By David B. Loeper, CIMA®, CIMC®
“There’s a bit of magic in everything, and some loss to even things out.”
– Lou Reed
It is that time of the year again when disciples of the media-created Guru Buffett make their annual pilgrimage to Omaha to give thanks and praise for his mysterious abilities to produce exceptional returns. Except this year the pageantry and spectacle of the annual meeting of Berkshire Hathaway shareholders may serve less as a celebration and more as a distraction to the performance of Berkshire Hathaway stock over the past decade since it has been anything but magical, as Mr. Buffett would no doubt acknowledge.
My motivation to write this SHOULD NOT be viewed as an attack on Mr. Buffett, but should instead serve to shed objective light upon those who use Mr. Buffett’s track record to defend irrational bets they make- bets even Mr. Buffett himself advises against. I’m suspect the humble Mr. Buffett would admit that he has no magic.
via Untitled Page.