Tuesday, October 21, 2008
The recession, the credit crunch, the housing collapse and the bear market have not run their course
Buffett: great but not infallible. Most of all, Buffett despite his long experience and savvy hasn't run into a crisis quite like this one because, pure and simple, it has no true precedent. That alone anyone should give anyone with fewer resources than Buffett, intellectually and otherwise, pause. Contrary to what he's saying, we can't remember anything that deserves to be called a bull market that had to be caught early and it certainly wasn't true of the last two we've enjoyed. As to his allusion to robins in the spring -- a nice play on it's the early bird that catches the worm -- as someone has noted, it's the second mouse that gets the cheese.