Now that Paul Krugman is a Nobel prize laureate for Economics, his words carry even more weight than before. On today's New York Times Op-Ed punny "Let's Get Fiscal," Mr. Krugman suggests the way to get out of this economic conundrum is by government spending. I don't mind government spending as long as I am the beneficiary. If they were to spend on universal health care I am for it.
Next to Mr. Krugman's Op-Ed article is "Buy American. I Am" by Mr. Warren Buffett, a man that needs no introduction. Basically, Mr. Buffett is the biggest cheerleader of the American economy since this financial mess manifests as bankruptcies and bailouts. Mr. Buffett echoes and re-iterates what most people learned early in their college years, in the long run, equities is the way to go. Now that plenty of good companies are undervalued in the midst of the clusterfuck, so it's time to buy (if you dare) like he does already. If your investment horizon is 10 years or 15 years from now, maybe so, if you are close to retirement, perhaps you have cold feet entering the market again. Everyone's comfort level is different. Mr. Buffett, now, is trying to give away his money, like Bill Gates, most other people, are just trying to hold on to their money, their hard earned life savings. So there is the fundamental difference between Mr. Buffett and the average Joe.
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Oh, this reminds me of how "查良庸" puts it. "When nobody want it (the shares), I will buy some. When everybody needed it, I sold it back to them". I believe this comment by heart and see it as a practical interpretation of the golden rule to make money in the stock market: "buy low and sell high".
ReplyDeleteI have no idea he said something like that. Last year when I visited Taiwan, I couldn't help but bought his set The Condor Shooting Heroes, they were really cheap. I remember renting his novels from a newsstand long time ago because the library was always out of his books.
ReplyDeleteI remember hearing his comment on that on a TV interview quite long time ago.
ReplyDeleteThe days when renting paperback novels are really "those were the days". I still remember the tiny shop in Yuen Long where I get my rent novels of him. Nowadays, you could get any of his novel from internet.