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Warren Buffett confesses he 'struck out' in 2004 (advised Schwarzenegger to dump Prop 13, remember?)
CBS MarketWatch.com ^ | 3/5/05 | Thomas Middleton

Posted on 03/05/2005 1:32:26 PM PST by SierraWasp

11:14am 03/05/05

Warren Buffett confesses he 'struck out' in 2004 (BRKA, BRKB)

By Thomas Middleton

NEW YORK (MarketWatch) -- Warren Buffett, renowned investor and chairman of Berkshire Hathaway Inc. (BRKA) , said he "struck out" in 2004 by failing to make acquisitions that would have increased earnings. In his company's 40th annual report Saturday, the 74-year-old CEO said Berkshire Hathaway increased its net worth by $8.3 billion last year. That increased the company's per-share book value by 10.5%, which fell short of the Standard & Poor's 500-stock index, which posted a 10.9% return for 2004. Buffett said he found "very few attractive securities" to buy in 2004, and added: "Berkshire therefore ended the year with $43 billion of cash equivalents, not a happy position."


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: berkshirehathaway; billionaire; buffett; omaha; oracle
He was too busy hoping President Bush was blowing it, advising Arnold to do away with CA's 1978 tax revolt with a revolting idea that almost took Schwarzenegger out before he got to first base... Yet I see so many idolize this guy and Soros, because since they're billionaires... why that just automatically makes them mistake-proof oracles of god-like wisdom... NOT!!!
1 posted on 03/05/2005 1:32:30 PM PST by SierraWasp
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Comment #2 Removed by Moderator

To: SierraWasp

Buffet, like so many vain zillionaires, donates heavily to abortion mills.


3 posted on 03/05/2005 1:48:30 PM PST by Mamzelle
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To: William Creel; Grampa Dave; farmfriend; Dog Gone; Southack; Carry_Okie; tubebender; DoughtyOne; ...

The other thread that I missed in my search, says that Buffet was afraid to get into women's underwear with his Fruit of the Loom entitty and lost his shorts!!! (snorts!)


4 posted on 03/05/2005 1:49:58 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: Mamzelle

Yes, I'd like to have just one percent of what these vain gazillionaires as you call them, have wasted, or made grave errors with!!!


5 posted on 03/05/2005 1:52:58 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: SierraWasp

The left wing maggots idolize Buffetbutt and $oreA$$ because they are super rich elite left wing fascists.

If they were conservatives, the MSM would cover them like an electron microscope 24/7/365.


6 posted on 03/05/2005 1:57:31 PM PST by Grampa Dave (The MSM has been a WMD, Weapon of Mass Disinformation for the Rats for at least 4 decades.)
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To: SierraWasp

Regretably Warren Buffet supports abortion and international family planning, and may channel a lot of money into liberal causes when he dies.

But he has more than proven himself as a smart money manager. If the worst he's done is only a fraction of a percent under the S&P 500, he's a lot smarter than almost any other investor.

The truth is, most investment managers do worse than the S&P 500 almost every year, and sometimes a lot worse.


7 posted on 03/05/2005 1:59:36 PM PST by Cicero (Marcus Tullius)
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To: Grampa Dave
I sure think it's funny, what the other thread said about Buffett shortin his own shorts business because he believed that women weren't wearin underwear anymore! Ha Ha Ha!!!

Guess he really came up short on that deal... Ha Ha Ha!!!

Let's hear it for Fruits of the Looms!!! Ha Ha Haaaaaaaaaaaaaaaaaaaa... (gasp!)

8 posted on 03/05/2005 2:02:05 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: Cicero
Oh, his crystal balls aren't one bit better than anyone else's! It's just that he's got so much now, that he can paper over a whole lot of slip ups!!! He puts his pants on one leg at a time just like everybody else!!!

He like most everyone else, rarely beats the indexes!

