Remember just a couple of months ago...

[Guest dealraker]

There was this writer who scripted what was basically "Buffett is washed up" and Watsa "Is God."  And this old fellow (that's me) wrote on this board, "I've seen this crap before.... and being a long, long, long time shareholder of both companies I'd say this writer must have an anger/bias that has little to do with investing and...  (I have true 100% admiration of both Watsa and Buffett).

 

But in any event both companies, and their stock prices, have done quite well since.  But I'd basically say that "then" was a better time to invest in the company and CEO the writer damned --- which happend, this time, to be Buffett. 

 

Won't be long till the same writer is damning Watsa!  Don't believe me?  Just watch.

 

Been there and seen it many, many, many times before.  What is this?  Well, it is what Munger says is left out of every psychology book ever written: It is envy.  Envy is a large motivating force for much of what you see and particularly see written and most of it is simply disguised anger. 

 

Remember this Eavis fellow?

[philassor]

plus many other factors;  such as people trying to inflate themselves a little by puting down an icon as if they were worthy savy judges.

or also a lot of investors cannot accept well the fact that the king of succesful capitalism happens to be a democrat who is pro population control, and believes in fair taxes  etc... etc... There are many reasons for those little basphems.

[Uccmal]

Dealraker, you could extend your "I have seen this before" to everything in the economy as well. 

 

Absolutely nothing is ever new in this game of economics.  3 years ago:

1) we are in a new paradigm - BRIC will save us from ever having another recession

2) Decoupling is the new wave.  The US may have a recession but never Chindia.

3) House price can only go up.

4) Twin deficits are going to detroy the economy of the US forever

5) The S&P is undervalued

6) Oil will keep going up because we have reached Hubbert's peak. 

 

Today:

1) There is a new world order.  The US is a falling empire never to regain any semblance of its former self

2) Housing will never rebound again

3) Twin deficits are still going to destroy the US - Well at least the single deficit and now legacy costs.

4) The American consumer is gone forever.  Savings will reign supreme.

5) THE UK is done.  How many times has this been said in the last 500 years?

 

The more things change the more they stay the same.