Fleckenstein – Stock Market to Tank, Buffett’s Ego & Gold
May 8, 2012
With continued uncertainty surrounding global markets, today King World News interviewed Bill Fleckenstein, President of Fleckenstein Capital, to get his take on the situation. Fleckenstein told KWN that despite the volatility, “stocks are going down.” He also predicted continued collapse in Europe and railed on Warren Buffett and Charlie Munger. Here is what Fleckenstein had to say: “I mean, look, they’ve figured out how to skin the paper money machine pretty well. They’ve benefitted greatly by government bailouts. Buffett’s gotten himself upside down and sideways in various different financial entities, and they’ve worked out okay in the end.”
Bill Fleckenstein continues:
“They’ve got a lot of these levered financial entities, and that’s helped them. So, I guess they figure they know how to beat the money printing, that they obviously must see. Buffett knows the dollar is doomed by our policies.
Why they (Buffett and Munger) act like you have to be a moron to own gold, I don’t know. He could just say, ‘It’s not my cup of tea, I prefer businesses that spit out cash,’ instead of talking about it as though as it was something only a fool would have….