Well, I Certainly Eat My Own Cooking!

[texual]

The GS preferred were a better investment and I think that Buffett predicted the equity would be a shaky investment for some time. Meanwhile he pockets a huge return and makes out like a bandit. Perhaps the next few years for BAC would be flat to down. Who knows. Buffett also owns some stocks like USG which have been small, volatile positions. I wish he bought BAC common but I am not inside his mind on all his investments.

 

Personally I looked at the IBM investment as a conduit to buying MSFT. He loves Microsoft but said he would never buy it due to his relationship with Gates/board crossover. I think he even said he would buy MSFT and it was dirt cheap. So he buys IBM and I buy MSFT. Don't copy Buffett on everything, but infer what he is trying to accomplish and invest according to your own reasoning.