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Warren Buffett Watch
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Warren Buffett "Brought Down to Earth" By Economic "Pearl Harbor" - Kass
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Doug Kass, as seen on TheStreet.com |
In a post on TheStreet.com today, Kass takes aim at a Buffett quote from last weekend's interview on Dateline NBC.
The quote: "It's never paid to bet against America... We come through things, but it's not always a smooth ride... This is an economic Pearl Harbor."
Kass responds: "In 2008 and (so far) 2009, The Oracle of Omaha has been wrong; it has paid to bet against America... The U.S. 'economic Pearl Harbor' has humanized and brought down to earth many of the smartest investors in the world," including Warren Buffett and a long list of other well-known names.
(Last October, Kass endorsed Buffett's call in the New York Times to 'buy U.S. stocks now.')
Kass laments he may have been "premature" when he profitably covered a short position he put on Berkshire last year as it traded around $140,000. Today, it is around $87,000.
He cites "the recent deterioration" of stocks in the Berkshire portfolio, including a $4.5 billion drop in the value of its Well Fargo [WFC
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] holdings since December 1. Berkshire's stake in U.S. Bancorp [USB
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The bottom line for Kass: "The average individual investor should continue to err on the side of conservatism in a market that provides a wonderful setting for trading but a not-so-exquisite setting for investing."
That's in sharp contrast with Buffett's current excitement about stocks. He likes it when prices fall. "There are a lot more things selling at sensible prices now than there were two years ago. So clearly it's a better time to be buying stocks than a couple of years ago. Is it better than tomorrow? I have no idea."
Kass is sprinting. Buffett is running a marathon. Make sure you know which race you're in.
Current Berkshire stock prices:
Class A: [US;BRK.A
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Class B: [US;BRK.B
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For more Buffett Watch updates follow alexcrippen on Twitter.
Questions? Comments? Email me at
- Warren Buffett "Not Opposed" to Berkshire Hathaway Stock Buyback: The Complete PBS Interview Transcript (January 22)
- Warren Buffett to PBS: Credit Crunch "Getting a Little Better" But Business Is Getting Worse (January 22)
- Warren Buffett Buys Over Four Million More Burlington Northern Shares As Price Plunges (January 20)
- Warren Buffett On Barack Obama: Download the Complete Transcript (January 20)
- Warren Buffett's Dateline Interview with NBC's Tom Brokaw: The Complete Transcript (Part 2) - January 19
- Warren Buffett's Dateline Interview with NBC's Tom Brokaw: The Complete Transcript (Part 1) - January 19
- Warren Buffett: Barack Obama Will Help the Economy, But Don't Expect Short-Term Miracles (January 18)
Data is a real-time snapshot *Data is delayed at least 15 minutes
