buffet ( paraphrasing Gretzky) also said "go where the puck is going to be, not where it is."
In other words, where were you three to five years ago? Likely NOT pounding the table on this set. Don't forget that Buffet is first and foremost CONTRARIAN. Are you telling us to buy these things now? Are YOU buying these now?
Investing is a ten year or longer game. There's no use bragging about one two or even three year returns, which can vanish in a heartbeat.
There is a question we ALL need to be asking right now. Am I WEALTHIER now because I am smart ( for choosing the first train to leave Grand Central, or lucky? We shall see. Over a quarter century ago, Buffet must have looked AWFULLY silly for a time pulling away from the markets, while the TR Price complex, and the Morgan Bank were out thumping THEIR chests, performance figures in hand. You know the rest ( or at least should). A few years later, WEB was scooping up WPO, unloaded from these very same chest thumpers, at fire sale prices. If you ever throw in the towel on aol, think about who might be BUYING little parts of the company from YOU.
Buffet also recounted (why IS this guy so quotable?) A rising tide lifts all boats. When the tide goes out, you find out who has been swimming naked. |
