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« Fun with Seasonality | Main | Can You Think Like an Economist? »

August 27, 2009





Much of the punditry decided that these experts had "lost it."

Indeed. In fact, IIRC, Doug Kass (mentioned earlier in the article) was one of the punditry that was suggesting BRK was a sinking ship because of WEB's derivative positions.


Not so much.



Nick -- I meant that WEB and other leading advisors have learned over many years to step up in times of fear. For several months, at least through early March, that did not work. Much of the punditry decided that these experts had "lost it."

I trust that Mr. Buffett has done very well in the rebound, and I value his advice as much as always.

Thanks for helping me to clarify this.




In this article you wrote:

"Meanwhile, the wise and experienced advisors who followed this course last October (like Warren Buffett) were all losers."

This sounds like you think WEB was a "loser" over the last several months.

Am I reading this wrong?

If not, please explain.



Thank you!


pslider -- My mission here is writing about investments, so let me answer first from that perspective. I do not think that the current issue and court case are relevant to our investment decisions, at least not within a time frame of one year or less.

As a citizen and a former poli sci prof, I am quite interested in the question. I confess to a very strong bias in favor of open government, dating back at least to the Pentagon Papers. We could also use more of it in Illinois!

With this in mind, I note that most of my investment blogging colleagues only state one side of the case. I do see the other side. Our financial institutions are vulnerable to a quick change in psychology. If we start having a run on the major banks, our societal problem is much worse.

This is not an open and shut case. It will wind its way through the appeal process, as have many other issues of visibility and freedom of the press.

The Fed has much more transparency than in the past, but perhaps it needs more.

Sometimes I wish I had an "opinion" blog. It might be more fun!

Thanks for the question.


What is your take on the current Federal Reserve transparency issue?

The comments to this entry are closed.