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May 04, 2004
What Does Warren Buffett Say Now?
Posted by Dana Blankenhorn
That is, other than vote for Kerry? (The picture is from CNN.)
Warren Buffett, "the sage of Omaha," always has a lot to teach at his annual meeting, no matter your politics.
This year, Buffett was joined by a co-star, 77 year-old, Los Angeles-based Berkshire-Hathaway vice chairman Charlie Munger. Many felt Munger stole the show. (Personally, I always look to the straight man -- he's usually the better gag-writer.)
But no matter. Warren Buffett was never about star power, but about investing discipline. And he's still got it. Following are some highlights from this year's Buffettfest:
There's a difference between putting cronies on the board and putting big investors on the board. Buffett will stay on the Coca-Cola board despite criticism from institutional investors like the California Public Employees Retirement System.
CEOs are overpaid.
Stock options must be expensed, otherwise you don't know the real state of your investment.
Most mutual funds are scams.
Google rocks, although Buffett himself won't be buying the IPO.
America will be fine, despite itself.
Newspapers are dying. Invest in them as you would tobacco stocks.
Taxes aren't bad, the dollar needs defending, and the trade deficit is very, very scary.
Buy some Euros. Berkshire-Hathaway has 1 billion of 'em.
Buffett's entire 2003 letter to shareholders, in Adobe Acrobat format, can be found here.
Live long and prosper, Warren.
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Dana Blankenhorn has been a business journalist for over 25 years and has covered the online world professionally since 1985. He founded the "Interactive Age Daily" for CMP Media, and has written for the Chicago Tribune, Advertising Age, and dozens of other publications over the years.
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