The disappointing aspect of opening up this discussion is that the Buffett junkies have jumped in to save his lack of credibility. Christ, I am surprised I haven’t been bash over the head yet for describing Apple products as inferior, however I think that is still coming.
Want some interesting facts on Buffett? Pick up a copy or find the article by John M Green in the Fin Review on 21 July. There’s a great start at someone dissecting the last few yrs of the 'god like status' that has been given to him.
Honestly, I don’t care if Buffett claims no responsibility by saying he doesn’t profess to know all the answers, the fact is he has little care, and takes no responsibility for his comments.
As for the optimism approach, I like it, yet no disrespect just because I pray to win the lotto doesn’t mean I will, it’s all chance. Hence a win is not based on being positive, or my pray, or a theory, or a pattern, or a "system", its chance, optimism might give you the extra boast not to become disillusioned and hence you will cough up the $10 next week, yet when the odd's are against you no matter how much optimism you have, it will not ... matter.
What my org. post was all about was the personal responsibility that people must take. Sure, the individual must take responsibility, however for the avg. investor who has very little invested, has even less of a clue as to how everything works, then they rely on the voice of others who are deemed to be respected. However with that respect (earned) there should be some responsibility. I'm sorry so many of you respect this man so much you can’t see past his self-serving tactic's.
He has shareholders, and should he come out tomorrow and denounce the US then what will happen to his stock, and the market in general? So while the optimism might be nice, the truth is often better. Otherwise how can anything every be fixed?
The same is for many who are seen as being respected. Someone closer to home is Alan Kohler and his Eureka Report, I have never read more self-serving, factually incorrect and bias tripe in my life, however so many people follow the word.
As said previously, an avg, investor doesn’t have the money, skills, or resources to investigate the market on a daily basis, and hence rely on these sorts of 'expects' and thus - and to their own detriment - admonish their responsibility to 'respected' commentators and what they have said.
This is the point, no matter how much Buffett et al. proclaim to be ord. people with a view then it would take an incredibly arrogant person to also say my words mean little when it’s quite obviously untrue. Take the farce of the "lunch" with Buffett. I don’t care about the money going to charity, why not just give it anyway? Hell, Buffett could give 1000 times what was paid and still have 5 or 6 or 7 times that left. So the charity part is just a con to make some feel better.
CNBC should be strung up for the pedestal they put him on - they seem to be a great cause of his 'god like status', yet it’s hard to find any critical analysis of his commentary, which is at the heart of my posting. Just because Jobs says Apple has a new device and its great doesn’t make it so, yet it’s become an lexicon in our society now where the 'cool' crowd are actually in and anyone else is not "in". Say something bad about Apple, or Jobs, or its devices or its Micro-soft style “take-over” of the world approach and you will be lucky to escape with your life.
If you stifle debate and argument (whether reasoned or not) then you lose sight of the bigger picture. You cannot have a level playing field if the field is constantly being manipulated by those who have the means.
I don’t expect much from the 'press' yet a little less regurgitation of "statements" as fact and a little more "reporting" would be preferable.
I am sure the Buffett groupie set will have something to say, yet the discussion is not how great you think he is, or how humble he is, it is about responsibility for your actions - esp. when those actions have a wider influence.