Warren Buffet Lost $14 Billion in 2008

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Jeff Rodier

Jeff Rodier

SPFG, Supreme Picture Framing God
Joined
Jul 28, 2005
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Myrtle Beach, S.C.
Just a sign of how bad the economy really is, I read a story yesterday that said Warren Buffet lost $14 Billion in 2008.

I can't link to the story because it was NewsWeek which only runs free stories for 1 day and then you have to subscribe. It was titled something like the 25 Top Billionaire Losers. One guy in the story went from over $3 Billion to less than $200 Million in one year.
 
I heard on NPR tonight that the Gates Foundation lost 20 percent of it's worth last year. I think that's how to say it anyway. That's how much the value of their holdings fell. But they're giving away even more this year than last. Bill and Melinda Gates said that it's the responsibility of the very rich to do what they can to help others, and they're committed to keeping up their philanthropy. I don't care if their politics are colored red, blue, green or polka dot, someone who gives that much back deserves admiration.

From what I hear, Warren Buffett's done a lot to help others as well. These guys aren't perfect, but as far as gazillionaires go, they've done more than almost any others to help their fellow man.
 
shayla said:
Bill and Melinda Gates said that it's the responsibility of the very rich to do what they can to help others, and they're committed to keeping up their philanthropy. I don't care if their politics are colored red, blue, green or polka dot, someone who gives that much back deserves admiration.
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Perhaps if there wasn't so much greed in the first place, admiration would be more appropriate!
This seems to be a variation of the 'Robin Hood' theory. ie. Take exhorbitant amounts of money from whoever you can, then give some of it to charity, which leads to admiration by the public!

I would rather choose my own charities than have someone else do it for me! Perhaps if they sold their software at more reasonable prices, we would all be able to donate more to the charities of our own choice!
 
Point well taken, Osgood. I know what you mean, and there's a bit of me that feels the same way.

Still, there are lots of these guys who make out like bandits and keep it as much to themselves as they can. I have a friend who was able to go through college on a Gates Foundation scholarship, and she sure appreciated the fact that he gives back as much as he does.
 
PaulSF said:
He lost $14 billion???? If anyone finds some of that, send it my way.
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I'll tell you this Paul, I only want one so you can take one and pass the rest around. You know what they say, after the first billion its all for show anyway.
 
osgood said:
Perhaps if there wasn't so much greed in the first place, admiration would be more appropriate!
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Bill Gates started in his moms garage. He built his business with few ties to anything shady. There was the Antitrust case but he lost and settled up on that.

Warren Buffet also built his empire one brick at a time. I disagree strongly with his political views which would lean socialistic. He thinks the rich should give up more of their money to the poor. I don't like his political ties but that doesn't make him greedy. I heard he drives an Oldsmobile. He is active in Girls Inc and programs that teach kids how to handle finances. He lives in a home that he paid like 40k for. He plans to donate 80% of his entire estate to charity when he dies.

Nothing here seems greedy. So is simply the act of having money, make one greedy?
 
osgood said:
Perhaps if there wasn't so much greed in the first place, admiration would be more appropriate!
This seems to be a variation of the 'Robin Hood' theory. ie. Take exhorbitant amounts of money from whoever you can, then give some of it to charity, which leads to admiration by the public!

I would rather choose my own charities than have someone else do it for me! Perhaps if they sold their software at more reasonable prices, we would all be able to donate more to the charities of our own choice!
Click to expand...

I agree.
Bill Gates should take some of that charity money and give it back to stressed and tortured Vista users. :D

Although I do like Warren Buffett, the way he bought and closed down factories when he was building his empire was not very charitable, and left many workers in bad financial situations. IMO
 
Jeff Rodier said:
Just a sign of how bad the economy really is, I read a story yesterday that said Warren Buffet lost $14 Billion in 2008.

I can't link to the story because it was NewsWeek which only runs free stories for 1 day and then you have to subscribe. It was titled something like the 25 Top Billionaire Losers. One guy in the story went from over $3 Billion to less than $200 Million in one year.
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Does this mean Warren Buffet is now only worth $16 Billion?
 
osgood said:
Perhaps if there wasn't so much greed in the first place, admiration would be more appropriate!
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That's silly.

Gates as everyone else is in the business to make money. The same can be said about oil companies, pharmaceuticals, cars companies et al. They charge what the market will bear.

At least Gates has a charity.
 
Bob, [reading your signature] O has a lot to learn if he thinks that Rush is the only one that disagrees with the output of Pelosi's Supreme Soviet.
 
Thanks for noticing Pat! I read it on a website, googled it and found an article on a Fox news website with the quote in it. The quote has gone viral and upon googling it now it is everywhere.

Thank you for also mentioning that Ms Pelosi is a communist. I would have expected nothing less from you. Ad hominem attacks do tend to trump insight, so glad you pointed that out, as that is Rush's modus operandi.

Actually your comments and rebuttals tend to be more fact based than just screaming "commie". Hope to read better comments from you. Personally I'm trying to do more framing and less ranting. I'll let my sig express my thoughts...
 
You miss the "Supreme Soviet" point. It is about the power grab House rules and the view that people with "political" differences should got to jail.
 
Pat Murphey said:
the view that people with "political" differences should got to jail.
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a kind of "indefinite detention? ala GWB! That's funny!

With the GOP "in charge" the Democrats were seen as obstructionists, now the GOP is "protecting the integrity " of the constitution, and looking out for the people! Next they'll be saying "we can't be spending tons of money without accountability" what 12 billion lost in Iraq??

