Obama Beats Buffett In Market Timing

Bloomberg reports:

President Barack Obama is proving to be a better judge of the stock market than Warren Buffett, the world’s second-richest person.
The CHART OF THE DAY shows the Standard & Poor’s 500 Index began its biggest rally since the 1930s after Obama said on March 3 that equities offered bargains for investors with a “long-term perspective.” While the measure fell 3.5 percent over the next week, reaching a 12-year low on March 9, it went on to surge as much as 37 percent.
Buffett, the chairman of Berkshire Hathaway Inc., wrote a column titled “Buy American. I Am.” for the New York Times in October, saying he may put all of his personal investments into U.S. stocks. The S&P 500 then plunged 29 percent through March 9 and is still down 3.9 percent. Berkshire, based in Omaha, Nebraska, posted its largest loss in at least two decades on May 8, in part because of Buffett’s “major mistake” of buying ConocoPhillips shares before oil retreated from a record.

Congratulations Mr. President! We’ve gained back everything we lost during you administration.

Posted by Eddy Elfenbein on May 12th, 2009 at 1:00 pm

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