Ira Stoll on Warren Buffett’s Boast at Taxpayers’ Expense

The second-richest American,
Berkshire Hathaway CEO Warren Buffett, has given the March
17 issue of Fortune magazine
an excerpt of his forthcoming annual letter to investors.
The tale of two successful Buffett purchases is illuminating, but
not quite in the way Buffett intends. Ira Stoll notes that “certain
fundamentals” of Buffett-style investing are “buy things from the
government, because you can sometimes get bargains from bureaucrats
who have no idea of the value of what they are selling, and who
have a mandate just to sell the stuff off quickly.” In other words,
while Buffett boasts of his great real estate bargains, the ones
paying the bills are the taxpayers. 

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