Buffet made his money in times of low taxes, low inflation, and importantly, during a time when prices provided proper price signals.
Now all we have are interventions, not prices. He was an undoubted success in his field.
A new Berkshire investor in 1998 has earned an annualised rate of return of just 3.3% over the 10 years to 2008 - half the return made from buying a 10 year treasury.
Shall we mention the past 10 years vs gold for another considered measure of his performance?
The man undoubtedly tries to be a manipulator of the masses through his now loved-up media, probably for political purposes.
Today he misleads about his tax % and tries to influence US tax policy when, if he wants to pay more tax, he can actually make a voluntary donation.
