Buffett/Becky live-blog finally gets interesting!
Backtracking, a slightly:
Beckster: You've said no to everything...why now?
InvestingInTheBuff: There's no better firm...the price is right...the people are right...it all just feels, SO RIGHT. I decided to write a check.
InvestingInTheBuff: I wouldn't be doing anything if the government wasn't going to back...I'm betting on them being rational...it would be a mistake [to do the deal] if they were going to walk away.
Beckster: Why would that be a mistake?
InvestingInTheBuff: There's just no telling what would happen.
Carl: Was last week the most frightening experience you've had in your life?
InvestingInTheBuff:The market could not have taken another week...I don't want to get into horror stories...but let me just say, never EVER give a fluffer a sand blaster and a bottle of Tabasco sauce without doing a background check first.
InvestingInTheBuff: Thank heavens Paulson had the imagination to step up with something like this. [Ed: Christian Scientists, while lacking any regard for their own well-being, have great imaginations.]
InvestingInTheBuff: The buyers of the instruments these days are going to do better than the sellers.
Joe: Some people are saying you're like a canary in a coal mine? You have a problem with that analogy?
InvestingInTheBuff: A. Yes, because you mentioned nothing about the canary banging all the other canaries in the coal mine, getting down there, rubbing coal all over each other. B. No, no prob as long as the canary lives.
Beckster: How does [your partner] Charlie Munger feel about the deal?
InvestingInTheBuff: I actually didn't tell him about it 'til it was done...he had a bad fall in Rochester, the sinner. But I called him last night. He's all for it.
InvestingInTheBuff: I try to bet on brains. And, you know. And it just so happened that GS had a rack I wanted to sink my teeth into.
Posted by guest , Sep 24, 2008 8:35AM
i wish i could get rid of my damn virginity that easy.
Posted by guest , Sep 24, 2008 8:35AM
Gotta love this guy.
Where was Gasbag, sleeping in?? He didnt "break da story"
Posted by guest , Sep 24, 2008 8:42AM
let gasbag fail...I bet hank hates the gasbag
Posted by guest , Sep 24, 2008 8:43AM
I picture Gasbagarino hiding in the bushes outside Dickie Fuld's mansion trying to get a scoop.
Posted by guest , Sep 24, 2008 8:45AM
Where is this from? I don't get it. No link?
Posted by guest , Sep 24, 2008 8:48AM
@5-- buffett was on cnbc this morning. get with it.
Posted by redpandot , Sep 24, 2008 9:09AM
verbatim, right?
Posted by guest , Sep 24, 2008 9:18AM
"Gasbag" didn't break the story because "quickie" did
Posted by Investorcluzo , Sep 24, 2008 9:20AM
love the headline. when I heard the old man say that I had to do a double take - I thought my ears were failing. glad someone else heard it. senility? who says $hit like that?
Posted by guest , Sep 24, 2008 9:51AM
Are there any restrictions on Buffett selling this preferred? I mean, can he hold it one day, and just sell it off to someone else?
Posted by guest , Sep 24, 2008 10:16AM
@ 10 - Does Buffet ever hold things for just "one day"? I don't think they have to worry about it.
Posted by guest , Sep 24, 2008 12:06PM
re: #10 - I didn't literally mean "one day" - - I just meant that he's required to hold it a certain length of time (I don't know - a year, maybe, for example), then his investment constitutes a vote of confidence. If not, then it just means he's parked some money for the near term at 10%.
Also, I seem to remember some bet Buffett made (maybe it was some low-end retail stock that you'd consider recession-proof - - can't remember for sure) that he reversed shortly after, like just a couple of quarters later.
And remember, he was wrong on his way-too-early bet (3 years ago) on the decline of the dollar.
http://www.forbes.com/home/free_forbes/2005/0110/036.html
http://www.thestreet.com/_yahoopi/funds/supermodels/10228212.html?cm_ven=QUIGO&cm_cat=FREE&cm_ite=NA
Posted by guest , Sep 24, 2008 12:07PM
I just saw Buffett's gonna be on Fox Business with Liz at 2pm. No rack-staring probably since it's only phone-biz-sex but he always gets more fun with her.
Posted by guest , Sep 24, 2008 1:44PM
12: Yeah, Buffett is so wrong... And u r sooo right. Why then he is dirty rich and u r not?
Posted by guest , Sep 25, 2008 11:49AM
You guys are freakin hilarious!! that was laugh out loud funny... nearly spit out my coffee when I read the bit about the fluffer... HAHA!!