If it's the case that even people as smart as Sir Isaac Newton and Warren Buffett are useless to investors as market prognosticators, then why do the financial headlines scream with every minor word of confidence that Warren Buffett offers on the U.S. economy? Especially when a week later he chops those words up, and reissues them as a less enthusiastic view of a minor economy recovery.
By Buffett's own words, neither he, Isaac Newton, NBER, or anyone else can claim to see such events before they happen, so maybe we should stop following Buffett's never-ending whistle-stop tour of comments about when and where and by how many carpets the U.S. economy will recover.
It seems there are only two cases in which Buffett is showing real consistency recently, making more money than any other American and selling shares of Moody's. The Forbes 400 -- the list of the 400 Richest Americans -- was just issued for 2010, and Buffett is again No. 2 behind Bill Gates, with an estimated net worth of $45 billion.
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