It's 80 degrees in Palo Alto today...oh, and the US financial markets are crumbling...
Warren Buffet in last year's letter to Berkshire Hathaway shareholders:
“As house prices fall, a huge amount of financial folly is being exposed,” he wrote. “You only learn who has been swimming naked when the tide goes out -- and what we are witnessing at some of our largest financial institutions is an ugly sight.”
Yesterday Goldman Sachs announced he was investing $5B (that's a 'b') in the beaten down financial services firm. His timing has been really good in the past..is he a canary in a coal-mine indicating that the worst is over? Or is he an altruist trying to single-handedly stave off further declines in the broader US financial markets? We'll know in five years or so.Posted by Pedraum at September 24, 2008 09:01 AM | TrackBack |