Quote:
Originally Posted by Dueller
Don't you find it ironic that the wealth amassed by Munger/Buffet/BH et al was as a result of the casino mentality especially in light of the fact that BH often had a stacked deck or were allowed side "bets" to cover?
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not at all...
Berhshire Hathaway has amassed it's wealth through long-term direct investments in the equity or debt of (primarily) brick & mortar firms.
The referenced article is railing against the use of derivative contracts - contracts whose value is
derived from real assets. Direct investment and lending are important elements of a healthy capital market system. Derivatives can probably be done without.
I'm not quite sure what the "stacked deck" bit is about...