Tuesday, October 28, 2008

Letter to Warren Buffet

Dear Warren:
I appreciate your advice in the NYT last week, you know, where you advise being greedy when others are fearful and fearful when others are greedy. That’s very helpful. And it's good advice, to the extent being greedy is praiseworthy at all. But I get your drift, I truly do: buy now, because American companies are on sale. And believe me, I would like to take advantage of the deep, deep discounts currently available in the stock market, because like you, I believe these investments will result in fabulous profits years from now.

Here’s the thing, though, Warren, and I know you don’t have this particular problem, but maybe you can mull it over on one of those cold Nebraska nights: Like most Americans, I DON”T HAVE ANY MONEY LEFT TO INVEST IN THE STOCK MARKET. While you may have millions rolling around in your pockets, I invested my spare change. Now I’ve watched it devalue 25%. So although I’d like to be courageous (I like that word better, don’t you?), I can’t actually afford to do that. For now, I’ll have to hang back and hope the stock market rebounds in fairly short order so I can recover what I’ve lost.

Thanks for the words of encouragement, though. Maybe I can use them in the next recession. And good luck to you shopping for bargains.
Sincerely yours,

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