Newsletter writer and frequent CNBC guest Dennis Gartman isn't standing behind his reported "Warren Buffett is an idiot" quote.
But Gartman does tell CNBC it's "inexcusable" that Berkshire Hathaway fell roughly 45 percent in one year because Buffett didn't do enough to "mitigate" his losses in a tough market environment.
(At its early-March closing low of $72,400, Berkshire was down over 48 percent from where it was 12 months before. For the 2008 calendar year, Berkshire was down 32 percent, outperforming the benchmark S&P's drop of over 38 percent.)
And Gartman says he has a short position on Berkshire, betting the stock will fall some more.
He scoffs at value-oriented, buy-and-hold stock investors who incurred deep losses last year. "Warren Buffett is an idiot," he said, emphatically, in a short interview after the speech. "Shame on Warren Buffett. That'll be a good quote for your article."
Melissa: There have been reports that you have been quoted as calling Warren Buffett an idiot. (Gartman laughs.) And we want to just clarify that. Did you call him an idiot?