chris vale

Berkshire: Bond Market Not Always Omniscient - Especially Lately

Wow! Let's correct the facts first and then discuss your investing record, Tom. First, Buffett has said on numerous occasions that the bond market is subject to mispricing. He certainly does not advocate effiicient market theory, you must already know that. Second, the recent debt issuance is from Berkshire Hathaway subsidiary Berkshire Financial, and is not backed by the full might of Berkshire, which is why the bond market has discounted the issuance. Third, Buffett has a long record of speaking his mind, not "talking his book", as you claim. Berkshire's reputation, which is based in large part on the integrity of the CEO, is an enormous business advantage for Berkshire, and is a signifigant part of the moat they have created. To risk that priceless asset, which took decades to create, for some short term gain created by talking up his book, would be as foolish as buying Compucredit at $35 per share. Or First Marblehead... I don't have the heart to go on about your record, but please, it's beneath you and any other professional investor to engage in character assassination of Mr Buffett.