This is my most unusual blog entry. I am using my blog as a bookmark because I don't have time to view this yet. Later I will delete this entry and refill it with my thoughts if any.
Warren Buffett is the go to guy for the silver lining when everyone is pessimistic. That is what I hope to take away when I come back and give him an hour of my plebeian time.
I am back and sat through the nearly one hour talk between the two men. Yes, I was on the mark on what to expect from him. Note that he is unsure about what would come out of Europe. Bear in mind that stocks are not priced for normal times at the moment. Normality must eventually return, so isn't it a clear signal to buy some good names?
The big difference between the sage of Omaha and everyone else at the moment is that he is already looking beyond the present troubles. If you plan to be alive over the longer term, why be shackled by the short term. That's irrational.
If the worst case scenario in Europe materializes, the cheap assets you are buying now just gotten cheaper. Leave some dry powder for that. If you don't plan to sell, you don't have to realize your losses.
Meanwhile do you smell QE3 from the Fed over the horizon?
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