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Warren Buffet Weighs In
Posted on October 3, 2008 at 3:24 pm
Filed Under Financial Markets, Financial Planning, Investment Planning
Warren Buffet is widely recognized as one of, if not the most, successful investors of our time.
He was recently interviewed Charlie Rose on PBS and provided some fantastic insight into where our economy is and what he recommends in terms of our own personal response. Below is just a small exerpt from that interview and above is a link to the entire document.
Happy Reading!
Charlie Rose:
There is a time to accumulate and a time to spend.
Warren Buffett:
Absolutely. You want to be greedy when others are fearful. You want to be fearful when others are greedy. It’s that simple.
Charlie Rose:
What are they now?
Warren Buffett:
They’re pretty fearful. In fact, in my adult lifetime, I don’t think I’ve ever seen people as fearful economically as they are right now.
Charlie Rose:
Are you satisfied with that rescue plan?
Warren Buffett:
Well, I don’t think it’s perfect, but I don’t know that I could draw one that’s perfect. But I’d rather be approximately right than precisely wrong, and it would be precisely wrong to turn it down. We need — we have a terrific economy — it’s like a great athlete that’s had a cardiac arrest. It’s flat on the floor, and the paramedics have arrived. And they shouldn’t argue about whether they put the resuscitation equipment a quarter of an inch this way or a quarter of an inch this way, or they shouldn’t start criticizing the patient, because he didn’t have a blood pressure test or something like that. They should do what’s needed right now. And I think they will. I think the Congress will do the right thing. I think that they’ve — you know, they got into certain arguments and they start worrying about assessing blame, and there is a little demagoguery, but in the end, something this important, they’ll do the right thing. So this really is an economic Pearl Harbor. That sounds melodramatic, but I’ve never used that phrase before. And this really is one.
The long and short, doing what feels so “wrong” may be just the answer. Don’t be afraid to take advantage of a market that is largely on sale. After all, if it works for the greatest investor of our time, maybe it will work for us!
Until next time, have a Fantastic Friday!
Chris
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