These two cretins of industry recently revealed their true nature. After decades of receiving hosannas for the value investing credo, suddenly their smugness is no longer welcome.
Yet Another Jaded Former Berkshire Shareholder and Fan
[ Mish ]
Dear Mr. Buffett:
I suppose if one lives long enough, they eventually see all their living, revered heroes let them down in some way. Some succeed in this fashion far more than others. And man let me say this, “you blew me away.”
After over a decade of being a “naive” Berkshire “partner/shareholder” who always defended you, I have sold every single share I ever owned as I sadly witnessed you violate far too many of your own guidelines in the Berkshire Owner’s Manual. This was a tiny dollar amount by your standards, but at one time more than 50% of my family’s net worth.
You may be interested in knowing more details as to why I sold my shares, as the majority of letters that continue to pour in to Kiewit Plaza surely share a similar tone to this one. You and Charlie “Fear” Munger continue to misrepresent history, and that is why the public’s rage at you and at Wall Street grows with every passing day. And that level of anger will remain elevated and growing and directed at the miscreants known as the “bailout sympathizers” for as long as the unemployment rate does. We could and should have wiped out the “too big to fail” equity holders before we wiped out the tax payer. But that would have meant Berkshire’s precious book value would have taken a major hit, and so you used up all of a billionaire’s political capital and traded the ethics and morals you seemingly worked a lifetime to build, to prevent that from happening. Was that trade a good one?
And I have a big problem with that sir. When a select group of super-wealthy, elite, politically connected insiders are allowed to transgress a nation’s various moral, securities, and bankruptcy laws under the falsely dramatized “emergency” threat and guise of an Economic Pearl Harbor or a new Adolph Hitler (have you scolded FearMunger yet for his Antoinette moment to the University of Michigan kids?) to deplete its national treasury, and gets away with it….well then it is time for the “great unwashed” to be very concerned. And the guilty bailout offenders are very right to be worried of the social chaos that FearMunger warns us about, if WE are unable to “suck it up and cope!”
In perpetrating the greatest illegal transfer of wealth in the history of the world, you have lowered the capitalistic bar to an all-time historic low. This much I know: Despite your charitable efforts and investing acumen, history will not be kind to you for these repugnant actions, and your true legacy is: THE FATHER OF ALL MORAL HAZARD AND THE U.S. ZOMBIE ECONOMY
You will probably not be around to see it devolve into this state first hand, but I can assure you that as the lead architect of the immoral bailouts, you have sent me and my kids and the rest of us right into SQUANDERVILLE hell. Shame on your bailouts, shame on you for remaining silent while we failed in crafting effective financial reform, and shame on your world-class hypocrisy. There is so much more to life than the compounded annual growth rate of your book value!
Yet Another Jaded Former Berkshire Shareholder and Fan,
“Let them eat cake.” -Charlie Munger (paraphrasing)
A majority of NJ schools are wonderful and fantastic? Delusional professional baby-sitters with too much self-esteem.