Personally, I am fed up with all the hero-worship of this guy.
His investments in the recent dark days ( and also in the tech crash) were on better terms than available to anyone else - because he has big chunks of money to deploy - not because he was the only one willing to invest. The public response to most of those investments was envy. They WOULD have loved to have the same opportunity.
When he buys companies, he does not buy 100 shares, he buys controling interests. He gets a seat on the Board, while I cannot even get basic data from companies. His returns may well be attributable to that control, rather than portfolio management.
If in fact he is negative on the markets at these levels, then he should be writing down the value of those derivative he underwrote, on his own Balance Sheet, that depend on the markets rising still.
I recently re-read the re-issue of Benjamin Graham's "The Intelligent Investor" that he introduced. I was amazed at all the stuff in it that I DO NOT agree with. And I label myself as a value investor emphasizing fundamentals.
His investments in the recent dark days ( and also in the tech crash) were on better terms than available to anyone else - because he has big chunks of money to deploy - not because he was the only one willing to invest. The public response to most of those investments was envy. They WOULD have loved to have the same opportunity.
When he buys companies, he does not buy 100 shares, he buys controling interests. He gets a seat on the Board, while I cannot even get basic data from companies. His returns may well be attributable to that control, rather than portfolio management.
If in fact he is negative on the markets at these levels, then he should be writing down the value of those derivative he underwrote, on his own Balance Sheet, that depend on the markets rising still.
I recently re-read the re-issue of Benjamin Graham's "The Intelligent Investor" that he introduced. I was amazed at all the stuff in it that I DO NOT agree with. And I label myself as a value investor emphasizing fundamentals.
