Buffetting Response to Buffett, and Other Emails

Remember, you can now comment directly on the blog each day, but I still welcome your emails. This week, I got a lot of angry reaction to Clint Goodrich's guest blogon Warren Buffett which I titled "The Oracle of Oma-hype?" While the majority of votes on the blog agreed with Clint, none of the emails did.

From Joe R., clear support for Buffett: "He's the second richest man in the world but only an 'average' investor? Wow. Imagine how rich he'd be if he was as good as old Clint."

Philip M: "Who is Clint Goodrich? Never heard of him. Warren is a hard working pro who uses a common sense approach to investing. Sure he is frugal and holds his stock for life. You never hear of him trying to manipulate the markets in one direction or another to make short term profits for himself even though he could...It is the decadent pure gambling investors with other people's money on Wall Street who brought us down. Investors like Warren are stable, smart, conservative and are pillars of the financial community and man of his word, which is very rare these days...So what is Warren's legacy? When he leaves this earth, his stock will continue to grow and be profitable, giving generations of profits to charities. I guess Clint was grabbing headlines with his comments here."

Jeffrey B: "When Clint has the 50-year track record and wealth creation that passes Buffett, he can talk. Buffett is not a trader, he is an investor. Comparing Clint's trading mentality and strategy to that of Buffett's investor, buy and hold strategy is like comparing apples to oranges..."

Todd C: "Clint WHO??????"

Sanjay C: "This is what we in the business (we meaning I) call shadow games, cherry pick some meaningless stats at the trough of the market...It is not possible to achieve 22% annual returns on $50bn dollars over this time frame. If he did that, he would not be a genius, he would be a god. Also it would indicate he is taking way too much risk for such a large amount of money, which would, without a doubt, come back to bite him in the ass (see SocGen). The profits alone on a 5-6% return on that sum of money is larger than the GDP of about 40 countries in the world. Yes, he missed the financial crisis. Tiger did not win a major this year. Federer could not get past Nadal all of last year. However, to look at these facts and conclude that they are poor… even mediocre…. even a just above average at their craft is idiotic, at best..."

Matt F: "Shame on you and Goodrich. The true measure of Buffet's investment record is the after-tax return on shareholders' investment. Do that math and you come closer to a simple return of 10.8% per annum. Sloppy work on both your parts!"

Regarding the blog on a pawn shop auctioning off Lenny Dykstra's World Series ringand trophy, Steve R. writes: "I've been following your stories on this Lenny Dykstra 'train wreck'...please keep following up and let us know where this jerk ends up! Hopefully in jail..."

Jeff J. wrote in about the blog on the potential future for Michael Jackson wines, as well as my reporting this week on the Air Force regaining authority over choosing the next tanker. He even found the word "ambidextrous" being used to describe a wine!:

"Beat It wines from Neverland Vineyards would be a good label; same for Off the Wall. Bad wines would not. Your King of Pop pinot noir makes a great pick, as would Moonwalk merlot, P.Y.T. pinot grigio, She's Out of My Life chardonnay, and Jam zinfandel (yes, only "Sidewayers' would get that, since some zinfandels have jam flavors in descriptions). Rose wines can be called ambidextrous. I found a wine review with the subtitle including 'unearthing that ambidextrous rose' -

...I'm looking forward to future posts on Tanker Wars 2: Reprise of the Machines. Or after watching last years' rough reader rants from opposing fan clubs, will it be Alien vs. Predator?"

On the blog about the website "This is Why You're Fat", Mike N. writes from paradise: "Showing us all that greasy, junk food in itself is not a death sentence. The death part only applies if it is a everyday, and dayout event. Consuming this once in a blue moon will not affect most folks. That's what my doctor told me. So knowing this, I indulge at the crab leg buffet every weekend. During the week, I eat like a monk. Would invite you, but you are many miles from Hawaii."

Regarding the study showing that taking a shower could be bad for your health, HR writes: "Bacteria in our shower heads? Something else to worry about! Too bad that Billy Mays passed away a couple of months ago, he had a fix for everything else that was wrong at my house..."

Jim A. wrote in about today's Call of Shame:"Again a week with so much shame and with only one vote. This might be the most shameful week so far this year. Maybe some day there can be a Jane's Hall of Infamy."

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