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Warren Buffett |
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TenBagger United States. Mar 01 2009 02:46. Posts 2018 | | |
Every year, I look forward to reading Warren Buffett's Berkshire Hathaway letter to shareholders. In light of all that has happened to the economy and the world of finance in general over the past year, this year's letter was even more interesting to read.
I was especially interested on his thoughts on derivatives. In his letter, Mr. Buffett explained that the danger of derivatives was not merely the difficulty in assessing their value; rather, it was the “web of mutual dependence” they create among financial institutions. Derivatives contracts keep various parties entangled for years, which, as he vividly explained, can create real hazards once those assets start deteriorating.
“Participants seeking to dodge troubles face the same problem as someone seeking to avoid venereal disease,” he wrote. “It’s not just whom you sleep with, but also whom they are sleeping with.”
I also found interesting his talk about the mortgage collapse, the massive floats from his insurance business, and the ineffectiveness of Black-Scholes when dealing with long term time horizons.
The letter is written in casual speak and is an excellent read not just for the financial geeks but for everyone.
<a title="View Waren Buffett's 2008 Berkshire Hathaway Letter on Scribd" href="http://www.scribd.com/doc/12885026/Waren-Buffetts-2008-Berkshire-Hathaway-Letter" style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">Waren Buffett's 2008 Berkshire Hathaway Letter</a> <object codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=9,0,0,0" id="doc_266593864610405" name="doc_266593864610405" classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" align="middle" height="500" width="100%"> <param name="movie" value="http://d.scribd.com/ScribdViewer.swf?document_id=12885026&access_key=key-1p6j0diawv58ev1ywnou&page=1&version=1&viewMode=list"> <param name="quality" value="high"> <param name="play" value="true"> <param name="loop" value="true"> <param name="scale" value="showall"> <param name="wmode" value="opaque"> <param name="devicefont" value="false"> <param name="bgcolor" value="#ffffff"> <param name="menu" value="true"> <param name="allowFullScreen" value="true"> <param name="allowscriptAccess" value="always"> <param name="salign" value=""> <param name="mode" value="list"> <embed src="http://d.scribd.com/ScribdViewer.swf?document_id=12885026&access_key=key-1p6j0diawv58ev1ywnou&page=1&version=1&viewMode=list" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" play="true" loop="true" scale="showall" wmode="opaque" devicefont="false" bgcolor="#ffffff" name="doc_266593864610405_object" menu="true" allowfullscreen="true" allowscriptaccess="always" salign="" type="application/x-shockwave-flash" align="middle" mode="list" height="500" width="100%"></embed> </object> <div style="margin: 6px auto 3px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 12px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a href="http://www.scribd.com/upload" style="text-decoration: underline;">Publish at Scribd</a> or <a href="http://www.scribd.com/browse" style="text-decoration: underline;">explore</a> others: <a href="http://viewer.scribd.com/browse/Business-Legal/Finance-Investing?style=text-decoration%3A+underline%3B">Finance & Investing</a> <a href="http://viewer.scribd.com/browse/Business-Legal/?style=text-decoration%3A+underline%3B">Business & Legal</a> <a href="http://viewer.scribd.com/tag/berkshire%20hathaway" style="text-decoration: underline;">berkshire hathaway</a> <a href="http://viewer.scribd.com/tag/Warren%20Buffett" style="text-decoration: underline;">Warren Buffett</a> </div>
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[x] poker reference
I love buffet btw, will definitely read this tomorrow. I've read many of his letters^^ |
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acdawg712 United States. Mar 01 2009 03:17. Posts 2639 | | |
this is an outstanding read |
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| phil hellmuth is genuinely a stupid person and he does not understand poker very well at all - [vital]myth | |
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whamm! Albania. Mar 01 2009 03:24. Posts 11625 | | |
all i see is garbage  |
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Rho_ United States. Mar 01 2009 03:33. Posts 28 | | |
Warren Buffet is the ballingest baller to ever ball. |
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TenBagger United States. Mar 01 2009 03:41. Posts 2018 | | |
| | On March 01 2009 02:24 whamm! wrote:
all i see is garbage |
for some reason, the link when you go to the comments page is fucked but on the main page it shows up fine |
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acdawg712 United States. Mar 01 2009 04:07. Posts 2639 | | |
| | On March 01 2009 02:41 TenBagger wrote:
for some reason, the link when you go to the comments page is fucked but on the main page it shows up fine
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lmfao i really hope he read it and thought it was trash. |
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| phil hellmuth is genuinely a stupid person and he does not understand poker very well at all - [vital]myth | |
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RainyDay Korea (South). Mar 01 2009 04:44. Posts 484 | | |
'Ball like Buffet' by Warren Buffet
A 1,967-page book filled with various 'ballin' purchases Buffet has made in the last 50 years, from stripper parties to ferraris; packed with vivid pictures and detailed trip reports.
"Book delivers -- SHIP IT !" says Buffet. |
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lachlan Australia. Mar 01 2009 08:23. Posts 6991 | | |
| | On March 01 2009 03:44 RainyDay wrote:
'Ball like Buffet' by Warren Buffet
A 1,967-page book filled with various 'ballin' purchases Buffet has made in the last 50 years, from stripper parties to ferraris; packed with vivid pictures and detailed trip reports.
"Book delivers -- SHIP IT !" says Buffet. |
:D |
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