Emotional Refuse

Discuss this topic @ Shareinvestor.net.nz

Further to my criticism in February of recent detractors of Warren Buffett's moves to "buy up US stocks", Steve Jordan from The Omaha World-Herald adds another dimension to my argument for me when he quotes me back contrasting my contention that Warren knows his business VS Doug Kass who reckons Buffett is dead wrong in his long-term investment approach:

Bloggers are fighting over whether Warren Buffett's recent financial plays have been wrong or wise. Darren Rickard of the Stock Market & Business Blog sought to refute Doug Kass of RealMoney Silver and TheStreet.com, who said Buffett's strategies are "stale" and don't work these days. Kass cited the declining value of several investments Buffett has made since last fall, plus the 38 percent drop in Berkshire Hathaway's own stock price. Rickard said such criticism is shortsighted and that critics "haven't given Buffett's big bets a time to play out." "Warren Buffett has faced similar stock market and economic meltdowns before, bet huge sums while stocks were affected by these meltdowns and always managed to come out smelling of roses," Rickard wrote. Steve Jordan, Omaha World-Herald Feb 8, 2009

I missed this in my February diatribe, Doug Kass points out that Buffett's Berkshire has suffered a 38% drop in share price but what stock hasn't in this market?

Share price isn't always a reflection of real value. Like Kass' view of the stockmarket, this is short term thinking and it is wrong. Stock prices will fluctuate for manifold reasons other than concrete results and the Berkshire Hathaway stock price has been murdered far below its recent results, mostly for emotional rather than actual reasons.

The same is true of many listed stocks in New Zealand.

Emotion has departed from reality and taken some stocks down the road less traveled towards dead mans curve.

There are bargains out there, Warren Buffett is buying them and commentators like Doug Kass are doing their best to make him look bad in the short-term.

I am willing to admit that the great Sage of Omaha could be wrong this time but on the balance of probability it would be a foolish man who would bet against him.

Just be patient, Buffett has spent the last 80 years doing just that and his results speak for themselves.

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c Share Investor 2009

Andrew Williams, the Great Panjandrum

More sleaze and innuendo, no not from Dunkin Donut Garner from TV3 but from our self appointed king of the North Shore Mayor Andrew Williams.

I have been called much worse than a selfish nasty person in my life but my favorite description of Andy comes from John Roughan from the NZ Herald who called him "North Shore's panjandrum ".  I had fun looking it up too. 

This from the Sunday Herald:

Heather McCracken

Nobody likes being called names, least of all North Shore mayor Andrew Williams. After the outsider wrestled the city's weighty chain of office and $350 million budget from the incumbent in 2007, Williams now believes he has the qualities necessary to become mayor of the new Auckland super-city.

The problem, he said, is that he is being "victimised" by a "nasty and vicious super-city faction" that is out to get him and seize control of the big new council proposed for the region.

He named right-wing Auckland politicians and bloggers, including the author of the Whaleoil blog, who calls him "the Mad Mayor" and "the Clown of Campbells Bay".

But now the criticism is coming thick and fast: Television's Breakfast show labelled him "egg of the week" for spending $1300 of ratepayers' money on Stop Banks sauvignon blanc for the council chambers; NZ Herald columnist John Roughan tagged him "North Shore's panjandrum", and the Herald on Sunday's Dylan Cleaver dubbed him "a joyless sod" for his objection to an Auckland bid for the Commonwealth Games.

Williams is increasingly responding in kind.

Yesterday morning he emailed arch-critic Cameron Slater, the Whaleoil author, with one word: "Tosser!". Earlier this week he called blogger Darren Rickard a "selfish nasty person"; he called email correspondent Stan Blanch a "loser" and a "tosser" ; and a few months ago he left a council meeting in haste after he called councillor Chris Darby a "smart arse".

His own councillors are now divided about the image he presents of the North Shore. The concerns were exacerbated by his absence - cycling around Central Otago - when the region's leaders gathered for the publication of the Royal Commission's report on Friday.

Most were quick to back Williams yesterday, saying he was a tireless campaigner who was prepared to speak up on tough issues.

"I think there's a silent minority who quietly say 'Good on you, mate'," said Callum Blair. "There's a noisy minority who are trying to attack him."

But Ann Hartley, supported by two others, said: "He's burned his bridges on so many issues on the Shore and offended so many people. I don't think he'd get elected as mayor of North Shore again, let alone anywhere else."

Williams was unperturbed about the criticism, blaming it on a "faction" led by Slater, Auckland City councillor Aaron Bhatnagar and the Newmarket Business Association's Cameron Brewer.

"They're all over there in a super-city faction wanting to get control of greater Auckland," he said yesterday. "They attack anyone who opposes them, and they do it in a particularly nasty and vicious manner."

A vocal opponent of a one-city structure, he said the holiday had been planned months in advance and he couldn't return when the report was released early.

Favourite in a crowded field:

Auckland Mayor John Banks is the favourite for the race to be Auckland's first super mayor, but it's shaping up to be a crowded field. North Shore mayor Andrew Williams hasn't ruled out standing but added there was "a lot of water to go under the bridge".

Auckland Regional Council chairman Mike Lee wants to see the city structure sorted out before making any decision. He said the candidate would need to be someone with a vision for Auckland, who can work collegially.

Broadcaster and columnist Paul Holmes said the increased powers of the new mayor to "get things done" were attractive. However, it was too early to say whether he would run. "I'll be talking about it with friends, and running it past she who must be obeyed."

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Shareinvestor.net.nz - The Home for New Zealand Stockmarket discussion

I launched a stockmarket forum last year but haven't had the chance to spend much time on it for one reason or another and it hasn't had much traffic as a result.

Diddly squat really.

It is still there, it has been since May last year and it isn't going anywhere. I still intend to compete with the big boys.

So here is what you get.

The site is called Shareinvestor.net.nz and can be reached by using that address.

The site is free to read and join, you can post text, pictures, attachments and video and email other members if you want to have that option.

You also have the ability to social bookmark posts.

The forums covered are companies listed on the NZX, ASX and global indices as well-listed with the company prefix.

Forex, property and a beginners section is also included.

There is also the obligatory off-topic section.

Oh and you should see the smiley icons!

Come and have a look, join up and have your say.

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c Share Investor 2009

VIDEO: Daniel Hannan MEP - The devalued Prime Minister of a devalued Government

A saw this early last week but this is the first time I have had a chance to post it.

It is essential watching/listening for everyone because governments around the world are spending taxpayer money we don't have like drunken politicians trying to solve a problem caused by the very same practices.

Some governments are not, and John Key and the like are the ones on the right track.

In this speech Daniel Hannon gives the globe a wake up call in his speech to the European Parliament last week and we need to head his advice.

Enough ranting, watch it.

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 c Political Animal 2009