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Tuesday, October 7, 2008

Warren

I have had the economy on my mind, to the point where I hear voices in my head.

The voices are screaming. Some of the yelling seems to be coming from unsolicited financial planners telling me what to do with my retirement savings (or what's left of it). I hear the mantra "volatility is your friend" over and over again.

One of the voices is coming from a 78 year-old business man in Omaha, Nebraska named Warren.


Warren plays the Ukulele

Warren works extremely hard and is very thrifty. Although he recently donated his 2001 Lincoln Town car to charity, for years he drove himself all around Omaha looking for bargains.


The image of Warren stopping off at a McDonald's drive-through window to pick up lunch sticks with me. I would assume that he is a coupon clipper too.

Warren has his own company (actually several), and they have done very well. He does not have any experts advising him, but reads through piles of boring financial statements late into the night. He has a good instinct for when to buy and when to sell.

According to Forbes Magazine, Warren Buffett recently surpassed Bill Gates as the wealthiest American citizen. Both Obama and McCain have suggested Buffett as a potential nominee to lead the US Treasury.

What is Warren buying in this down economy?

Goldman Sachs and General Electric

http://en.wikipedia.org/wiki/Warren_Buffett

Alice Schroeder has published Warren's official biography, and it promises to be a good read...

http://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553805096

Remember, "volatility is your friend."

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