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@A86 – without a doubt, the piliging and plundering occured within the guidelines of the better business bureau and the limits of our tax laws. Ironically, it is the public that props up these standards, in hopes they can get to the top of the heap. I like your comparison to sports figure idolization. Guess I’m the only one that finds it sickening.
ps. I agree, Warren is a well mannered little fat cat.
@pjamesbda – While I agree with most of what you’re saying I’m saying he made his money pretty much honestly within the context of a capitalist system.
Perhaps entertainers, musicians, professional athletes, etc. don’t really deserve tens or hundreds of millions of dollars for what they do but most of them make their money from their own creativity and effort. Buffet didn’t work per se but he put his personal finance at risk through various investments.
It’s sort of like gambling.
@A86 Actually there is no legitimate way your “money can work for you”. If you are a true socialist, you understand that to allow a market or a system to “use” labor and industry in such a way that a massive profit is rendered by their sweat, to someone who does nothing but push and pull money into different concerns, without much risk, those investors SHOULD see a wage comensurate with the worker’s wage, not billions.
Great wealth is built upon great poverty. period. And history has shown repeatedly what occurs when a few people are singled out for unjust compensation of their efforts. Ultimately, the masses will see thru the ruse, and the system will crumble. Spin it any way you want. It built the Pyramids of old, and the pyramids of Wall Street.
Warren Buffet is so much more successful than other people because he subscribes to principles that most other people do not: hard work, consistency, and persistence.
what warren buffet can see [x-ray eyes] ,,others cant see,,,thats the advantage with warren buffet,,,he tends to swim against popular opinion,,,,
i wish i too had bought a little goldman sachs stock ,,when warren bought it,,,,
Yay Warren Buffet !!!! He won a game that was fixed for him to win. What a genius, and he now has more digits in make believe money land. Is Warren Buffet a genius, or are we just really dumb?
Buffet just bought the Burlington Northern Santa Fe Railway. Wonder how this will turn out.
Take it one step further, Cenk. He ADVISED Obama Administration on that move! REALLY smart!
Warren understands value,and value my friends is king in this and every market condition whether you’d like to see that or not.I really do feel hes a genius simply because he uses the people and their narrow minded predictability to his ultimate advantage.
Well i would imagine twitter being worth that much is simply because of the many advertisers knocking down their door in order to take up ad space.There is a high traffic volume and that my friend means potential profit.
reasonable return!
I dont think so because you fail to realize that we(humans)are greedy by nature.We’re on a never ending quest for more.
Yes $10 billion, but some of that’s on shares he bought prior to the financial collapse and plus he has a lot to lose, Berkshire Hathaway has $210 billion in assets according to its last annual report.
Nice try. Warren Buffet lost more money than anyone else on the planet this year. 10billion to be exact. This according to the forbes 500.
Well, Buffett seems happy to buy under just about any market conditions, I’ve heard people accuse him of only performing well in a bull market, and predicting he will fail in a bear market, although this seems to be evidence to the contrary.
Did the dot-com bubble make everyone wiser? Just yesterday I read in the Daily Telegraph (so hardly a tabloid, trashy newspaper) that Twitter, which has never even made a profit, is valued at $1 billion, twice what Dominos pizza is worth???
Indeed, although some stock seems to rise in price exponentially, proportionate to the health and earnings of the company. There’s no logical reason for the drastic jumps in share price or the view that ‘what goes up must come down’.
Yes I guess it makes sense that selling off 20% of a company like GS would take a while.
So everyone can gain from the stock market, if people didn’t try to second guess the market, if people were happy with a reasonable return.
Well from what i have understood,the shareholder holding that 20% would release it as the market kept rising;your right who would buy up those shares(in a bear market).A bull market is a whole other story.
Also the company of conversation has alot to do with whether or not that company would keep rising.
The dot-com bubble made everyone just a little wiser.
But AIG HAD TO pay off Goldman Sachs. They owed money to Goldman Sachs and since AIG wasn’t declared bankrupt they had to pay off AIG’s debts which include the debt to Goldman Sachs. If the government let AIG fail they could have had a judge maybe get rid of the debts (doubtful though).
What I’ve never understood as regards supply and demand with shares is this.
So a big hedge fund or bank sees Goldman Sachs, for example, is going to go up (they predict it using their analysts or whoever) so they buy 100 million of its 500 million shares at $100.
The quoted price hits $200 so they decide to sell, surely releasing 100 million shares (i.e. 20% of them) onto the market would cause the price to crash?
Plus who would take $20 billion worth of shares of you, who could afford to?
I have to agree as regards the secondary market for shares, however its initially the sale of shares to investors (who only buy in many cases out of a hope they will one day be able to sell them for more) which gives many companies the ability to grow and thus employ more people, pay higher wages etc
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