via Marketwatch

  1. The economy “can’t turn around on a dime” and a turnaround “won’t happen fast.”
  2. Five years from now, the economy will be running fine. The strength of the American system will pull it through, just as it has many times in the past.
  3. Democrats and Republicans should work together and not try to take advantage of the economic situation to achieve partisan goals.
  4. Inflation has the “potential” to be worse than the 1970s.
  5. Most banks are in “pretty good shape” and can “earn their way out” of the current problems given the low cost of funds. Banks, however, “need to get back to banking.”
  6. Extremely important that the government make clear depositors won’t lose their money if banks fail. Obama needs to make a “clear statement” in support of the banking system.
  7. Berkshire is restricted from buying more American Express stock, but that doesn’t mean it is not a “hell of a buy” at $10 a share.
  8. Wishes he had written the New York Times “Buy American” piece a few months later, but stands by the basic argument that you’ll do better over a ten-year period with stocks that you will with Treasuries. He said in the article he wasn’t calling the bottom of the stock market, and he still isn’t.
  9. Buffett says derivatives are not “evil” and to be avoided at all costs, but they are “dangerous” and should be used very carefully. He still expects to make money on the long-term “put optionequity derivative contracts Berkshire has written.
  10. Housing market could work through, or “sop up,” its excess supply in as little as three years if new construction is reduced to a level below natural population growth
  11. The U.S. economy was not a “house of cards” over the past ten years, but mistakes were made when it came to borrowing money.
  12. Mark-to-market accounting should be retained, but regulators shouldn’t use it so much to require insitutions to increase their reserves.
  13. “Probably the uptick rule” is a good idea.
  14. Mistake to “demonize” corporate executives for using private jets. Having a jet has helped Berkshire make deals in the past.
  15. Praises Ben Bernanke’s leadership as Federal Reserve Chairman.

Let me Paraphrase the Oracle.

  1. I’m not a market timer and I should have listened to the folks at stocktwits.
  2. We’re screwed for at least the next 10 years. Not even the Government can save the US economy from insolvency, personal debt and foreclosures.
  3. You say Democrat, I say Republican.
  4. Hyperinflation is coming. Be afraid, be very afraid. Maybe I can get my face on the $100,000,000 bill?
  5. Banks might as well go golfing, because the Government is going to be running the show.
  6. Obama needs to pacifiy the shareholders and keep them convinced their money is safe so we can take their money as well.
  7. Buy AMX so I can unload my overleveraged position to you.
  8. Is this how I’m going to be remembered? Trying to coax the American public into buying right before the Dow Jones collapsed?
  9. I can’t believe I even was dumb enough to fall for this pyramid scheme. Praise me because I hedged.
  10. If we start tearing down old buildings that could justify new building being built. In other words, negative housing growth for the next 6 years.
  11. The government knew exactly what it was doing to keep the baby boomers working as not to have to pay them social security benefits.
  12. We need to find other big phrases like “subprime, derivatives, and mark to market” to confuse everybody into thinking we know what we’re doing.
  13. We’re thinking about installing the “downtick” rule to prevent the market from recovering for many years.
  14. Leave the insiders alone, we’re better than you. We need our $150,000 pencil sharpeners and $500,000 toilets. It helps us to strategize.
  15. Ben is not the sharpest pencil, but he’s family. Ohana’ means family and family means nobody gets left behind.