This week, the corrupt Oracle of Omaha announced that he's invested $10 billion in IBM, after refusing to invest in any tech stock for more than 60 years. And he does this at the worst possible time ever: IBM is trading at a historical high price — that's right, this is a value stock! — while the markets are also trading at multi-year high, and the sovereign countries around the world are on the verge of the biggest debt crisis ever.
My only hope is that he remains in charge just a couple of extra years until he meets the same fate as Greenspan and other lucky then ridiculed giants of the past.
Nov. 15 (Bloomberg) -- Warren Buffett, who bought a railroad in his biggest acquisition, turned to a century-old technology company in the third quarter to help guard his Berkshire Hathaway Inc. against economic slumps.
Buffett spent more than $10 billion buying International Business Machines Corp. stock, his biggest investment in the period. The stake gives Berkshire 5.5 percent of a company that has moved from competition with Apple Inc. and Dell Inc. to focus on providing business clients with software and services. IBM sold its personal-computer business in 2005 and has beaten the Dow Jones Industrial Average each year since.
The best time ever to buy $10 billion worth of IBM shares, right?