Legends usually go quietly into the sunset.
Just think about Johnny Carson giving his last performance after a brilliant career on the Tonight Show.
For most people, thinking of Carson brings a bright smile to their face as they fondly remember many great moments. From Carnac the Magnificent to Aunt Blabby, Carson didn’t need to remake himself.
He knew who he was and when to retire, and thus, he simply didn’t linger.
Johnny avoided making guest appearances on other television shows in order to pontificate about life in general or anything else for that matter.
When offered a welcome respite from the public eye, Carson embraced it wholeheartedly as he moved on in life with his reputation intact.
Unfortunately, another legend, Warren Buffet, has taken another path.
For years, Buffet was almost reclusive, once even chastising an adopted granddaughter who provided family information to the media.
Buffett lurked in the shadows, searching for companies which fit his client mold. He sought businesses which had good cash-flow, fine management, great R&D, and companies that manufactured terrific products that he could understand.
Just as quietly, and by retaining the current management team of the company in which he was interested in, Buffett would submit a purchase offer.
This tactic made Warren Buffet one of the wealthiest men in the world.
Now, the strategy has changed and Buffet has come out of the PR closet.
He can be seen everywhere with anyone who’s willing to listen.
In fact, if you have a spare $2.6 million, it seems you can actually have lunch with the Oracle of Omaha.
But regrettably for Warren, he now stands under the light of scrutiny.
Why are most of his deals no longer done the old fashioned Buffet way with good hard research?
Currently, he utilizes guarantees, gimmicks, and government involvement.
If it didn’t have a TARP guarantee, it seems Berkshire Hathaway wasn’t interested. Companies like Goldman Sachs, GE, and Bank of America would have never been on his list years ago.
The more Warren Buffet talks, the more we learn he is simply a shill for the government. Regardless of his net worth, it’s very sad to see a once great legend reduced to such public ridicule.
Buffett said he’s picked his successor.
I expect made-for-ESPN-LeBron James-Cleveland-to-Miami type fanfare at any moment. It will be carried live on CNBC and hosted by Becky Quick, of course.
And much like the Lebron saga, who cares?
I don’t smile anymore when I think of Warren Buffett. I’m not sure anyone does. Oh well, there can only be one…..Here’s Johnny!
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at firstname.lastname@example.org and on Twitter @tatroshow.