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There's been a lot news on Warren Buffett this week. It seems like every other day he's meeting with another group of college students and the collected notes from those meetings are making their way into the blog world (or "blogosphere," if you're the type that likes Battlestar Galactica). Armchair Analyst Club describes a meeting Buffett had with University of Kansas students in which he described why he's currently long the Korean market: Buffett actually pulled out the Moody's Banks and Finance manual from 1951 that he used to uncover such gems as Western Insurance Securities (a company he refers to often when academics talk about efficient markets -- it was trading as low as 1/7th P/E ... yes, the 52-week low for the stock was $3 in '50 and the company earned $21.66 in '49). Of course, that's great if it were still 1951, but aren't the markets more efficient today? Buffett then pulled out the 2004 Korean Stock Guide compiled by Citigroup and began to point out similar situations in the Korean stock market. Here's another post about Buffett speaking to a class of Harvard students about Korea. Bubble 2.0 shares some of the lingo in the VC world: I love reading the phrases "angel funded mobile start-up" and "venture funded wiki startup" in the same sentence. Thanks to Seth Levine for the pointer. Bubble 2.0 also reports that the domain name sex.com has been sold by Gary Kremen for $14 million. I had breakfast in 1999 with Kremen and he had some choice stories, but it's too early on a Saturday to share them. Controlled Greed is very high on Meryl Witmer of the Barron's Roundtable. She didn't say much last week so I didn't think much of her, but Controlled Greed points out "the 40 most important words said in last week's Barron's":
If you are a bull on gold or oil, or any commodity for that matter, Crossing Wall Street makes a lot of sense in a recent post on gold: Another reason why I'm not a gold bull: Higher prices mean more exploration. It's always been this way. The panic of 1893 and the Free Silver candidacy of William Jennings Bryan were eventually defeated. Not by President McKinley (or his political advisor Mark Hanna, whom Karl Rove greatly admires), but by the discovery of gold in the Klondike. GoDaddy.com's battle with ABC to get a commercial during the Super Bowl is reaching epic proportions. GoDaddy's CEO says in his blog that they have already had 10 submissions rejected. I can't wait until the movie comes out with all 10 commercials played back to back. I would definitely pay to see that. If you are missing irony in your life, you can always hit up Henry Blodget's Internet Outsider blog. Here's his post titled $500. $600. $2,000. Do I Hear $10,000? $0?. Speaking of Apple, this is funny. This is funnier.
James Altucher is a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of Trade Like a Hedge Fund and Trade Like Warren Buffett. At the time of publication, neither Altucher nor his fund had a position in any of the securities mentioned in this column, although positions may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email. Interested in more writings from James Altucher? Check out his newsletter, TheStreet.com Internet Review. For more information, click here.
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