Buffett’s Bullish Tune Change: Stewarding the System

During their latest episode of the VALUE: After Hours Podcast, Taylor, Carlisle, and Travis discussed Buffett’s Bullish Tune Change: Stewarding the System. Here’s an excerpt from the episode:

Tobias: To be fair, Buffett was pretty bullish in 2007 too.

Tim: He was a big bullish America guy. Like, always bet on America. I think that he spread that a lot, which is–

Jake: He certainly wasn’t bullish on housing. I remember him talking in, I think, the 2006 meeting about like, “Housing is the median income to median price had gotten pretty far out of whack.” He pointed it out.

Tobias: I think he said something similar last year, didn’t he? I recall there being this something similar, a similar exchange last year, as well, I remember that one too from 2006. I think that a lot of his earlier stuff was– If you look at green backed emissions and all of that earlier stuff. I think his tune changed a little bit as he became more of a– He’s more of a steward.

Jake: Don’t you dare call him a political animal.

Tobias: No, I was going to say more of a steward of the system. He’s assumed that role of Morgan back in the day where–

Jake: Yeah.

Tim: That’s a really good analogy, actually.

Tobias: They want him to be a calming influence rather than. He’s not out for himself in Berkshire, just telling you what he actually thinks is going to happen. He’s trying to get everybody to calm down.

Jake: He’s a shock absorber now.

Tobias: Yeah, which is probably why you can discount a little bit of that kind of commentary, a little bit.

Jake: Yeah. He’s not writing how inflation swindled the equity investor today.

Tobias: Although, I think he’s pretty blunt about when he discusses it at the meetings though. I don’t think he guild it at all at the meetings. It’s just when he’s on some sort of– In an interview, he’s much more upbeat than he sounds at the meetings. And then he’ll revert to something like, which is all true, which we would all agree with like– And over the very long-term, it doesn’t really matter anyway. It will work so.

Jake: He does a lot of caveating too. The market is-

Tobias: Yeah, it’s interesting.

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