2011-04-06

Buffett takes a direct hit on CNBC

I figured the Munger story wouldn't die, but now things have heated up quickly, with a guest on CNBC taking shots at Buffett. Here is Michael Steinhardt on CNBC:












ZeroHedge transcribed some of the conversation in Michael Steinhardt Tells The Truth, The Whole Truth, And Especially The Truth About The Greatest "Con Job": Warren Buffett
"Here in America's the biggest thing we have to worry about is how long it will take for Buffett to come down to earth where he should have been a long time ago, so people like you begin to realize his reality and get off some cloud."

"What is Buffett’s reality,”

“His reality is that he is the greatest PR person of recent times. And he has managed to achieve a snow job that has conned virtually everyone in the press to my knowledge…and is remarkable that he continues to do it.”

“Really,” Quintanila responded with a shake: “so outperforming the S&P, I don’t know how many hundred times, over the course of his portfolio…doesn’t matter?”

“Ooo, I’m not sure he’s done that. What he has done, and this is a great measure of the man’s wonder, is that he gave away two and a half cents for the first 70 years of his life- he gave away nothing- and then in one fell swoop gave almost all of his money thoughtlessly, to one guy. And from that moment on became the greatest advocate of philanthropy and pitched all the bumbling billionaires to do the same thing. That takes a special guy having given away nothing and then in one fell swoop ‘boom!’ he gives it all away and pitches the other yo-yos to give it away too. Now what does that say? I think that’s worth reflecting.”


ZeroHedge has coverage of the Munger story: Munger "Recuses Himself" As Frontrunning Focus Shifts To His BYD Purchase

Steinhardt has done the equivalent of saying the Emperor has no clothes. Given the current social mood, I suspect this will not pass unnoticed. ZeroHedge is already playing it up, but look for more articles and discussion, from a more negative angle, in the coming days and weeks.

And there's always this explanation of Warren Buffett from Kevin Depew, circa 2009:

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