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BUFFET loses $900 million on USD

  • #21
  • Nov 8, 2005 12:55am Nov 8, 2005 12:55am
Quoting WTB
I wonder why would anyone with even 1/100th of his capital keep on spending his life trading/working instead of enjoying a well deserved retirement, specially someone of his age. I just can't get it why people extremly wealthy already keep on waking up every morning at 7 am and work their asses off to amount an even larger capital.


Whatever, it's their lives.
No offense, but that might be the reason you are not wealthy like him.

Simon
  • #22
  • Edited 3:18am Nov 8, 2005 3:10am | Edited 3:18am
Quoting DrRock
No offense, but that might be the reason you are not wealthy like him.

Simon

That might be the reason I will never WISH to be as wealthy as him. You know why? because as soon as I score, say, 10 milions, I will enjoy my life to the fullest with my beautiful lady traveling to every single corner of this planet, scuba diving at every reef, trekking up every mountain and every single other experience this life can offer.

Plus, if I had billions of dollars like he does, I would keep a 1% for me, plus a 1% for my children, and with the rest of it I would hire a team of political and economical experts to fix up a third world country, for example Haiti, to give those people hospitals, schools, infrastructure, etc.

Mate, life is too short, and you only live once. What is the point of keep on waking up at 7am every single damn day to go to your office, specially when you are an olderly, absurdly rich man? In my opinion, that is a sign of a man who's lost the perspective of what's actually important in life.

When I was 27 I took my backpack and I decided that I wanted to cincurnnavigate the globe. Took me over a year to do so, visiting a myriad or countries and running a myriad of adventures. That sort of stuff is the kind of stories one day I want to tell my grandson, not whether I banked my 32th billion or not. After you got the first one, who cares or even needs the rest? You are just burning your life away (a life that's not coming back) for the sake of what, yet another billion?

Thanks God I will never be 65, richer than then Sun itself, and still working my ass off in front of a currency chart LOL, what a nonsense indeed.
  • #23
  • Nov 8, 2005 3:54am Nov 8, 2005 3:54am
Quoting WTB
That might be the reason I will never WISH to be as wealthy as him. You know why? because as soon as I score, say, 10 milions, I will enjoy my life to the fullest with my beautiful lady traveling to every single corner of this planet, scuba diving at every reef, trekking up every mountain and every single other experience this life can offer.

Plus, if I had billions of dollars like he does, I would keep a 1% for me, plus a 1% for my children, and with the rest of it I would hire a team of political and economical experts to fix up a third world country, for example Haiti, to give those people hospitals, schools, infrastructure, etc.

Mate, life is too short, and you only live once. What is the point of keep on waking up at 7am every single damn day to go to your office, specially when you are an olderly, absurdly rich man? In my opinion, that is a sign of a man who's lost the perspective of what's actually important in life.

When I was 27 I took my backpack and I decided that I wanted to cincurnnavigate the globe. Took me over a year to do so, visiting a myriad or countries and running a myriad of adventures. That sort of stuff is the kind of stories one day I want to tell my grandson, not whether I banked my 32th billion or not. After you got the first one, who cares or even needs the rest? You are just burning your life away (a life that's not coming back) for the sake of what, yet another billion?

Thanks God I will never be 65, richer than then Sun itself, and still working my ass off in front of a currency chart LOL, what a nonsense indeed.
You have to realize that one's "perspective of what's actually important in life" is different for each person.

Warrent Buffet loves what he does and that's why he still comes in to work everyday. He'd work for free if he could. It's just he's so good at what he loves doing that it attracts billions of dollars.

Take Bill Gates as another example. Does he still have to work? No. Why does he work? Because he love what he does off course. And he needs to build a bigger bank account for his foundation. He is doing exactly what you plan to do with your first billion. But I think he realizes it take more than one billion dollars to help a third world country.

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful."
"Do or do not. There is no try" ~Yoda
  • #24
  • Nov 8, 2005 4:52am Nov 8, 2005 4:52am
Quoting Pip Daddy
But I think he realizes it take more than one billion dollars to help a third world country.
He has over 40 billions according to Forbes...
  • #25
  • Nov 8, 2005 5:01am Nov 8, 2005 5:01am
If Warren does lose that 900mil, will the next person be giving 95% to charity????
My bet is that they won't and that there is the real loss not the 900mil.
I think that everyone here has goals to reach (some may have already reached them or at least some of them and have the wisdom of experience) but for some of us we are still carving our oath through this minefield.
Such a thread like this does seem to spark some emotion, which is great as without this how are we going to succeed.

Success to all.

