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Warren Buffett Watch
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But rank-and-file readers of Warren Buffett Watch are reaffirming their own faith in the Oracle of Omaha and his call to buy U.S. stocks: "Be fearful when others are greedy, and be greedy when others are fearful."
A week ago, we asked for your thoughts on Faith, Doubt, and Warren Buffett at the end of a difficult year for Buffett followers.
Are you losing faith in Warren Buffett? The answer is a resounding 'no!'
There were almost 2000 responses to our non-scientific CNBC Poll asking that question. 77 percent of you chose, "No. Just as they have done before, stocks will bounce back. It's just a matter of time." (The poll remains open if you haven't voted yet.)
And here are many of the emails from around the world that I found in the mailbox.
"The thundering heard never learns. In the late 1990's everyone wailed that Buffett had lost his touch and value investing was for old people unable to understand that 'this time it's different' and dot.com stock prices were going to infinity. Now everyone wails that Buffett has lost his touch and value investing is for old people unable to understand that 'this time its different' and all stock prices are going to zero. As the Harvard MBAs rush to put their money in zero yield T-Bills, I'm buying stock in companies with zero net debt, large amounts of cash on the balance sheet, strong positive cash flow, and growing earnings, at very low prices. Mr. Market hasn't changed since the days of Graham & Dodd and he never will."
- John S.
1999-2000. Cover page of prominent financial mag: "Warren Who"
2003. Same mag with Warren's profile in Roman warrior head gear: "Warren the Great"
- Rob & Monica
"I haven't ever doubted Warren Buffett, and when reading comments about people who say he needs a new crystal ball, I don't get fazed at all. Warren doesn't need a crystal ball as that would be gambling, no?
- Werner H., South Africa
"Let's not forget that Mr. Buffett, if I am not mistaken, lost about half his net worth back in the early 70s. Guess his strategy does, in fact, work well over time!"
- Christopher, Maryland
"He's still the only person I trust to invest my savings. He has put his reputation on the line repeatedly. He cares if his shareholders make money. I have no doubts. Berkshire Hathaway investments are poised to provide significant returns in the future."
- Joyce S.
"I just finished reading his biography and I feel more confident than ever in his talent. His track record shows that he may not necessarily get in at the bottom but he buys when things are cheap. If we are patient as he is then we shall reap the benefits. People, including the WSJ, have been critical before and he has proven them wrong. He has a massive amount of cash and people who are distressed come to him for help. I hope he lives many more years to see the result of these recent investments and continue to share his wisdom. He is the perfect antithesis to Madoff and that is why he is so beloved."
- BW
"Warren Buffett has been in the investing business since the 1950s, and there is no reason to believe that he has all of a sudden lost his touch just because his stock went down. One of the reasons why people are not making as much money in the stock market, (and the reason why Warren Buffett has become so rich), is that people lose faith in their investing philosophy. This time again, those who believe in buying stocks at bargain prices, will be rewarded 5, 10 years from now."
- Daniel R.
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"These types of articles are the same as the ones written in 1999 and 2000 when Buffett was seen as not taking part in the dot com revolution, investments had passed him by. Then by the end of the bubble and downfall he was once again seen as the Wizard of Omaha. As a long term investor (not trader) it is best to buy on these dips. Too many people nowadays are traders and not investors. Buffett will again soon be seen as brilliant!"
- Jeff J., Wyoming
"He has made a lot of money on his BUD investment recently. He made some good deals on preferred shares in the last months. He is raking in dividends by the hundreds of millions every week and they are not taxed because not paid out in dividends. His companies are still very profitable. Where is the problem? Some people seem to be obliged to sell but that is their problem. The BRK share price will recover over time."
- Ludo T.
"I have a slightly different take. Albeit a dismal view. Since about 1997, we’ve had the dot com boom/bust which was the market going up but not for REAL. Then we had Enron, which proved our financial system was broken, enabling crooks to roam free. Now we have the Financial Services Meltdown which has only gone to PROVE the last 10 years were also not REAL. We all know, there’s more to come as we unwind this Enron-like fable! Now we have Madoff which most believe MUST be the tip of the ICEBURG. So, does ANYONE wonder why we are all depressed?
The EXPERTS (that did not predict this), now say, the stocks will bounce back. I believe they will come back but it will be many many many years and HOPEFULLY this time, it will be REAL. There is nothing to create a BOUNCE and nor should there be because for most of us ... it’s likely another sham, and will be time to get out!!! Don’t we deserve that! Don’t our Grandchildren deserve that? You have a lot of wise investors now, smart normal people who will be conned no more."
- Francis C.
Data is a real-time snapshot *Data is delayed at least 15 minutes