<regarding Mr. Buffett...>
Raymond,
Yes, in response to your challenge, I know a little bit about ASICs, OC-48, VTSS/AMCC/BRCM/CNXT, Ethernet/ATM/Routing/etc. - deal with that stuff every day (you can take a tour through my websites, www.svnl.com, and www.bellc.com for background). AND, I am a daytrader/short-term trader -- deal with that stuff every day, too. There are plenty of other daytraders on this thread, I can assure you, who do not become "lost" at the mere mention of semiconductor and networking technology terminology (well, maybe except for that poor kid they sent that questionarre to...;)
In response to your post, and to debate this issue a little... I would offer that after considerable thought, study, and reflection about Mr. Buffett over the past few years, although I definitely respect those that choose to "invest based on the fundamentals", (at the risk of starting a firestorm of hate-mail and criticism) I neither "like", nor admire Mr. Warren Buffett, and here's why (he's a very likeable-looking, midwesterner sort of guy, so being from Wichita, KS it's hard not to like him... but:).
Clearly, Mr. Buffett is a great man. He accomplished a lot, in his time and has inspired many to mimic him in their investing behaviour ("Mr. Buy and Hold"). However, with all that wealth, his only over-riding concern seems to be to let the world know, that his kids will never get a penny of it. Did you see him on Koppel a month ago? He made a big point out of expounding about the "foundation" he had established, to distribute his wealth. But when Koppel asked him about the values behind the distributions, Buffett was like an empty shell! I was dumbfounded. He did mention that it would go to good causes "like saving the rain forest", and that it would not be going to his kids (several times). Read it again in Newsweek, ad naseum.
The other thing is, he drives around in that junky old car, and lives a plebian livestyle. Has never spent a penny. OK, so that worked for Sam Walton. Sam did it for a good reason - he was a shrewd businessman. But Warren is setting on a mega-empire of wealth, without thousands of day-to-day low-level employees looking up to him, to worry about. What does that say to me? It says, he must be a bit out of kelter. That, coupled with his obsession about "keeping the money away from the kids", says it all. It doesn't take a rocket-scientist to see, they guy is DIS-FUNCTIONAL! I wouldn't trade places with him, for all his (worthless) wealth. Enough said ;)
I do respect his INVESTING STYLE. Would it work for you, me, or most of the people on this thread? Doubtful. Can you make a million and up per year daytrading and short-term trading? Absolutely, positively. Is it legal, ethical, and a valid entrepreneurial opportunity? Yes. Can you do that by worshipping Warren Buffett? No, unless you already have a fortune.
It was really interesting when Ted Koppel asked Warren Buffet about the daytraders. He said "I don't know much about it, but I think they will all be wiped out when the market corrects". Does he even have a clue that the real daytraders go home FLAT, and SHORT downtrends boosting their returns? Duh...
As a final note... I would say, respectfully, that Warren is a relic of the past. And so is his INVESTING STYLE! Unless you're a venture capitalist...
Good trading -Steve |
