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Tuesday, May 6, 2008

Bob Brinker on Warren Buffett

This is an excerpt from David Korn’s May 3-4 weekly newsletter (Click for a FREE SAMPLE ) that comments on Bob Brinker’s Money Talk.


Brinker Comment: Warren Buffett's company, Berkshire Hathaway, is holding is annual shareholders meeting. Buffett told his shareholders that the Fed did the right thing by stepping in for Bear Stearns because "just imagine the thousands of counterparties around the world having to undo contracts." Buffett said that the big investment banks are almost too big to manage their risk and you need someone whose "DNA is very, very much programmed against risk." Bob said he agreed totally with Buffett and the reality is that many of the big Wall Street firms don't have managers that are capable of handling risk and the recent write-downs of billions show just how much incompetence there is.

DAVID KORN: Buffett has also previously stated that he thinks we are in a recession and it won't be a short or swift one. At the annual meeting this weekend, Buffett said there will be a "lot of pain to come" for mortgage holders but that he does think that the worst of the global credit crunch is over.

EC: For more on Warren Buffett and his market views see the May 5, 2008 article

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