Warren Buffett is facing a tough weekend. As he's been doing for decades, Buffett will face investors tomorrow "to explain his worst year ever, with the usually adoring crowd set to probe the legendary investor on his bargain-hunting strategy, succession plans and views of the crisis," The Financial Times reports.
The FT predicts the occasion will be anything but cordial. "The hard questions will be asked this year," James Altucher, a hedge fund manager and author of Trade Like Warren Buffett, tells the FT. "There will be people who always stand by him and others who will ask: 'Have you lost your way?'"
Buffett, as always, will have his sidekick there to help, 85-year-old vice chairman Charles Munger. Both Buffett and Munger see a silver lining in all the talk about increased government regulation of banks and financial services firms, the WSJ points out. If regulators start to put limits on the amount of leverage, or borrowed money, banks can use, this will ultimately drive down Wall Street pay and the number of high-risk bets Wall Street firms can make. "There's going to be new rules in the game," Munger tells the WSJ. "For someone like us, that's going to be very interesting." |
