Berkshire's (BRK.A, Financial) made the rounds yesterday. Some of his comments:
Notes:
For those not sure Berkshire is intimately tied to the consumer through its Shaw Carpets, American Express (AXP), Dairy Queen, Home Services (real estate brokerage), furniture companies, banks and more. Because of that, Berkshire is uniquely sensitive to all sectors of the economy. So, when Buffett says he is seeing little improvement, it is something we all need to pay attention to. Quote may not be 100% accurate verbally but are for sentiment. For instance, "we" rather than "us" etc....meaning of quotes intact.
"We are setting the stage for VERY SIGNIFICANT inflation down the road"
On US Dollar: "probability of significant purchasing power decline has risen dramatically"
US AAA Rating: "the US will keep it as long as I and you (Liz Claymen) are alive and longer"
Unemployment: "it is going higher, we are not coming off the bottom yet"..
Obama's health care reform: "malpractice premiums are 1/2 of 1% of what we (the US) spend on health care each year"
Regulation: "the wrong regulation would be one that attempts to solves evils and stifles the markets system that has worked pretty well over the years"
Acknowledged he is sitting on a $1 billion profit from his Goldman Sachs (GS) investment and said he will "keep the warrants for their duration"
On the de-leveraging process for consumers and corporate America "there is a lot still to do"
"Economy will be in shambles this year and well beyond"
"you can't produce a baby in 1 month by getting 9 women pregnant". Meaning we can't turn the economy around in a couple months, it is a long process and gov't officials would be wise to acknowledge this.
Should Ben Bernanke be given another term?: "I don't know how you could do any better"
"The incentives in a market system are too overshoot" and he gave the impression he was relatively sure it would happen again some day.
"I do not worry about deflation a all and we will not see any serious deflation...."
On Gov't TARP funds & Wells Fargo (WFC) "the gov't set the terms, they (WFC) just signed a blank piece of paper"
On Steve Jobs "if any CEO is facing serious surgery, it is a material event"
Cap and Trade: "is a regressive tax"
Berkshire's (BRK.A) Buffett was everywhere today. Saying this was a "cautious" interview session would be understated..
Videos
On Bloomberg
On Fox talking Economy & Inflation
On Fox talking Unemployment
On CNBC talking the Economy
Todd Sullivan
valueplays.blogspot.com
Also check out:
Notes:
For those not sure Berkshire is intimately tied to the consumer through its Shaw Carpets, American Express (AXP), Dairy Queen, Home Services (real estate brokerage), furniture companies, banks and more. Because of that, Berkshire is uniquely sensitive to all sectors of the economy. So, when Buffett says he is seeing little improvement, it is something we all need to pay attention to. Quote may not be 100% accurate verbally but are for sentiment. For instance, "we" rather than "us" etc....meaning of quotes intact.
"We are setting the stage for VERY SIGNIFICANT inflation down the road"
On US Dollar: "probability of significant purchasing power decline has risen dramatically"
US AAA Rating: "the US will keep it as long as I and you (Liz Claymen) are alive and longer"
Unemployment: "it is going higher, we are not coming off the bottom yet"..
Obama's health care reform: "malpractice premiums are 1/2 of 1% of what we (the US) spend on health care each year"
Regulation: "the wrong regulation would be one that attempts to solves evils and stifles the markets system that has worked pretty well over the years"
Acknowledged he is sitting on a $1 billion profit from his Goldman Sachs (GS) investment and said he will "keep the warrants for their duration"
On the de-leveraging process for consumers and corporate America "there is a lot still to do"
"Economy will be in shambles this year and well beyond"
"you can't produce a baby in 1 month by getting 9 women pregnant". Meaning we can't turn the economy around in a couple months, it is a long process and gov't officials would be wise to acknowledge this.
Should Ben Bernanke be given another term?: "I don't know how you could do any better"
"The incentives in a market system are too overshoot" and he gave the impression he was relatively sure it would happen again some day.
"I do not worry about deflation a all and we will not see any serious deflation...."
On Gov't TARP funds & Wells Fargo (WFC) "the gov't set the terms, they (WFC) just signed a blank piece of paper"
On Steve Jobs "if any CEO is facing serious surgery, it is a material event"
Cap and Trade: "is a regressive tax"
Berkshire's (BRK.A) Buffett was everywhere today. Saying this was a "cautious" interview session would be understated..
Videos
On Bloomberg
On Fox talking Economy & Inflation
On Fox talking Unemployment
On CNBC talking the Economy
Visit msnbc.com for Breaking News, World News, and News about the Economy
Todd Sullivan
valueplays.blogspot.com
Also check out:
