" Overall, Berkshire owns more than $13 billion of stock in the top recipients of TARP funds – including Goldman Sachs Group Inc., US Bancorp, American Express Co. and Bank of America Corp., all considered by analysts to be in deep trouble before the federal infusion. The more the bailout props up these financial companies, the more secure Berkshire's investments.
That total, The Bee found, ranks Berkshire fifth among all investors in TARP-assisted companies. Berkshire's TARP holdings constitute 30 percent of its publicly disclosed stock portfolio. That proportion reflects at least twice as much dependence on bailed-out banks as any other large investor.
Buffett increased his bank holdings in September, while openly pressing Congress to pass the bailout."
Buffett owns >20% of Moodies (and other financial institution equity) who rated & sold bankrupt garbage as AAA to suck in the gullible investors.
But he did again show how he could play the system and his influence and buy in at cheap prices with guarantees.
Clearly he doesn't know the right people or has chosen to lie while testifying.The hearing focused on how agencies, such as Moody's and Standard & Poor's, wound up assigning high ratings to complex financial products packed with risky mortgages that went bad when the housing market collapsed in 2007.
Mr Buffett, who declined to testify until he received a subpoena last week, said the ratings agencies weren't the only ones blindsided by the crisis. ''Looking back, they should've recognised it,'' he said, ''but, like I said, I didn't recognise it, and nobody I know recognised it.''
Too many idolise Buffet without realising his style of investing is unlikely to work in their particular situation. Not everyone has the capital required to get the deals that Buffet does...of course he did start from scratch I believe, but not with the method that most attempting to copy his success would be using.
Clearly he doesn't know the right people or has chosen to lie while testifying.
Paulson was betting billions against the subprime packaging/markets before 2007.
Search youtube for "Peter Schiff Mortgage Bankers Speech 2006", I believe he did a similar speech in 2005.
Jim Rogers, Gerald Celente & Marc Faber also made similar calls and by far those listed in this post are not the only public figures that were talking about the problem or betting against US housing/loans.
If you go through some of his finer details, you might notice that Buffett said he would be able to create significantly higher returns if he was only managing $1million instead of multiple multiple billions.
I think somewhere he mentioned 50% returns as being achievable.
Therefore with enough different different views its always possible to go back in time and choose the best quacker.
But isnt HARRY HINDSIGHT a wonderful thing.
Jim Rogers has alot of international respect.
But out of curiosity what are the long term returns generated by the above people.
Can we track their returns over 20 years, 30 years? (again from memory Jim Rogers has done quite well)
and clearly very FEW people on this forum recognised it as well.
Everyone can look smart after the event.
i don't think very many people picked it at all BEFORE the crash - but once it happened it was suddenly permabear territory.
i have documented proof of my actions . and have given details ..
so yes some did see it ..
many wont see it again but that is the way things are
I would add the many insiders and execs would have a much better understanding of situations, events and news ramifications than average joe or the headline hunting journo who is often feed BS anyway.The second type of reliable information is from insiders, not necesarily illegal inside information, but just information about what insiders are doing with their money. Company exec portfolios outperform the indicies, particularly small companies.
Peter Schiff was pushing his own barrow ie his company that invested for others in the EU.Search youtube for "Peter Schiff Mortgage Bankers Speech 2006", I believe he did a similar speech in 2005.