Warren Buffett is on CNBC this morning. He is always good for a quote or two. He's still on, if you are near a TV and can tune in.
********
"The only way to vote for someone who agrees with you on all the issues is to run yourself and I'm not going to do that." (On his support for Obama even though he disagrees with his windfall profit taxes on oil.)
********
"Every Saint has a past, every sinner has a future. No candidate is perfect." (On views that both candidates will likely drop some of their unrealistic proposals. Art Laffer had a similar one we shared a few weeks ago, saying that he felt Obama's ability to flip flop was one of his most endearing qualities.)
********
"You only find out who has been swimming naked when the tide goes out. It turns out that Wall Street has been a nude beach." (On his views of investment banks/commercial bank failures.)
********
On the markets, Warren didn't appear too concerned, indicating that recessions are a normal part of the business cycle and a chance to buy good companies at a discount. While he hesitated to say he'd buy financials here, he did mention that he add added to one of his current financial positions, Wells Fargo and American Express. I'm sure both stocks will be up this morning, which is one reason Warren tries to keep his positions close to his vest. He encourages people to do their own work and not to pile on, admitting that he does make mistakes.
********
Warren thought former presidential candidate John Edwards might want to consider returning campaign donations made to him while he was lying about his affair. He suggested that a class action lawsuit filing on behalf of those who supported him under false disclosures might be worth exploring.