Tuesday, 21 October 2014
Last updated 7 hours ago
May 6 2013 | 1:42pm ET
Warren Buffett did not appear especially impressed by his designated bear, Seabreeze Partners Management's Douglas Kass, at Berkshire Hathaway's annual meeting this weekend.
Buffett tapped Kass to serve as one of his three interrogators on Saturday, an event widely known as "Buffettstock" in Omaha, Neb. But Kass' negativity about Berkshire didn't make Buffett flinch.
Indeed, Buffett's number two, Charlie Munger, chided Kass, saying he could "make the short-seller's argument even better than he did."
Kass said that Berkshire was in danger of becoming an index fund due to its sheer size, forcing it to hunt "elephants" rather than "gazelles." He also said he fears that the 82-year-old Buffett's successors won't enjoy the same advantages.
To the first criticism, Buffett acknowledged that Berkshire will not grow as much as it has in the past, but that it will still generate value. To the second, he said Berkshire's brand will supplant his own when he finally retires.
"You haven't convinced me to sell the stock yet, Doug," Buffett said. "Keep trying."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...