Warren E. Buffett sums it up ~ ‘You only learn who has been swimming naked when the tide goes out’
In his annual letter to shareholders last month Warren Buffett, Chairman of the Board of Berkshire Hathaway and the world’s richest man, summed up beautifully the state of the economy:
"Today, our country is experiencing widespread pain because of that erroneous belief. As house prices fall, a huge amount of financial folly is being exposed. You only learn who has been swimming naked when the tide goes out – and what we are witnessing at some of our largest financial institutions is an ugly sight." [emphasis added]
Yes, the tide is out. Love the metaphor. I hope you’re not picturing any old Wall Street guys naked.
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Posted on March 14, 2008
Filed Under Business and Commerce, Sea and Oceans |
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