Lynch and Buffett talked about downturn

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In this bear market, we can watch Cramer, read WSJ, Yahoo Finance, Google Finance etc. But all this can not substituted “reading what the real masters are thinking”.

With that in mind, here is Buffett’s talk about US economy Money available, cheap, due to rate cuts, quote the article:

Buffett said that what has taken place “is a re-pricing of risk and an unavailability of what I might call ‘dumb money,’ of which there was plenty around a year ago.”

and another my favorite:

“It’s sort of a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end,” he said in reference to some of the large investment banks that were involved in designing and marketing complex investments that have soured in recent months and have generated billions in losses.

Peter Lynch is the legendary fund manager of Fidelity Magellian. Here is a PodCast (MP3) of his. He talked why we should not try to time the market.

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