Ron F.
  • #26
  • Nov 8, 2005 6:04am Nov 8, 2005 6:04am
Quoting WTB
That might be the reason I will never WISH to be as wealthy as him. You know why? because as soon as I score, say, 10 milions, I will enjoy my life to the fullest with my beautiful lady traveling to every single corner of this planet, scuba diving at every reef, trekking up every mountain and every single other experience this life can offer.
Thats me, and I even wanted to post the same thing

Quoting WTB
and with the rest of it I would hire a team of political and economical experts to fix up a third world country, for example Haiti, to give those people hospitals, schools, infrastructure, etc.g
Haiti? Do you even know how did it came to today's crap? Haiti was the richest ever French colony, and one of the richest in Caribean. Why they didnt keep what they had? The alloy of Corruption and Low IQ can not be fixed. You can fix the economy with 40 bln for awhile, it will be sort of Puerto-Rico, until your money is over.
But there are another thing too. There are 8,3 mln people on a small island. There are 0,16 acres of arable land per person. All wildlife, forests are gone long time ago, there are only people and their food. And still, average woman has 5 kids. What kind of a ratio of arable land will they have after you spend 40 billions on them? They will just turn your money in more kids. And what will happen when you will stop nursing them? Half of them will die of starvation and war for some food and water. A quarter will come to US (it seems to be made of rubber). And another quarter (who couldnt make it to US) will keep living in slums as they always did.
  • #27
  • Nov 8, 2005 7:31am Nov 8, 2005 7:31am
Quoting boycie
Had a few losing trades ? Dont be too hard on yourself, even the big guys get it wrong.

Dont worry Warren, you know how to make it back.
where did you get this 900mil figure from?

i knew he was short dollars, but shit i didnt know the guy lost a billion dollars!!!!

there is one very important lesson to gain from Warren's mistake...

NEVER BET AGAINST AMERICA

im not saying that as a patriot, im saying that as a trader. people are always running around predicting the demise of the US. its been going on for 200 years. lets not forget 1929, and the depression that followed. everyone thought that was the end of the US. happened again in 1987, and again in 2001. and last year when the EURUSD was at 1.3600, everyone said "here it comes, the US deficit has finally caught up". but yet again those who bet against america lost. the US is strongest economy in the world, and will continue to be until we are all long gone.
Relax and be happy.
  • #28
  • Nov 8, 2005 7:47am Nov 8, 2005 7:47am
the US is strongest economy in the world, and will continue to be until we are all long gone.

__________________
Merlin


One word : CHINA.
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  • #29
  • Nov 8, 2005 7:57am Nov 8, 2005 7:57am
Quoting Pip Daddy
A bad losing trade? That depends on two things:

1. Your perspective
2. Your timeframe

It's not a losing trade if you plan on holding for 20 years and when Saudi Arabia and China practically own United States because we owe them 9,999,999,999,999 dollars that we can't repay. On the other hand, I guess the US can simply run a military campaign and conquer countries if we can't pay them back.
Hold for 20 years, LOL. The man is 74 years old FOOL. Why do you think every commodity is priced in US dollars FOOL? Why do you think every foreign investor first looks to invest in the US, FOOL? It's because the US dollar always rebounds and is the most trusted currency, always has been.

JohnFX
  • #30
  • Nov 8, 2005 8:16am Nov 8, 2005 8:16am
Analysts are scrutinizing statements by the European Central Bank for evidence that the Continent will keep up with the States in raising interest rates over the next year. But statements by ECB President Jean-Claude Trichet--that rates "can move at any time"--seem wishy-washy at best.

Compounding that, the riots spreading across France have caused concerns about this key euro-zone nation.

Put it all together and you have a recipe for for queasiness. Thus, Buffett's Berkshire said on Friday that it had reduced its foreign currency holdings to $16.5 billion, from $21.5 billion three months earlier.

Playing defense seems even more pertinent to Berkshire right now. The prairie billionaire's holding company also said on Friday that its third-quarter earnings fell by almost 50%, citing insurance losses related to Hurricanes Katrina and Rita. Net income fell to $586 million, or $381 per share, from $1.137 billion, or $739 per share, in the year-ago quarter.

But fret not. Berkshire stock may have dropped $700 Monday, but that's less than 1%--it's still trading at a colossal $87,600 on the New York Stock Exchange. And Buffett is still ranked No. 2 on the Forbes 400 Richest Americans list.

More Faces In The News
  • #31
  • Nov 8, 2005 8:18am Nov 8, 2005 8:18am
Quoting JohnFX
Analysts are scrutinizing statements by the European Central Bank for evidence that the Continent will keep up with the States in raising interest rates over the next year. But statements by ECB President Jean-Claude Trichet--that rates "can move at any time"--seem wishy-washy at best.

