Buffett repeats call to buy at Dow 9,000
Courtesy of Tim Iacono at The Mess That Greenspan Made
Don’t get me wrong, Warren Buffet is admired around here quite a bit – more so than just about any other billionaire investor – but, going on CNBC this morning and being portrayed as a raging bull probably didn’t do him any good in the eyes of those who are a bit more skeptical of the current market rally than is the CNBC staff.
His appearance today comes nine months after his memorable op-ed piece in the NY Times urging investors to buy shares. Coincidentally, the Dow was at about 9,000 back then too.
It’s kind of hard to reconcile the "buy when there’s blood in the streets" mantra that sounded so good last fall (even though the results weren’t so hot) with a similar recommendation today, given the bubbly nature of stock markets around the world where, after the early-July bounce, investors appear to be loaded with optimism once again.
