The DOW, NASDAQ, etc. are driven by confidence in the market. If you have irresponsible people calling the President of the US a Communist, telling people that the President is destroying the wealth in this country and directing people to buy certain stocks, and/or where to buy these stocks, isn't that manipulating the market? Do these people have a license to do what they're doing? Isn't what they're doing against the law? If not, why not?
Look, if a securities rep wants to sell me something, he has to meet me face to face, ask about my assets and liabilities, short and long range goals, and find out what kind of risk (market, inflation, etc.) I'm willing to take. This person is bound by securities laws. Those laws are in place to protect the consumer.
Well, right now, I'm not being protected ... you're allowing Jim Cramer and others and media conglomerates to control/manipulate the markets. They are not meeting face to face with anyone, asking pertinent financial questions and ascertaining risk ... they are causing uncertainty and panic. This is irresponsible and criminal.
Right now, in this moment ... the American people need you to set boundaries with these people, etc. "
He owns up to his mistakes. In discussing his unfortunate decision to buy into ConocoPhillips (NYSE: COP) when he did, Buffett concedes that "the terrible timing of my purchase has cost Berkshire several billion dollars" in his latest annual shareholder letter.
It's more than that, though. Berkshire Hathaway's book value fell by 9.6% in 2008. There are 14 stocks in which Berkshire Hathaway has stakes worth at least $500 million, but positions that make up less than 20% of the respective companies. Half of those closed out the year worth less than the amount of money that Buffett has put in."]-