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2 Concerns with Michael Lewis's Review of Buffett Book 'The Snowball'

Buffett really had bad timing with those derivatives bets, and you have to also think about who the other side of the bet is. The proposition was made to him by those Harvard math PhDs at Goldman - do you think Goldman would do it if it wasnt pretty sure of it? Buffett on the other hand will also eventually make money on this bet, he gives all the sound reasons in his yearly report why Black-Scholes does not apply to this kind of very long term derivative. So who is right and who is wrong? Buffett is wrong but both Goldman and Buffett will make money off of this in the end, the losers being the retail suckers who trade options and futures.

Buffett on Investing vs. Business

Buffett said most investors, the excepttion is those in the field of "private equity". He himself is operating the largest private equity fund.