September 24, 2008

Warren Buffet Tries To Save The Day

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 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 |