Tuesday, March 10, 2009

This just in: Warren Buffett discovers that the economy fell off a cliff

Evidently, Warren Buffett just went public with his discovery that the economy fell off a cliff recently. NO SHIT!?!?! You don't say? Is this just your finding, Warren, or will anyone step up to corroborate this conclusion?

I am a big fan of the Fast Money show on CNBC. Those guys have only two ironclad rules:
  1. Have a serious take on the market
  2. Don't state the obvious
These guys really hate it when you state the obvious. Why? Because you are being uncooperative and wasting everybody's time. We want to hear something we don't know. We want real material insights. We don't want to endlessly rehash meaningless talking points as worthless politicians do. If you make the mistake of stating the obvious on Fast Money, everybody will scream like hell at you.

When I read that headline grabbing statement by Warren Buffett I had just four thoughts:
  1. I wish you had said that on Fast Money. They would have beaten the hell out of you for stating the obvious.
  2. Buffett must be trying to push the market to the bottom so he can go bottom fishing. Everybody wants to catch the bottom of this market.
  3. If Joe Schmoe says the economy fell of a cliff, nobody will report a thing, and they will yell at him for stating the obvious. Only the world's richest man can get away with this and make it headline grabbing news.
  4. Why don't you tell us what you plan to do at the bottom--in explicit detail--Warren?