Monday, March 2, 2009

Private Client Commentary - Buffet letter

Dear Clients,

This week you'll hear from all corners of the media how Warren Buffet, the Earth's wealthiest individual, in his annual letter to Berkshire Hathaway shareholders, confessed to doing some "dumb things" in 2008. I browsed around various media outlets this weekend just to see how they titled their headlines and I have to tell you, the critics who claim that the media sensationalizes the bad news and contributes to the sour mood of the American citizen are absolutely correct (at least as far as the coverage of Buffet's 2008 letter to shareholders is concerned). I happened to read the letter and while stating the facts in terms of the things he wishes he could take back, he made some awfully good decisions in 2008 as well. Overall I found it to be a pretty upbeat, yet very honest, message to his flock. I encourage you to read the letter in its entirety on You'll be relieved to know that the

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