Don't get me started on his amazingly bad long position he took on IBM (about 10 years too late), where he ended up losing $444 million.
Buffet is a hypocritical piece of crap ... he stumped up some cash for GS when they were busted ass in 2008 and took a 5% share-holding, it basically kept them afloat long enough to start vigourously lobbying for the repeal of mark-to-market accounting and then get the taxpayer TARP loot to bail-out AIG (money flowed straight through to goldman bonuses). He's become the ultimate example of privatise the profits, socialise the losses ... i.e. crony capitalism.
The only reason he dumped his silver position was because he was basically warned off by the banksters that it would blow up their fiat monetary scam if he persevered and ruin Buffet's fiat-based wealth ... and at that point he became an insider. Not long after Phibro commodities trader (was biggest in the world) took a fatal hit on PM derivatives bets and have been zombie trading ever since (think they just wound them up officially) ... Buffet was ever since then warning everyone away from precious metals and started up his Gates/Buffet Foundation to 'help the world'.
He realised that their wealth was totally imaginary but he (or Bill Gates) wasn't going to be the ones to call the banksters on their fiat scam and blow up the global monetary system and instead were going to dedicate some portion of their fictitious fiat wealth to "helping the poor people".
On another note, that list of billionaires actually keep a tiny portion of their wealth in fiat US dollars ... mostly it's stocks, bonds, property, money market funds ... and other assets that involve counter parties and lengthy liquidation times. It'll be great for the world economy if the wealthiest come to bitcoin last. In other news
70 hedge funds are ramping up for 'crypto-currency' investing.
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