Buffett hasn't publicly commented on the day-trading boom, but he's discussed similar behavior in the past.letter to shareholders in 2000Speculators may knowingly pay more than what a stock is worth in the hope of selling it for an even higher price, he said in hisBuying Hertz shares with the goal of dumping them before the stock becomes worthless fits that description.Aram Green has crushed 99% of his stock-picking peers over the last 5 years.
"They know that overstaying the festivities — that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future — will eventually bring on pumpkins and mice," Buffett continued. In other words, speculators don't know when the music will stop and reality will set in, wrecking their portfolios.Buffett compared the tech-stock fever in the late 1990s to a contagious infection in his 2000 letter.
"There's nothing more agonizing than to see your neighbor, who you think has an IQ about 30 points below you, getting richer than you are by buying stocks," he said.
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Why would they? Who is Warren Buffett to give “advices” to everyone, I mean really... since when billionaires automatically became philanthropist...
In other news, doctors have warned about the dangers of smoking for years, smokers aren't listening.
Sebagadiss & .....
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