Compounding that, the riots spreading across France have caused concerns about this key euro-zone nation.

Put it all together and you have a recipe for for queasiness. Thus, Buffett's Berkshire said on Friday that it had reduced its foreign currency holdings to $16.5 billion, from $21.5 billion three months earlier.

Playing defense seems even more pertinent to Berkshire right now. The prairie billionaire's holding company also said on Friday that its third-quarter earnings fell by almost 50%, citing insurance losses related to Hurricanes Katrina and Rita. Net income fell to $586 million, or $381 per share, from $1.137 billion, or $739 per share, in the year-ago quarter.

But fret not. Berkshire stock may have dropped $700 Monday, but that's less than 1%--it's still trading at a colossal $87,600 on the New York Stock Exchange. And Buffett is still ranked No. 2 on the Forbes 400 Richest Americans list.

More Faces In The News
It appears Buffet is beginning to wind down his bet against the US Dollar.

JohnFX
  • #32
  • Nov 8, 2005 8:23am Nov 8, 2005 8:23am
Quoting JohnFX
It appears Buffet is beginning to wind down his bet against the US Dollar.

JohnFX
I think some genious in this thread the he was adding to his position. Obviously he will quietly and slowly reduce his position to avoid a panick sell off which could take the euro down much faster.

JohnFX
  • #33
  • Nov 8, 2005 10:31am Nov 8, 2005 10:31am
Quoting boycie
the US is strongest economy in the world, and will continue to be until we are all long gone.

__________________
Merlin


One word : CHINA.
Well it is a threat indeed, but China's nuclear weaponry is undevelopped, so.. I think they are wasting their money on american debt
  • #34
  • Nov 8, 2005 11:17am Nov 8, 2005 11:17am
Anyone who thinks the US is in some serious poop, hasn't been paying attention to Europe.

And if I had a Billions of dollars, I'd do with it as I will. I earned it, I'll spend it, thank yee very much. It's Warren's money, what do I care what he does with it? (sell Euro...sell Euro..)

Last thing I'd do is fix up some third world countries...unless I planned on living there.
  • #35
  • Nov 8, 2005 6:37pm Nov 8, 2005 6:37pm
The only thing that gets my attention is that 900,000,000 has been redistributed to other traders. YES. I'm in.

FT
  • #36
  • Nov 8, 2005 7:25pm Nov 8, 2005 7:25pm
Quoting fijitrader
The only thing that gets my attention is that 900,000,000 has been redistributed to other traders. YES. I'm in.

FT
Excellent Point Fiji!
Be sure you're right. Then go ahead! -- Davey Crockett
  • #37
  • Nov 9, 2005 12:49am Nov 9, 2005 12:49am
Quoting fijitrader
The only thing that gets my attention is that 900,000,000 has been redistributed to other traders. YES. I'm in.

FT
some of that went in my pocket
Relax and be happy.
  • #38
  • Nov 9, 2005 12:49am Nov 9, 2005 12:49am
Quoting JohnFX
Hold for 20 years, LOL. The man is 74 years old FOOL.
Relax and be happy.
  • #39
  • Nov 9, 2005 12:52am Nov 9, 2005 12:52am
Quoting boycie
One word : CHINA.
china shmina.

sure, they will grow. 9-10% per year. they will be a major economy. i dont doubt that.

but there is no friggin way they will have an economy as robust as the US. not in our lifetimes anyway.
Relax and be happy.
  • #40
  • Nov 9, 2005 12:54am Nov 9, 2005 12:54am
Quoting Vlad
Thats me, and I even wanted to post the same thing


Haiti? Do you even know how did it came to today's crap? Haiti was the richest ever French colony, and one of the richest in Caribean. Why they didnt keep what they had? The alloy of Corruption and Low IQ can not be fixed. You can fix the economy with 40 bln for awhile, it will be sort of Puerto-Rico, until your money is over.
But there are another thing too. There are 8,3 mln people on a small island. There are 0,16 acres of arable land per person. All wildlife, forests are gone long time ago, there are only people and their food. And still, average woman has 5 kids. What kind of a ratio of arable land will they have after you spend 40 billions on them? They will just turn your money in more kids. And what will happen when you will stop nursing them? Half of them will die of starvation and war for some food and water. A quarter will come to US (it seems to be made of rubber). And another quarter (who couldnt make it to US) will keep living in slums as they always did.
im lovin the depth of knowledge we have at FF...

Relax and be happy.
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