Check out the face of Sacagawea. Even she thinks Warren Buffet is a horse's ass!
Posted on 06/15/2005 4:27:22 PM PDT by Smogger
Six months ago, the value of the U.S. dollar was on the firing line as it plunged to a record low vs. the euro. Amid fears that a united Europe would surmount the spendthrift United States as a safe haven for financial assets in a tumultuous world, investors worldwide -- led by noted Nebraska sourpuss Warren Buffett -- heaped scorn on our currency and scolded U.S. lawmakers to get the federal deficit under control.
But a funny thing happened to all those dollar bears. Their contempt for U.S. economic freedoms hasn’t amounted to a hill of bill of beans, and their positions have been smoked. The dollar has rallied massively since the start of the year against all other currencies, reflecting a swift, stunning paradigm shift in the way that global political risks are priced.
Buffet, who reportedly lifted his bet against the buck to a position of $22 billion and counting in the first quarter this year, isn’t sounding quite so smug anymore. Normally an equity investor with liberal social views who rarely made forays into the foreign exchange markets, he has had his head handed to him by more experienced currency players. Although his anti-dollar attack worked from 2002 through 2004, since then he has been forced to pay for attempting to mix politics and money.
(Excerpt) Read more at moneycentral.msn.com ...
Buffett's entire strategy has always been waiting for the chickens to come home to roost, for better or for worse. In the case of commodity and currency markets, the chickens often take the long way home, stopping off for a few beers along the way. Soros made a fortune on this fact. Buffett seems ill-equipped to deal with tardy chickens.
Check out the face of Sacagawea. Even she thinks Warren Buffet is a horse's ass!
Thanks for the good laugh...
"That saw the Aussie up to its highs and euro up to $US1.2150 and then the euro basically ran into a wall of selling."
Ms Masters said the market had speculated the selling was a result of a euro/yen bond redemption or some major euro selling by US investor Warren Buffet.
6/14/05
"Tripped"? I wish he'd choke on the dollar.
BWAAAAAAHAHAHAHAHAHAHAHA!!!!! No kidding. I'm glad Buffet got handed his head by the real market pros. Soros should have just known better.
22 Billion??
...and Italian sang-froid.
I love those guys. too bad they lost a buck in the end. down to their last dollar really ment something in that story. Thanks for your post.
The question is, what will the USD fall in relation to? Gold or orther precious metals? perhaps. The PRC yuan? It's possible. But the Euro? No.
*Caution, Attencion, Achtung! This is not investment advice, so don't go out and buy issues that you haven't thoroughly researched yourself. Okay?
What a difference a year makes, Huh?
To: rreahsito
Looks like his bet on silver at $8/oz isn't doing too well. Buffett hasn't had a stellar record the past 10 years or so.
11 posted on 06/15/2005 5:11:33 PM PDT by oblomov
The rally the US Dollar is enjoying right now is a BEAR MARKET RALLY.
At some point this year the majors will resume their BULL MARKET and reverse the correction.
USD will once again come under pressure...
USD is set to reverse this most recent near term correction...and resume its mid term Bull Run...
Thats just my opinon...and my money is where my mouth is...
I am back long(as of this morning) USDCHF/USDJPY and short EURUSD/GBPUSD...
Sure it is...how much would you like to bet the dollar resumes its decline and it's Bear Market rally evaporates?
Yes, well at least I have had some $$$ in Ag as well.
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