W*n
2 楼
Warren Buffett is the world's greatest investor, but Doug Kass is still
short Berkshire
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At the 2013 Berkshire Hathaway annual meeting, aka "The Woodstock of
Capitalism." tens of thousands gathered to show their devotion and affection
for the company and its founder, Warren Buffett.
But one invited guest came not to praise "the Oracle of Omaha" but to bury
him -- at least rhetorically. Famed short-seller Doug Kass, managing partner
of Seabreeze Partners, was invited by Buffett to play the role of "
credentialed bear" and try to dissuade the crowd from owning Berkshire stock
. It was a "professional highlight" Kass describes in his new book Doug Kass
on the Market: A Life on The Street.
"I was kind of Daniel in the Lion's den," Kass explains in the accompanying
video. "With 55,000 of [Buffett's] devotees...trying to stump him with
original hard-hitting questions. But at the same time I wanted to be
respectful because I worship at his investment altar."
It's unlikely Kass convinced anyone in the audience to sell their shares. "
Doug, you haven't convinced me to sell the stock, but keep trying!," Buffett
joked a one point.
Sill, Kass notes Berkshire stock was "dead in the water and underperforming
both absolutely and relative to the market" for several months after the
2013 annual meeting. Berkshire shares have since rebounded and have
outperformed the S&P 500 in the roughly 18 months since the event.
Kass was short Berkshire Hathaway stock then and remains so today, noting he
has recently added to the position, as discussed in a recent post on
TheStreet.com's RealMoney Pro service:
"Recent earnings reports at Coca-Cola (KO) and IBM (IBM), two large
Berkshire Hathaway investments totaling almost $30 billion, suggest that the
companies' moats appear to be vanishing."
In the past, Warren Buffett has hunted gazelles (that are undervalued); he
is now hunting elephants (that are fairly valued to overvalued). Many of the
recent buys might be great additions to Berkshire's portfolio of companies,
however, the relatively high prices paid for these investments could
potentially result in a lower return on invested capital."
short Berkshire
------------------------------------------------------------------
At the 2013 Berkshire Hathaway annual meeting, aka "The Woodstock of
Capitalism." tens of thousands gathered to show their devotion and affection
for the company and its founder, Warren Buffett.
But one invited guest came not to praise "the Oracle of Omaha" but to bury
him -- at least rhetorically. Famed short-seller Doug Kass, managing partner
of Seabreeze Partners, was invited by Buffett to play the role of "
credentialed bear" and try to dissuade the crowd from owning Berkshire stock
. It was a "professional highlight" Kass describes in his new book Doug Kass
on the Market: A Life on The Street.
"I was kind of Daniel in the Lion's den," Kass explains in the accompanying
video. "With 55,000 of [Buffett's] devotees...trying to stump him with
original hard-hitting questions. But at the same time I wanted to be
respectful because I worship at his investment altar."
It's unlikely Kass convinced anyone in the audience to sell their shares. "
Doug, you haven't convinced me to sell the stock, but keep trying!," Buffett
joked a one point.
Sill, Kass notes Berkshire stock was "dead in the water and underperforming
both absolutely and relative to the market" for several months after the
2013 annual meeting. Berkshire shares have since rebounded and have
outperformed the S&P 500 in the roughly 18 months since the event.
Kass was short Berkshire Hathaway stock then and remains so today, noting he
has recently added to the position, as discussed in a recent post on
TheStreet.com's RealMoney Pro service:
"Recent earnings reports at Coca-Cola (KO) and IBM (IBM), two large
Berkshire Hathaway investments totaling almost $30 billion, suggest that the
companies' moats appear to be vanishing."
In the past, Warren Buffett has hunted gazelles (that are undervalued); he
is now hunting elephants (that are fairly valued to overvalued). Many of the
recent buys might be great additions to Berkshire's portfolio of companies,
however, the relatively high prices paid for these investments could
potentially result in a lower return on invested capital."
W*n
3 楼
Did Kass pull the trigger today!
hahaha
hahaha
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