Buffett Watch: The Oracle Gets a Free Pass

This blog post originally appeared on RealMoney Silver on May 4 at 7:43 a.m. EDT.

I have several observations after reading the plethora of blogs on Berkshire Hathaway's (BRK.A - commentary - Cramer's Take) Woodstock of Capitalism over the weekend.

Firstly, it is an undeniable statement that Warren Buffett gets a free pass from his investors whom have accepted and weigh his long-term results rather than his short-term or even intermediate- term performance. Talented and iconic investors such as Jeff Vinik, Julian Robertson, Michael Steinhardt and many others were never given such a long leash by investors. While Buffett has arguably earned that free pass, every hedge-hogger, mutual fund manager and retail stock broker would be more than pleased not to be judged on quarterly, yearly or multiple-year results.

Secondly, I am always disappointed that little new comes out of the Berkshire Hathaway meeting, but, to be honest, Warren Buffett never "tips his mitt," and I don't blame him. Why should he?

Every year on the Sunday following Buffett's extravaganza, I invariably take a sigh of relief that I saved money for the trip to Omaha, which really would not have made me a better investor or much smarter.

Then again, I suppose rather than have traveled to the real Woodstock as I did in the summer of 1969, I could have avoided the traffic jams, all the rain and other distractions and simply had listened to my LPs (remember those?) of the same songs by the featured players.

Nonetheless, the total experience of being at Max Yasgur's farm 40 years ago, similar to what I suppose many experienced in Omaha over the past weekend, was far different (and in many ways more enjoyable!) than listening to Crosby, Stills, Nash & Young, Joe Cocker, Ritchie Havens and Jimi Hendrix on my record player at home on Long Island or reading my now dog-eared letters written by Buffett to Berkshire Hathaway shareholders over the past three decades.

Maybe next year, I will take the pilgrimage.

Doug Kass writes daily for RealMoney Silver, a premium bundle service from TheStreet.com. For a free trial to RealMoney Silver and exclusive access to Mr. Kass's daily trading diary, please click here.

---

Know What You Own: Berkshire Hathaway holds large stakes in stocks such as Wesco Financial (WSC - commentary - Cramer's Take), Burlington Northern Santa Fe (BNI - commentary - Cramer's Take), Moody's (MCO - commentary - Cramer's Take), Washington Post (WPO - commentary - Cramer's Take), USG Corporation (USG - commentary - Cramer's Take) and American Express (AXP - commentary - Cramer's Take).

---

At the time of publication, Kass and/or his funds were long Berkshire Hathaway, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.