Leadership
Friday, October 17, 2008 at 07:48AM Over the past two months, we've seen an assortment of characters -- politicians, business leaders, TV talking heads -- opine about all that ails our economy. Some have stepped up; others have stepped sideways; and most of them have stepped in poop.
In my opinion, the person who has exhibited the most leadership has been Warren Buffet. Need proof: check out his op-ed in the New York Times. His basic message: now is the time to invest in equities. "A simple rule dictates my buying," he writes. "Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors."
That about sums it up. A few bad actors and bad investments have cast a pall on the entire stock market, but the fundamentals of the U.S. economy remain strong. Long term, the stock market always appreciate. Because of the fear and panic, we're seeing once-in-a-generation prices. If it has Warren Buffett bullish on equities, then it's good enough for me.
Reader Comments (14)
Hmm. Who does Warren support for the presidency?
Joe the Plumber.
What does Mr Drummond think about the economy?
Or as it turns out, Joe - the "not really" a plumber.
This is a nice post that offers perspective. I only take issue with one point: The "fundamentals of the U.S. economy remain strong." Not for the near term, Nick. We're probably looking at a pretty nasty recession to unwind all the bad mortgages, personal and corporate bankruptcies and a weakening job market. Over the long term, they remain strong but we're in the penalty box a bit for speculative excesses.
I'd have to vote for Gordon Brown, British PM. I agree Buffett's done a good job, and made a bunch of $$$. Gordon Brown saved the British financial system, and maybe the global one as well.
Showed more leadership than Warren or GWB
I agree we're in for a nasty recession. However, this is still a sector recession, meaning it originated from housing and financial services and has finally (after three years) infected the rest of the economy, and only AFTER the credit markets entirely seized up. But when I say fundementals, I mean the underpinnings of our growth engine remain strong -- namely, productivity (which is still at an all time high). Our productivity numbers conitnue to climb while Europe continues to stagnate. At the end of the day, we're still more productive (hours + efficiency) than any other industrialized nation in the world. I think once these poisenous notes work their way out of the system, and the housing market stabilized, we'll be poised for solid growth.
Are you familiar with the Baltic Dry index? International shipping is dead. It will take time to reestablish domestic supply--which isn't a bad thing, but will take time.
This is gonna be rough, worldwide and across sectors.
http://seekingalpha.com/article/100100-baltic-dry-shipping-index-if-it-really-is-a-proxy-for-the-economy-we-re-in-trouble
http://seekingalpha.com/article/100274-the-baltic-dry-index-as-a-growth-indicator
We're in a shitstorm of trouble. But, like Warren said, it is a buying opprortunity if you have the ability!
I'd love to be wrong.
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