Buffet says Obama administration made the right decisions

Amadeus,

You cannot dismiss Buffett's expert status when it comes to financial matters. I have been reading his company's annual reports for a very long time, and he is almost always grappling with Macroeconomic issues along with the focusing on his companies, because his companies are so intertwined with the US Economy! Berkshire has been a huge success not just because of Buffett but because of the team he has put together. I cannot believe you are flippantly ignoring Buffett's thoughts simply because he isn't a macroeconomist. Macroeconomists thought their pretty Bellman Equations and neo-RBC models could accurately predict a dynamic system. They don't, and that should be the first lesson any student of macro picks up in graduate work.

Where have I, or other shareholders, gone wrong in heeding Buffett's advice in say, the last 20 years? The returns we have gotten from his businesses have been better than any comparable average or index!
 
Amadeus,

You cannot dismiss Buffett's expert status when it comes to financial matters. I have been reading his company's annual reports for a very long time, and he is almost always grappling with Macroeconomic issues along with the focusing on his companies, because his companies are so intertwined with the US Economy! Berkshire has been a huge success not just because of Buffett but because of the team he has put together. I cannot believe you are flippantly ignoring Buffett's thoughts simply because he isn't a macroeconomist. Macroeconomists thought their pretty Bellman Equations and neo-RBC models could accurately predict a dynamic system. They don't, and that should be the first lesson any student of macro picks up in graduate work.

Where have I, or other shareholders, gone wrong in heeding Buffett's advice in say, the last 20 years? The returns we have gotten from his businesses have been better than any comparable average or index!

Well La-Tee-Dah!

On the one hand you've grown tired of defending yourself and reputation based on other economists, but now you're using an appeal to authority...cmon Jericho, you're better than this.
 
Well La-Tee-Dah!

On the one hand you've grown tired of defending yourself and reputation based on other economists, but now you're using an appeal to authority...cmon Jericho, you're better than this.
If by authority you mean someone who has applied relevant knowledge to achieving consistently impressive results.
 
Which says nothing on administering fiscal policy to benefit the nation as a whole.

The two may not be perfectly related, but they most certainly are related. I doubt that someone with Buffett's life skills would have zero ability to apply them to governance.

I am not appealing to authority either. I am pointing out the madness that is discounting the opinion of someone who obviously has some skill in financial management, and in financial management of a large complex entity w/governing laws, from applying said learning / knowledge to governance of a national economy.

I wouldn't turn down driving advice from Al Unser just because he only drives an Indy Car.

I wouldn't turn down bench press advice from Tiger Woods

I damn sure wouldn't turn down lady advice from Derek (Best List Ever) Jeter.

And I darn sure wouldn't choose to rely on generic Macro-economist advice since the biggest names didn't notice the principal-agent problem embedded in the banking system ... There's only what, 3 guys who admin the nation's economy (Fed Pres, Pres, GAO head?)

Amadeus, I am afraid that you're rejecting Buffett's advice due to partisanship, rather than on empirical evidence.
 
I damn sure wouldn't turn down lady advice from Derek (Best List Ever) Jeter.

You should, you aren't Derek Jeter. He has quite a few advantages over you.

:lol:

As does, Warren Buffet.

;)
 
Which says nothing on administering fiscal policy to benefit the nation as a whole.
Nothing? There is nothing in Buffet's history and demonstrated skillset that might set his opinion as more credible on the subject than the average blowhard?
 
I'm with Amadeus.

Since I don't know you fellers and don't know any of your resumes (and can't trust you when you post 'em) I agree with Amadeus you should all shut the hell up about a. the economy, b. measures taken by the government regarding the economy.

And when I say "You" I mean "you ... me ... everybody ... everybody"
 
I'm with Amadeus.

Since I don't know you fellers and don't know any of your resumes (and can't trust you when you post 'em) I agree with Amadeus you should all shut the hell up about a. the economy, b. measures taken by the government regarding the economy.

And when I say "You" I mean "you ... me ... everybody ... everybody"
I love being taken out of context. Thanks, Ziggy. :rolleyes:
 
While I somewhat agree with Amadeus that buffet is only one man, I do have to disagree with him that he is very much a giant in financial terms and what he says has great bearing on what has happened. Since he is human it is possible that wrong, but he gets it right more often than not, so I would rather listen to his advice than some advice on these boards.
 
Nothing? There is nothing in Buffet's history and demonstrated skillset that might set his opinion as more credible on the subject than the average blowhard?

I don't pay attention to average blowhards but I also don't think that "That's the bottom line because Warren Buffet said so" is a compelling reason to credit the administration with doing the right thing.
 
What a non-thread.
 
I don't pay attention to average blowhards but I also don't think that "That's the bottom line because Warren Buffet said so" is a compelling reason to credit the administration with doing the right thing.
This; Buffett is incredibly intelligent and a genius with making money, nobody denies that... but as I was saying, I don't see him (or for that matter, anyone) as the absolute authority on what policies are going to work.

And just like Neomega said, he's jumping the gun on unfurling the "Mission Accomplished" banner just yet.
 
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