Fast Money's Jeff Macke Blasts Barron's Over "Sell Buffett" Call
Fast Money's Jeff Macke strongly rejects Barron's weekend call to "Sell Buffett" because it could be "dead money for at least a year." The stock suffered its biggest drop today in three years on the heels of that article.
(See the WBW Post from earlier today: Berkshire Hathaway Shares Down 5% As Barron's Says Sell, But Bulls See Buying Opportunity.)
"This stock is still up 25 percent year-to-date. He has taken the steel-toed boots to the S&P yet again, in his folksy, avuncular, heart of a freakin' riverboat gambler type of way. Love the guy. Don't short Buffett because Barron's tells you to. I'm still waiting for the EchoStar deal they promised."
Macke said he expects Berkshire to beat the S&P by five-fold in a single year, taking exception with the wording of the "No" answer in today's Fast Money poll on whether to buy Berkshire or not, which suggested Berkshire bears think the stock will "remain" dead money. Macke: "I don't want to go all business-school on you people, but 25% year-to-date is pretty darn good!"
Here's the video clip. Check out Jeff's steamed, staccato delivery. He's not messing around here, although Dylan sees some humor.
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