't that much money anymore, especially now. But if you are a billionaire who endorsed Obama, then I hope these leftist zealots take it all. You deserve nothing less, and you get no sympathy from me, none whatsoever. And don't kid yourself, the zealots in power want nothing less, did you read Michael Moore lately?

Anonymous said...

I learned the hard way that being a success in one field is no guaranty of success in another field. Buffet hasn't learned that lesson and he'll never have to. So he'll continue to opine in areas where he has no expertise.

Life wasn't intended to be fair, my friend.