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Buy American. I Am.

By WARREN E. BUFFETT Op-Ed Contributor Published: Omaha, October 16, 2008 THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary. So ... I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities. Why? A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leverage...

Placing Bets on Energy

By CONRAD de AENLLE Published: November 21, 2008 WHEN crude oil sailed above $140 a barrel, analysts forecast even higher prices, virtually without dissent. Four months have passed, crude has fallen below $50, and now a rally generally seems to be considered almost out of the question. Betting against the consensus by selling energy stocks would have paid off several months ago, and the opposite play, equally contrarian, might be profitable now. Shares of many suppliers of oil and natural gas have lost half their value or more in the stock market’s race to the bottom, and may be good buys. Robb J. Parlanti, an analyst and fund manager at Turner Investment Partners, expects gas producers to be the biggest beneficiaries if energy prices recover. He emphasizes the “if,” however, and advises investors to “stick with high-quality companies that are good to own even if the market doesn’t come back.” Those he has in mind include XTO Energy, Range Resources , Southwestern Energy , Petrohawk En...

No Depression

This Time, Uncle Sam Has Got Our Back By Laurence J. Kotlikoff and Perry Mehrling The Washington Post Thursday, October 9, 2008; Page A21 Global markets have not been reassured by the coordinated interest rate cuts of several central banks or by recent congressional action, but they should be. Our bet is that financial markets will return to normal in short order and that the U.S. economy will squeak by with a moderate recession. Recapitalizing the banks and working out mortgages will take time, but the financial system will not collapse -- the government won't let it. The markets, of course, seem to be factoring in some probability of collapse. Why is this wrong? For starters, the biggest subprime mortgage gamblers have already failed, been nationalized or been married off, shotgun-style, to banks run by grown-ups. Yes, lots of small shoes may still drop, but the Paulson "buy-up" bill, and, ultimately, the Fed's ability to print money, provides the Treasury and Feder...

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