April 29, 2001

7:35 PM

Buffett calls Internet investing "a big trap"
If only many investors would have listened to Mr. Buffett a few years ago. Today, in Omaha, Buffett said, "But I think the idea that you could take any business idea and turn it into wealth on the Internet is just wrong." Common sense strikes again.
posted by shackbar (14 comments total)

Dear Mr Buffett--

Thank you for stating the obvious. You are a pure genius. If I had half a brain, I could've said the same damn thing and been respected much less.
posted by dogmatic at 7:40 PM on April 29, 2001

Well, you gotta give Buffett credit for not giving into the urge when tons of his investors were clamoring to put their money into net stocks. The "Oracle of Omaha" didn't make his billions by bein' a rube.
posted by owillis at 7:58 PM on April 29, 2001

What, this is news? Buffett has been saying the same damn thing for three years running.

What's next, a stopped clock is right twice a day?

The only difference is that this time around, everyone's listening.
posted by dhartung at 10:25 PM on April 29, 2001

But Buffett survived the dotbomb intact. He has to be given credit for his discipline. At last year's stockholders meeting, some wanted him to dive into tech and the Internet. Buffett resisted and his stockholders are richer for it.
posted by shackbar at 12:40 AM on April 30, 2001

hmm.. guess all the money I made on the internet isnt real. Lots of people made lots of money on the net. Buffets tootin his stodgy old conservative horn.
posted by stbalbach at 6:05 AM on April 30, 2001

Anyone who gets investing advise from Jimmy Buffet deserves to be in the poor house.
posted by bondcliff at 7:05 AM on April 30, 2001

Bondcliff: LOL
posted by mecran01 at 7:28 AM on April 30, 2001

But which business ideas can be turned into wealth on the Internet and which can't? And why? These rich and famous guys can get away with saying some pretty vapid stuff without elaboration.

He did mention See's Candies.

I suspect it's the ones that have already worked out the kinks using paper catalogs and 800#s first, like Dell and Schwab, or maybe it's a combination of many things, including a commerce site customers can use without bailing out in frustration.
posted by steve_high at 8:17 AM on April 30, 2001

Since when has anyone listened to Jimmy Buffet about invest...oh, I see.

Actually when I first saw the headline that is exactly what I thought, one too many margaritas.
posted by Mick at 9:57 AM on April 30, 2001

But Buffett survived the dotbomb intact.

Hardly - he lost a ton of money. Just less than many people. Wanna impress me, turn a profit.
posted by DiplomaticImmunity at 11:06 AM on April 30, 2001

Wanna impress me, turn a profit.

Wanna impress me, look at what Berkshire's done over the long term. Anyone can make money in a bubble; the point is to survive the bust. And if you're going to point to comedy figures such as Mark Cuban, who got it, flipped, and sits by the pool... well, he's one of two people who used Broadcast.com to retire on.
posted by holgate at 1:32 AM on May 1, 2001

Some people make money on Ponzi and Pyramid Schemes (assuming there's a difference???). Buffett is smart, down-to-earth, and wise.
posted by ParisParamus at 8:01 AM on May 1, 2001

Some people make money on Ponzi and Pyramid Schemes (assuming there's a difference???). Buffett is smart, down-to-earth, and wise. Funny too.
posted by ParisParamus at 8:02 AM on May 1, 2001

I'm sure if a pure Net company met Buffett's criteria for investment, he'd take a chance on it. He hasn't, so he didn't put his money in them. He also resisted pressure put on him by his own stockholders who benefited from his defiance.
posted by shackbar at 1:51 PM on May 1, 2001