Wait, wait, I'm trying to curb my addiction to these types of postings, stop enabling me!
 
Paul N said:
That's silly.

Gates as everyone else is in the business to make money.
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Paul,
It might be silly to a lot of people, but it's my opinion and I am not alone!

I totally agree that people are in business to make money, but I wonder how much anyone really needs in this life?

What else can you do with billions, after you have made your family's lives exceptionally wealthy, other than be philanthropic?

I admire Bill Gates and his talents, but I have negative thoughts about some of the clunky and defective products that his company sells for enormous prices! Especially some that I have bought myself!
 
osgood said:
Perhaps if there wasn't so much greed in the first place, admiration would be more appropriate!
This seems to be a variation of the 'Robin Hood' theory. ie. Take exhorbitant amounts of money from whoever you can, then give some of it to charity, which leads to admiration by the public!

I would rather choose my own charities than have someone else do it for me! Perhaps if they sold their software at more reasonable prices, we would all be able to donate more to the charities of our own choice!
Click to expand...

osgood said:
Paul,
It might be silly to a lot of people, but it's my opinion and I am not alone!

I totally agree that people are in business to make money, but I wonder how much anyone really needs in this life?

What else can you do with billions, after you have made your family's lives exceptionally wealthy, other than be philanthropic?

I admire Bill Gates and his talents, but I have negative thoughts about some of the clunky and defective products that his company sells for enormous prices! Especially some that I have bought myself!
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Ormond

I CAN'T BELIEVE YOU REALLY THINK THAT WAY
and had the guts to grumble it.

I couldn't have said it better. - I totally agree!
 
Considering Buffet once sold a financial institution while telling Federal Regulators 'you can't make me lend money to niggers, spics and wops', I hope the bum goes broke.
 
Some people think picture framing is way overpriced.... so who's to say who's charging too much for what? And who's to say how much money anyone 'needs'... that's socialism or communism or whatever you want to call it. I myself support people working hard and raising themselves to whatever level that they choose to get to... and reaping the rewards of that hard work.
 
framinzfun said:
Some people think picture framing is way overpriced.... so who's to say who's charging too much for what? And who's to say how much money anyone 'needs'... that's socialism or communism or whatever you want to call it. I myself support people working hard and raising themselves to whatever level that they choose to get to... and reaping the rewards of that hard work.
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Kristen--who's to say that all the people "reaping the rewards" work all that hard? Can you truly say that Thain "worked hard?" Yes, he "worked hard": REMODELLING HIS OFFICE! (Hopefully with new, FRAMED art!)

And I want to know what is WRONG with "borrowing" from other governmental plans--sociallism, communism, etc--that WORK on paper, but need to be truly tested in the Real World. Why can't we use some of those tenents to our own advantage? Ideas are ideas and can be implemented in thoughtful ways that may make them work well beyond the Idealism of the original plan.

Not to get "too" political here, but using SOME socialist and communist ideas MAY work! We just need to keep them in check and not let them run rampant.

Two cents.

Wendy
The Art Corner
Salem, MA
 
framinzfun said:
Some people think picture framing is way overpriced.... so who's to say who's charging too much for what? And who's to say how much money anyone 'needs'... that's socialism or communism or whatever you want to call it. I myself support people working hard and raising themselves to whatever level that they choose to get to... and reaping the rewards of that hard work.
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:beer:

Well said!
 
framinzfun said:
Some people think picture framing is way overpriced.... so who's to say who's charging too much for what? And who's to say how much money anyone 'needs'... that's socialism or communism or whatever you want to call it. I myself support people working hard and raising themselves to whatever level that they choose to get to... and reaping the rewards of that hard work.
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I do too, I just think you are twisting things around a bit? No?

Ormond was commenting on multi-billionaires that can't possibly need all the money they earn, no matter how they twist it!
 
HB said:
Ormond was commenting on multi-billionaires that can't possibly need all the money they earn, no matter how they twist it!
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And that's why some billionaires like Bill Gates give tons of money to charity.

But you and and Ormond seem to conveniently overlook that fact.

By the way: Bill Gates founded MS, he doesn't earn a salary, he owns lots of the stock. And he gives lots of it away. You may not like his products but his intentions are much better than many in the same gravy boat.
 
Paul N said:
And that's why some billionaires like Bill Gates give tons of money to charity.

But you and and Ormond seem to conveniently overlook that fact.
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Paul,
I certainly do not overlook that fact!
In fact I said:
"I would rather choose my own charities than have someone else do it for me! Perhaps if they sold their software at more reasonable prices, we would all be able to donate more to the charities of our own choice!"

That's my opinion on that and I do not state my opinion in the hope that I can persuade anyone else to change theirs!
It is interesting to think that the 'tons of money' given away has come from people and organisations from a very wide variety of income levels.


 
Warren Buffet donated most of wealth to Gates Foundation

Warren Buffet just a very good business man. I understand because of the great management of the Gates foundation, he donated the bulk of his wealth to them to use. He still has several billion to play around with......
 
Let's not lose sight of what these "billions" losses are. They reflect a reduction in net worth based on the trading value of stock they own going down along with the rest of the market. It does not in any way reflect directly the actual "income" they may have earned [or not]. Take Bill Gates, for example: He might nomonally be worth $50bil at a given time, but he can never realize that amount. If he tried to sell all of his stock, it would depress the value. If his Company were taken over, it is likely that most of the transaction would be in stock - not $50bil in cash.
 
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