Warren Buffett and Charles Munger speak

Fortune 500 | May 2, 2005 | Jason Zweig

[Jaysun]

Actually, Berkshire reported a loss of $2.1 billion on his dollar short gamble. Our estimates show he lost an additional $2.3 billion in the past 2 weeks alone.

Hellz Bellz! I heard about it right in the beginning and just assumed he yanked and ran.

[Jaysun]

Excellent analysis. Next time you're in NYC, please allow me to buy you a beer.

Will do. Thanks.

[Jaysun]

But why doesn't it matter from state to state, if it matters from country to country?

Or from person to retailer? (for example, we run a personal "trade deficit" with the grocery store). It's a red herring.

[Jaysun]

Bingo. I may add the US economy creates new wealth better than the rest. And much of the trade deficit can be contributed to oil or US companies moving their manufacturing base to overseas location.

There's a big misconception, and that's a serious problem. Remember the last time things were "perfect" according to the standards of the misinformed? The last time we had a trade balance and little or no debt was during the Carter years. I guess everyone wants to return to double digit unemployment, double digit inflation, and zero national growth. Great! All so we can have "balanced trade" and take care of our "alarming debt".

[FreedomSurge]

Before he lost he made 1.5 Billion.

[Jaysun]

Before he lost he made 1.5 Billion.

I need to check that out. As I remember it, both he and Bill Gates were losing money because they were short on the dollar.

It's time to buy dollars and/or sell gold.