If you had taken Buffett's advice on October 17th, you'd be in even deeper. Now why would a person living in a studio apartment and who owns zero stocks have been right where the second richest man in the world was wrong on financial matters of all things? It's the only time I ever went public against Buffett specifically on an investment-timing call of his. I didn't say maybe he's wrong. I said he's wrong on the timing. Do you really believe that it was just a lucky guess?
You can't test these things.
Here's what I wrote very early on October 20 right after a huge rise in stocks:
This is sad, very, very sad.
The prospect of a slowing economy after $660 billion in losses and writedowns from mortgage-related investments at banks has sent the S&P 500 down 36 percent this year. Buffett, the world's second-richest person, said he's buying U.S. stocks after the decline and urged investors to "be greedy when others are fearful" in an Oct. 17 New York Times column.
By Lynn Thomasson
Oct. 18 (Bloomberg)
Warren Buffett is not infallible. People are going to find that out. I'm not saying I mean his timing of getting back in is wrong, although it is. I mean he's completely wrong to be promoting to people to "be greedy." Greed is the last thing that's needed. Greed is what caused the problems. Buffett thinks that it's the degree of greed that matters. He's wrong. All greed is wrong. Unless and until humanity moves out from the darkness Buffett is promoting, the world will continue suffering and experiencing pain.
Buffett so-called philanthropy with Bill Gates isn't going to make up for or atone for his call to greed.
Watch what happens. Turn before it is too late for you.
May God bless all with the truth rather than the garbage Warren Buffett is spreading.
Why am I bringing this up? Am I bragging? No, I'm not bragging. I'm far from the only person who knew that the market would go down more. I'm simply trying to get people to see the light and to get some sense. It's the same as with the military generals who said that the Iraq occupation would be a cake walk. Buffett's greed is blinding him. The generals were deluded. Their blood lust and visions of military glory blinded them.