The September issue of Worth magazine features an article by Adam Hanft titled "Sorry, Mr. Buffett." According to the editor of the magazine, the author dismantles Buffett's investing philosophy and the "buy and hold" investing style in general. The article is by a futurist who writes in a frenetic and hyperbolic style (buy and hold is dead, technological change is so rapid as to make all business plans obsolete almost instantly). His argument is pretty poor, but unfortunately Worth magazine is fairly influential. Someone on this board might want to read the article and respond with a letter to the editor.
His argument is pretty poor, but unfortunately Worth magazine is fairly influential. Just a personal opinion, but I don't think Worth influences much of anybody.
I agree with greenmartian on this one! Most of the articles in Worth are drivel. Although, I would prefer if WEB and Berkshire did get some bad press, because in the last year, every Tom, Dick and Harry is starting to follow the business. I would like to paraphrase Buffett here and just state that a casino mentality is one I don't subscribe to. I would much rather have the market value the business simply on results, rather than opinion! Cheers!
Folks,I have read this Worth article, and my best response to it is "Whatever". Thanks for posting the author's name here; I have been meaning to do a search on this author whom to me is unknown. Thankfully, his name is rather unique, however, if this description is someone else with the same name I apologize.Along with Faith Popcorn, he has written The Dictionary of the Future The Words, Terms and Trends That Define the Way We'll Live, Work and Talk. http://www.hyperionbooks.com/books/2002winter/dictionary.htmIt also appears he is President and Creative Director of Hanft, Byrne, Raboy, Abrams & Partners, a New York City based advertising firm. Hanft and Company handles the advertising and promotion needs of significant Fortune 500 companies. (Anyone want to venture a definition of a significant Fortune 500 company?)Adam is the Vice Chairman and Executive Vice President of the Nassau County Sports Commission. Adam is also the chairman of the Nominating Committee and is a member of the Marketing & Public Relations Committee. This from his bio at http://www.hanftbyrneraboy.com/Bios/AHanft.htmlAlthough Adam began his career as a comedy writer, working with Garry Marshall, the majority of his time has been spent in developing brands, creating and expanding categories, and understanding shifts in consumer behavior and their marketing implications. Most of the time, I value other's opinions on BRK and Chairman Buffett. In this case, I think Worth is merely trying to sell some magazines to folks who don't normally buy or subscribe to it and nothing more. This fellow doesn't appear to be an "expert" at much of anything in the article.Sorry to rant, but personally, my time could have been better spent. exilion
This is one letter posted already on one of the boards...Mr. Koten, I expect more intelligent articles from Worth and was quite taken aback by Mr. Hanft's story. Mr. Hanft's criticism of Mr. Buffett was completely without merit. Mr. Buffett has never said "Buy and Hold" and espoused that such a strategy be undertaken at any costs. That fact alone dismantles a great measure of the arguments put forth. Perhaps Mr. Hanft conveniently forgot this in putting together his story or was it a deliberate attempt at using controversy to sell magazines? Either way it was a poor substitute for intelligent discourse and pathetic by any serious measure of reasoning. Feel free to print my comments. John ZemanovichChief Executive OfficerRaven Investment Management Ltd.Suite 14531011 Upper Middle Road EastOakville, Ontario L6H 5Z9Canada Email: firstname.lastname@example.orgWebsite: www.raveninvestment.com
I was disappointed with the Worth article. I believe the article had 10 reasons why Buffet had lost his touch. They were all irrelevant reasons such as: 1) intelligent managers will not work at mundane businesses that Buffet prefers, 2) the buy and hold strategy is no longer effective, etc.I like to read a counter argument of why my investment ideas are wrong -- and why I should exit a position. This type of info provides a counter balance to my pro-investment thoughts. Maybe I missed some insight, corporate problems, management problems, etc. This article provided nothing worth commenting, researching on, or contemplating on. I was very disappointed with the article due to its lack of rationality, relevancy and accuracy. And I am the furthest thing from a stock chearleader there is. Buffet isn't invincible and if I had research to indicate it wouldn't be a long-term winner, then I would exit the position immediatley. I am long the stock because I think it will continue to excel in the future.
Just a personal opinion, but I don't think Worth influences much of anybody. Oh, it influences quite a number of smarter investors.They pick it up at the newsstand, leaf through it, note what the major articles are about and what side they take, and put it down again.Then they go look at what the articles panned as possible investments... and what the articles praised as possible shorts.
Oh, it influences quite a number of smarter investors.They pick it up at the newsstand, leaf through it, note what the major articles are about and what side they take, and put it down again.Then they go look at what the articles panned as possible investments... and what the articles praised as possible shorts. I've gotten Worth almost since inception, largely because Fido had a piece and Peter Lynch was a featured author. Back then, yes - I think it had some influence. I know it had a lot of influence on me. But things have changed, in my opinion. Nowdays, the magazine has more akin to the drivel of a sorry rag like Bloomberg Personal Finance. Of course, I'm also biased - I think that the vast majority of financial rags these days are a bit worse than horrid as far as their investment advice is concerned. For 19 articles out of 20, a journalist by trade is the author, not an investor. As such, parroting is the only thing they seem capable of doing, and the parrot always goes after the hot hand. Original thoughts never occur.Take the cover article of the July/August 2001 as an example - The A List, a profile of the Best of in various categories. This is worse than useless information, yet it is their lead article!Oh, and I could go on and on about their BEST Financial planner racket...like the one here in my home town who got it - who didn't even DO her own investment decisions herself!Of course, I might just be one of the quite of number of dumber investors too...
Oh, it influences quite a number of smarter investors.They pick it up at the newsstand, leaf through it, note what the major articles are about and what side they take, and put it down again.Then they go look at what the articles panned as possible investments... and what the articles praised as possible shorts. Of course, you could also be implying that Worth has a contrary impact too!
Oh, and I could go on and on about their BEST Financial planner racket...like the one here in my home town who got it - who didn't even DO her own investment decisions herself!Thomas Malthus... heard of him? Favorite economist of environmentalists and doomsayers... through most of his career had an ongoing debate with another economist, David Ricardo, who thought his prophecies of famine and doom were dead wrong...Thomas Malthus inherited a small fortune, and paid Ricardo a fee to manage it for him.
Thomas Malthus inherited a small fortune, and paid Ricardo a fee to manage it for him. More recently, didn't Burton Malkiel run a investment pool of some sort - actively managed?
On the contrary- let them continue to follow this line of thought. It makes more opportunities for us if they are insistent on the overvalue/undervalue sell/buy/sell cycle. Let them churn to the latest fashion trends. Most stock buying is easier and more profitable by going against the grain. The less people that think like us, the better for us.Personally I would be happy for BRK's price to drift lower for a few years, pity is - I don't think that's going to happen. It might stop BRK & Warren from being flavour of the month if it did happen though.
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