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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (17131)	5/2/2009 5:28:09 PM
From: Cactus Jack	Respond to of 49969

What happened to Warren Buffett? news.yahoo.com Buffett says government is doing the right things OMAHA, Neb. – Billionaire Warren Buffett said Saturday the U.S. government is generally taking the right actions to help the economy recover, and it should be given some benefit of the doubt because officials have been reacting in the middle of a crisis. The state of the economy was one of the first things addressed at Saturday's daylong Berkshire Hathaway Inc. shareholders meeting. Roughly 35,000 people packed an arena and overflow rooms to listen to Buffett and Berkshire vice chairman Charlie Munger answer questions for hours. "Overall, I commend the actions that were taken," Buffett said. But he said no one should expect perfection because the economy experienced a "financial hurricane." But Buffett said he can't predict how quickly the economy and the markets will improve. He said last fall that the U.S. was facing an "economic Pearl Harbor." To illustrate the challenges the nation faced last year, Buffett showed a sales receipt for $5 million in U.S. Treasury bonds that Berkshire sold in December for $90.07 more than face value, ensuring a negative return for the buyer. Buffett said he doesn't think most investors will see negative returns on U.S. bonds again in their lifetimes. "It's been a very extraordinary year," he said. Buffett and Munger planned to spend more than five hours answering questions at the Berkshire meeting. In the exhibit hall Saturday morning, Buffett was mobbed like a movie star by shareholders seeking photos of the CEO as he walked between exhibits for subsidiaries Justin Boots and Dairy Queen. The meeting began as usual with a humorous movie, but instead of the traditional comical cartoon, Berkshire offered a reassuring message from animated versions of its products. An animated Mrs. See of See's Candy told the crowd that it didn't seem right to have a humorous cartoon when so many things in the world don't seem sweet. And a talking Dairy Queen ice cream treat said the security of the company's balance sheet would help it withstand any blizzard. The economy, succession at the top of Berkshire and the state of the company, which last year had its worst year since Buffett took over in 1965, were on the minds of many shareholders. Berkshire's Class A stock lost 32 percent in 2008, and Berkshire's book value — assets minus liabilities — declined 9.6 percent, to $70,530 per share. That was the biggest drop in book value under Buffett and only the second time its book value has declined. But despite Berkshire's rough year — which was depressed by unrealized multibillion-dollar derivative losses — the company still outpaced the market index Buffett uses as a measuring stick. The S&P 500 fell 37 percent in 2008. Berkshire reported a 2008 profit of $4.99 billion, or $3,224 per Class A share. That was down 62 percent from the previous year, but better than many companies. Retired shareholder Paul Gallmeyer of the Chicago area said he wasn't especially worried about who will replace the 78-year-old Buffett as Berkshire's chairman and CEO. He said all of Berkshire's more than 60 subsidiaries are run by people who will keep the company going after Buffett is gone. "I truly don't see that as much of an issue as other people make it," Gallmeyer said. But some shareholders, like Dennis Hospodarsky of Waterloo, Iowa, were a little worried about the succession issue. "I hope he's as good at picking a successor as he is at stocks," Hospodarsky said. Buffett offered a few new clues about who'll replace him at the helm of Berkshire Hathaway, but Buffett still refused to name the people who will become Berkshire's next chief executive or its next chief investment officer. Buffett received several succession questions. Three of Berkshire's internal managers are candidates to be CEO. And the board has a list of four internal and external investment managers who could manage Berkshire's $49 billion stock portfolio and investing its $24.3 billion cash. Buffett says none of the investment managers likely beat the S&P 500 last year, but over the past 10 years they all beat the average performance at least modestly if not significantly. Buffett said he doesn't see any value in choosing a CEO successor now to follow him around Berkshire's 19-person headquarters because all the candidates are already running businesses now. Plus the other two might leave Berkshire if a successor was named. "It'd be a waste of talent," Buffett said. "I don't really see any advantages in having some crown prince around." Buffett has said his son Howard will take over as chairman to ensure Berkshire's culture is preserved. Howard Buffett already serves on the board.

To: SliderOnTheBlack who wrote (17131)	5/2/2009 7:46:17 PM
From: TobagoJack	32 Recommendations Read Replies (5) \| Respond to of 49969

additional point, one can simply state china inc's simple message by its announcement which under normal circumstances would not have been necessary, the message must be taken in context of the 15 years gold ownership/trading reform (starting from from illegalized private gold ownership to now, one can visit retail monetary gold shops beijing) and the message may well be, we are preparing for the inevitable end of global reserve currencies operated by the usa republic, japanese empire, and european mishmesh, and, as we invented (i) paper, (ii) ink, (iii) printing press, and (iv) use of paper money, and have seen to more dead money regimes then there are trees in a forest, we are taking precautions. when the bell tolls, we aim to have our middle class holding something, anything, other than usd. we have been systemically reforming the gold arena, and adding to gold hoard. we have been doing so in secret, and when necessary, doing so by way of the now largest national exploitation of gold on this planet, so there is no use for you out there to front run us. we are announcing our program now, and especially to the wastrels and agents of wastrels out there who needs paper money, such as greece, ireland, england, australia, and jpm and gs, because we want you to know that we are a buyer who can close enormous deals on short time; so stop mucking around with dribs of gold sales and drabs of gold loans. come to us, we will make a price, let us do business. about that 403 or 2500 tons of imf gold, and regarding the tens of thousands within eu, and even, folks, whatever there are available in fort knox, all not a problem, because just 6 months of our surplus and a bit of our existing reserve would take care of all. hand us our rightful gold with your trembling hands, and redemption shall be yours. we are doing copper, as all know. now we are telling you we want gold. silver smuggling into our domain is already big biz. platinum as well. we like minerals. we have paper. what you are doing is great, enabling our paper to buy your minerals. biblical times are coming, probably of the older edition, old testament, and so, before it is too late, let's talk biz.

To: SliderOnTheBlack who wrote (17131)	12/12/2018 3:48:30 AM
From: TobagoJack	3 Recommendations Recommended By Arran Yuan prometheus1976 roguedolphin Respond to of 49969

we have come a long way since 2009 when this was exchanged Message 25615261 now younger at heart and older in experience, we face the prospect of another crisis that be the opportunity, one for the road, and such the coming trial by fire should be very good, to top up for the long drive ahead enthusiastic

To: SliderOnTheBlack who wrote (17131)	12/12/2018 4:20:00 AM
From: TobagoJack	1 Recommendation Recommended By SliderOnTheBlack Respond to of 49969

post better to mark the road w/ some pics on storage :0) we have come a long way since 2009 when this was exchanged Message 25615261 now younger at heart and older in experience, we face the prospect of another crisis that be the opportunity, one for the road, and such the coming trial by fire should be very good, to top up for the long drive ahead enthusiastic gold up 40% since our exchange, never mind it sort of had a stroke at $1921, mere hiccup, only needs to be priced correctly once, as consolation prize one awful day use it as art read about it wear it eat it drink it add it as sugar substitute or coffee enhancer use it as coaster study history by it let the kid use it as learning aid look for it mill it find it handle it wash it in acid and weight it picture it