Buffett Annual Letter
The greatest “investor” Warren Buffett is trading like a trend follower these days:
“Mr Buffett’s bet against the dollar also grew. Foreign exchange contracts - mostly short positions against the US dollar–nearly doubled over the year to $21.4bn, generating $1.8bn in gains as the greenback fell against other major currencies. These currency profits were partly responsible for a sharper than expected rise in fourth quarter earnings from $2.39bn to $3.34bn, although Berkshire earnings are notoriously volatile due to the timing of investment gains.”
FT.com
March 5, 2004
That is some serious profit for Mr. Buffett! Buy and hold out the window!
NOTE: Please don’t ask whether I think Buffett is a success. Of course he is - a monster one. That is not my point.
