Saturday, October 18, 2008

Long-term perspective on the US financial crisis

Warren Buffet wrote in an op-ed published in Thursday's NY Times:
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.

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SPECIAL COVERAGE I live-blogged the spontaneous Obama victory celebration in Washington DC. Experience what it felt like to be among thousands of deliriously happy people gathered outside the White House. Click here.

Previously, I had been blogging about the Obama, McCain and the US election. I wrote about Sarah Palin on this blog even before McCain chose her to be his running mate. The choice was disappointing, and a possibility I had anticipated.

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