[snakeoil]

Last night, I read Warren Buffett's annual letter to shareholders. (No, I'm not a shareholder.) It's interesting reading. This excerpt is from that letter.

Late in 2009, amidst the gloom of the Great Recession, we agreed to buy BNSF, the largest purchase in
Berkshire’s history. At the time, I called the transaction an “all-in wager on the economic future of the United
States.”

That kind of commitment was nothing new for us. We’ve been making similar wagers ever since Buffett
Partnership Ltd. acquired control of Berkshire in 1965. For good reason, too: Charlie and I have always considered a
“bet” on ever-rising U.S. prosperity to be very close to a sure thing.Indeed, who has ever benefited during the past 238 years by betting against America? If you compare our country’s present condition to that existing in 1776, you have to rub your eyes in wonder. In my lifetime alone real per-capita U.S. output has sextupled.

My parents could not have dreamed in 1930 of the world their son would see. Though the preachers of pessimism prattle endlessly about America’s problems, I’ve never seen one who wishes to emigrate (though I can think of a few for whom I would happily buy a one-way ticket)

The entire letter can be accessed here:

http://www.berkshirehathaway.com/letters/2014ltr.pdf" onclick="window.open(this.href);return false;

[johnforbes]

Buffett is a hypocrite on taxes.

He has long been a liberal Democrat, but anybody who reads his annual letters can learn about investing.

I own some "B" shares, but the real money was made by folks who invested early with him.

[elklindo69]

Yup, that carried interest loophole is pure hypocrisy!

I wish I could get paid in company stock, hold for a year and get paid in the 15% bracket instead of the 28% bracket.

Those hedgie donations to the GOP must be paying dividends....

[johnforbes]

Elkin, you can do almost the same thing.

Last December was a big time for cap gains because most of the writeoffs from 2008 had been exhausted.

But, for many taxpayers, they get by with a 15 percent long-term capital gain.

Elkin, you probably don't make enough to exceed the qualification for that, so look into it.

[Malcolm]

I blew out a flip flop.....fuck warren buffett.... :lol:

[elklindo69]

Elkin, you can do almost the same thing.

Last December was a big time for cap gains because most of the writeoffs from 2008 had been exhausted.

But, for many taxpayers, they get by with a 15 percent long-term capital gain.

Elkin, you probably don't make enough to exceed the qualification for that, so look into it.

Since you're not familiar with any of Charlie Munger's musings, I'm highly certain that you come nowhere near the 400K threshold....

[Malcolm]

Corporations Lobbying Government Reap 76,000% Return on Investment....

[johnforbes]

Elkin, what on earth would make you think I'm not familiar with Munger?

I began subscribing to Forbes in 1976, and that's where I first read about Buffett.

My failing was in taking too long to become a shareholder, but I've been investing monthly in other things since that time.

As to income and cap gains, come on Elkin. A young leftist such as yourself couldn't command much in income.

[tvd]

Elk watches "Mad Money".

Enough said.

[elklindo69]

Elkin, what on earth would make you think I'm not familiar with Munger?

I began subscribing to Forbes in 1976, and that's where I first read about Buffett.

My failing was in taking too long to become a shareholder, but I've been investing monthly in other things since that time.

As to income and cap gains, come on Elkin. A young leftist such as yourself couldn't command much in income.

Munger has despised the inner workings of Wall Street for some time. Calling them the casinos on the Hudson. And when I repeated his assertion, you said it was one of the dummest things ever said? Or was it? It was Wall Street's casino mentality that crashed a number of investment banks and precipitated a multi-billon dollar bailout by tax payers?

And now the GOP wants roll back the Dodd/Frank reforms. What gives!!!

[johnforbes]

Munger, like Buffett, is an investor.

I've just been reading about Wall Street in 1928 and 1929, and it is interesting that so many very clear warnings about vastly overpriced mainstream stocks (GM, GE, Westinghouse, etc) went unheeded by the public.

As to politics, I agree more with Buffett's father than Warren. But set that aside and he is an extremely bright, capable fellow who has taught me and many others a heck of a lot about investing.

Anybody who hasn't read the two best books about him, one by Lowenstein and the other by Schroeder, is missing out.