| Socks |
05-20-2008 11:26 PM |
Quote:
Originally Posted by Tempest
(Post 14214887)
What's funny is that everyone actually thinks that just because someone endorses a candidate that that person is actually doing it because they want that person to win.
|
I hear you, but I highly doubt that's the case here. Buffett is renowned for being overly honest and forthcoming. He's like the epitome of the saying "honest to a fault".
From wikipedia
Buffett:
* Has repeatedly criticized the financial industry for what he considers to be a proliferation of advisors who add no value but are compensated based on the volume of business transactions which they facilitate. He has pointed to the growing volume of stock trades as evidence that an ever-greater proportion of investors' gains are going to brokers and other middlemen.
* Has emphasized, the non-productive aspect of gold in 1998 at Harvard: "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
* Has stated, that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes, while his employees paid 33% of theirs despite making far less money.[16]
* Believes that the U.S. dollar will lose value in the long run. He views the United States' expanding trade deficit as an alarming trend that will devalue the U.S. dollar and U.S. assets. As a result it is putting a larger portion of ownership of U.S. assets in the hands of foreigners. This induced Buffett to enter the foreign currency market for the first time in 2002. However, he substantially reduced his stake in 2005 as changing interest rates increased the costs of holding currency contracts. Buffett continues to be bearish on the dollar, and says he is looking to make acquisitions of companies which derive a substantial portion of their revenues from outside the United States. Buffett invested in PetroChina Company Limited and in a rare move, posted a commentary[17] on Berkshire Hathaway's website why he would not divest from the company despite calls from some activists to do so. (He did, however, sell this stake, apparently for purely financial reasons.)
* Believes that the world is nearing its maximum capacity of oil production, and that gradually depleted oil fields could reduce the amount produced.[18]
* Believes government should not be in the business of gambling. He believes it is a tax on ignorance.[19]
* Has called the 2007-present downturn in the financial sector "poetic justice".[26] |
