This is a great blog post by money manager Jeff Matthews on Buffett and Goldman from the Berkshire annual meeting.
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Jeff could have made his point without making us wade through an ocean of words. We get it: Buffett talks the talk of business ethics but he doesn’t always walk the walk. That shouldn’t be news to anyone. Remember Buffet slamming retail financial advisers while he owned a big stake in a company that had a huge sales force of them? How about him not exercising any oversight of Moody’s when it was facilitating the credit bubble? Or his lobbying for special treatment for Berkshire re derivatives?
Aaron,
Any thoughts on PNI’s quarter?
As expected, generating cash, falling expenses. Revenue should seasonally start to increase as expenses stay flat. And at some point this year, hopefully they announce business printing.
Oversight over MCO? How Dave? MCO was a stock holding. Buffett did not run it, he was not on the board, he was not responsible for its actions.
Buffett owned a large position in Kraft. That did not stop Kraft from over paying (from Buffetts point of view) on Cadbury.
OK, thanks, I appreciate it.
Bloody Stupid,
When you own 20% of a company, you have the earn of management. Either Buffett didn’t know what MCO was doing or he knew and didn’t care, as long as it was raking in its oligopoly profits.
I agree, Buffett messed up on MCO.