This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Opinion: Don't Question the Almighty

Stocks in this article: BRK.ABRK.B

If Adam, Eve, Job, Ruth, Esther -- or any other subject or chronicler of the Old Testament -- were around today, they'd tell you that it's no easy chore covering God. You sort of just sit there and let Him speak.

Apparently, covering Warren Buffett is no easier, judging by the reports from Berkshire Hathaway's (BRK.A) annual meeting in Omaha over the weekend. Buffett was there, of course, along with 35,000 people -- a record crowd even for Warren. A host of media folk -- like good disciples -- scribbled down every syllable his Lordship said. Some even dared to ask a question or two, but overall, the rules of the Old Testament remained in place: You don't talk back to the almighty one.

This was no time to genuflect, however. Buffett, and Berkshire Hathaway, had an awful year in 2008. The company's Class A shares lost 32% of their value, and while Berkshire Hathaway reported $4.99 billion in profit, that tidy sum was a 62% drop from the year before. Even in Buffett's annual letter to shareholders, he said himself, "during 2008, I did some dumb things in investments."

Nonetheless, like their Old Testament brethren, our modern-day reporters appeared to be in awe of just standing in the presence of greatness, no matter how much it has diminished in the past year. Take my friend and former colleague Andrew Ross Sorkin, writer deluxe for The New York Times. Sorkin was one of several journalists who travelled to Omaha to write a blog, in his case for "DealBook," a nifty business roundup that is prominently featured in the Times.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs