He
touted one quarters earnings of NetJets as if they
were
meaningful, defended Berkshires lobbying in
Washington,
justified the firms use of financial weapons of mass
destruction (derivatives), trashed the actions of
the CEO of
Kraft
Foods Inc. while defending those of the CEO of
Goldman
Sachs, and talked of a future of higher inflation
rates and
lingering unemployment on the heels of a year of
cheerleading
investors to buy U.S. stocks at high valuations.
You
can get this kind of corporate gobbledygook on company
conference calls every quarter. So the main reason
to go now is
the circus. In an unprecedented and death-defying
move, Buffett
has already scheduled both the 2011 and the 2012
meetings.
Assuming the pattern continues, these will be
bigger than ever,
but no better. And if the shareholder meeting has
become a
bubble, then the question is, how long before it
pops?
