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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (40730)	11/22/2008 10:00:11 AM
From: gronieel	4 Recommendations Read Replies (1) \| Respond to of 42834

"The ONLY non permabear I know who saw it coming was Warren Buffett who called financial derivatives "weapons of financial destruction." "...first quarter profits of Warren Buffett's Berkshire Hathaway fell by 64% because of $2 billion in losses from investments in derivative contracts -- some of the most irresponsible investments possible..."

To: Kirk © who wrote (40730)	11/22/2008 6:43:13 PM
From: octavian	2 Recommendations Read Replies (1) \| Respond to of 42834

kirk said: <<The ONLY non permabear I know who saw it coming was Warren Buffett who called financial derivatives "weapons of financial destruction." Even so, Warren didn't sell his BRKA holdings as his belief is we'll do OK in the long run.>> --Some guy named Shiff or Schiff, who appears on Fox's Sat. morning business shows occasionally, also saw it coming. I saw a clip on YouTube of him predicting it, and everyone else on the panel laughing at him thinking he was just a doomsayer. But I don't know if he's a permabear or not. Do you? I imagine he is, and that was probably the main reason they were laughing at him. Ben Stein was saying subprime was just a "tiny" problem, and was recommending stocks like Merrill Lynch in the $60s, saying financial stocks were tremendously undervalued. I personally think Stein is a smart guy. There just weren't many people who foresaw the magnitude of this problem.