9 posted on 03/05/2005 2:05:37 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: SierraWasp
Buffett said he found "very few attractive securities" to buy in 2004

Investors could pick up some Van Kampen securities (VAP,VCV,VKA,VKI,VPQ,VTF,VTN) fairly cheap during May 2004. Lots of trash paper floating around. Quality securities seem stuck in a flatline, neither cheap enough to buy, nor expensive enough to sell.

10 posted on 03/05/2005 2:09:41 PM PST by Milhous
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To: Mamzelle

Some of the babies they kill ..makes me ill.
why do the peoole with money hate the life and
happiness of the ordinary guy and gal? There
is something about the evil of these men..just
take a long look into the eyes of men like Soros
and Buffett....they are expressionless...no life.
Now take a long look at the eyes of President Bush...
you can see the confidence and exuberance of the
man....try it. Jake


11 posted on 03/05/2005 2:13:47 PM PST by sanjacjake
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To: sanjacjake
re: why do the peoole with money hate the life and happiness of the ordinary guy and gal? )))

If you ever find the answer, please let me know. You oughta see this game at close range...

12 posted on 03/05/2005 2:18:07 PM PST by Mamzelle
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To: SierraWasp

Smart does not make you rich and being rich does not mean you are intelligent.

Buffet has said some of the most inane things over the years.

He may know how to value under valued companies, but he has a lot to learn about macroeconomics.


13 posted on 03/05/2005 2:19:00 PM PST by MangoCrazy (THINK ABOUT IT)
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To: MangoCrazy
(THINK ABOUT IT)

Ok, I did... and you're absolutely correct, M.C.!!!

Say! Could you fill me in on mangoeconomics???

I've heard they can get REALLY crazy!!! (grin)

14 posted on 03/05/2005 2:23:09 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: SierraWasp
Well, God he is not, but I would be among the first to admit that his understanding of the markets by far surpasses mine.
Hasn't he written in one of his books that most investors do their thinking not with brains but rather using quite different body parts? Truer words have not been written, but it is so hard to break the habit of derriere thinking...
And even for this lesson alone we ought to be uncommonly grateful.
15 posted on 03/05/2005 2:30:36 PM PST by GSlob
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To: SierraWasp

"He was too busy hoping President Bush was blowing it..."

You nailed it! He didn't want to do anything that might benefit the economy during the election, and he lost on both counts. He missed out on some profitable investments and he got nothing in return for his political donations. I wouldn't trust him to put my change in a parking meter.


16 posted on 03/05/2005 2:32:24 PM PST by WestTexasWend
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To: SierraWasp

The man has never split his stock that's why his portfolio Berkshire Hathaways Class A & B stocks are so expensive. The so-called "little people" can't afford it. Also, that's why I'll never buy GEICO insurance which is owned by Berkshire Hathaways. Still maintain the man isn't the financial wizard that Wall Street makes him out to be.


17 posted on 03/05/2005 2:37:22 PM PST by lilylangtree (Veni, Vidi, Vici)
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To: SierraWasp

Business acumen != political acumen

See Bloomberg, Michael


18 posted on 03/05/2005 3:55:33 PM PST by thoughtomator (National Socialist, Transnational Socialist, what's the difference?)
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To: lilylangtree

Yer RIGHT!!! And drop that Costco Membership and drop your PROGRESSIVE auto insurance... in fact there's quite a list of America/Bush/Repub/Conservative hating financiers out there that MUST be taught better manners... Especially anything to do with Hollywood!!!


19 posted on 03/05/2005 5:16:55 PM PST by SierraWasp (The Dems have lost whatever "redeeming social value" they ever had!!! Just ask Zell...)
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To: lilylangtree

Actually the B's were created so that more people could afford shares. They have since moved up. Certainly the man's right in a free market economy to distribute his company's stock how he sees fit.

The fact that many cannot afford the price of his stock seems to counter the "man isn't the financial wizard" argument.

I might not like the guys politics but it's hard to argue with his success financially.


20 posted on 03/05/2005 5:35:52 PM PST by HRoarke ("There cannot be an absence of moral content in American foreign policy,..We are not Europe")
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