Ricard

Second-Guessing Buffett's November Bottom Call

This is yet another commentary that completely misses Buffett's point. I've read countless articles on how Buffett missed the mark for this reason and that, all of which try to fit Buffett into the rubric of market timing and Wall Street churn-and-burn game, both of which Buffett shun.

A lot of people also think that Buffett lost big in his deal with Goldman Sachs, thinking that the options he was awarded AT NO COST have lost value, and thus have delivered Buffett real losses. I'd like to remind people with this idiotic framework in mind that Buffett's preferred in GS will still yield 10% regardless of what the stock does, and that those options are simply icing on the cake. If he doesn't exercise them, he still comes out ahead big time with the preferred. If you disagree, please give me FOR FREE 100 SPY calls for 800, expiring 2013, and we'll see if I lose anything more than my respect for you.

Thanks to Paul Price for posting the actual article to contradict this drivel.