There were thousands of people there, excited they were to hear the words of one of the richest men in the known universe—-Warren Buffet. They limped in, clamored in, glamored in, white-trashed in, in hopes that the miracle of wealth might bestow itself on them.
The dream of the “silver bullet” of capitalism hitting us paltry investors in the heart, most likely, will never happen. Yet, we cajoled in admiration of the two old gentleman on stage. The Berkshire Hathaway Annual Meeting was, for the most part, a two man comedy shtick which fell slightly short of Abbott and Costello’s “Who’s on First” routine (yet had its moments of peanut brittle crunching cuteness) and it fell more on the side of black comedy than modern stock market humor.
It seemed that Buffet, and his bug-eyed and longtime partner Munger, were more about staging a “let’s feel good about capitalism show” than a real, fact-filled, state-of-the-company confab. The dark side kept eking out like Buffet’s pennies at the McDonald’s drive thru window.
1. Retail is dead, just go to Amazon.
2. Airline tussles? We own the only four that are left so as long as there isn’t a price war who cares if a few people get dragged down the aisles.
3. There’s no more “low hanging fruit” in which the rest of us losers can invest.
4. Wells Fargo corruption? Well, I wish I hadn’t heard about it but since I did I’ll condemn it.
I think the “Oracle of Omaha” may have hit his zenith a few years back and his huge, failed investment in IBM proves that idea. When it comes to the modern myths of capitalism, Buffet and Munger should probably stick to the peanut brittle before it sticks in their teeth.