Warren Buffett Asks to be on Do Not Call List

Warren Buffett apparently wants to be on the do not call list, the “private equity” do not call list, that is. He had nasty stuff to say about the industry — somewhat unsurprisingly, given that he competes with private equity firms to acquire  companies — and he offered the following as his guiding private equity principle:

…Buffett said that when he gets an offer to buy
a business from a private-equity firm, he “puts the phone down faster
than Charlie [Munger].”

“They invariably auction the business and are looking
for strategic buyers,” Buffett said, adding that “a strategic buyer is
just someone who pays too much.

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Comments

  1. Franklin Stubbs says:

    Isn’t this the same guy who ripped hedge funds to shreds in his recent newsletter (hyper-helpers, etc) even as he was developing a $14 billion structured derivatives product that was the rough equivalent of selling long-dated puts on global stockmarkets? Not to mention his currency and precious metals bets.
    He might as well say, “Hedge funds suck, except for Berkshire. Private Equity sucks, except for Berkshire. The only way to get rich is to buy and hold, except for Berkshire.” And so on. I can only imagine what advice he’s giving kids in that new cartoon persona of his.
    Buffett may be a great investor, but a guy who actively trashes the exact same circles he runs in is a hypocritical schmuck. And by the way, what is the marginal utility for another billion on top of $40 billion already in the hopper. A life with no second act, focused on making money to the very last day, is a sad spectacle in my opinion.