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The Sage, from Steve Leslie

May 7, 2007

Here is a nonsensical list from the billowing bag bloviating in Omaha.

There were no audio or video recordings allowed of his comments so much of this is hearsay. This is reminiscent of a Skull and Bones meeting or at the very least a Shriners' cabal.
It will take four CEOs ultimately to do the job of one Buffett because of the complexity of his job, and at least three CIOs because of the vast complexity of his job.

Don't try to do what he does; don't piggyback on Berkshire's investing. Don't buy the same stocks. See above.

Forty-six billion in cash looking for a home for the money but finding a whale to land unlikely.
Looking for deals abroad. Evidently U.S. offers little appeal.

These great and powerful comments were made after he paraded into the arena like Julius Caesar upon entering the Roman Coliseum.

Victor Niederhoffer remarks:

The latest emanations from Omaha that is truly pathetic and fin-de-siecle'ish. The Sage says he is truly able to make a large acquisition and is looking for a big one. It's exactly as in The Old Man and The Sea when the little boy says that after 93 days without a catch, the old man is due for a big one, and the old man tries not to make the boy cry. The idea that buying yet another company to add to the 63 the Sage already owns is good is against all experience of conglomerates, practical and theoretical. And the desire of the old man to see the lions again, to make the big one, one that he might have to borrow 30 billion for, makes me want to cry out that imposture and falsity abound.