Mountain Fist

Does It Pay To Follow Buffet Blindly?

I spent a lot of time studying Ben Graham and Warren Buffet, but that Buffett announcement made me lose respect for Mr. Buffett. Trying to talk up buying of stocks because even some of his positions are beginning to be underwater is pretty close to criminal in nature. At it's very least it's taking advantage of a lot of small investors who give too much weight to what people like Buffett say. By now, Buffett knows the effect that things he says has on markets.

Anybody that can read long term charts of the Dow, Nasdaq, S&P 500, or individual stocks can see that it could easily get a lot worse (stock prices). I wouldn't be following Buffett right now, I'd wait awhile longer and buy for less than him. There are stocks I like that Buffett has already owned for a year or two that are trading under his best purchase price ever, and even farther below his average purchase price.

If I can watch them slide and get them for half what Buffett bought them, why would I want to watch his self-serving release---"It's time to start buying stocks because they are dropping below my purchase price and everyone knows I'm smarter than the rest of the market", and then start buying stock?