Quote:
Originally Posted by benhogan
Do you remember the Long Term Capital collapse in 1997? Warren Buffett described LTC's strategy as picking up nickels in front of a steam roller.
Furthermore, he describes insanity as "risking what you have and need for something you don't have and don't need"
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You picked up on one of Buffett's wonderful quotes. I remember reading it years ago. If you follow his advice
(as I have) over the years, in my estimation you have a better shot at growing your net worth exponentially. Especially if you are a younger person, since time is your friend in investing.
Some of the remnants of Enron were bought by Berkshire-Hathaway's MidAmerican Energy division after the Enron debacle. When Ken Lay bought Northern Natural Gas company in Omaha, he stated it would stay in Omaha. Lay lied, he moved it to Houston, Texas. Northern Natural Gas is now back in Omaha. Not that it helps any of the former retired millionaires in Omaha that risked-it-all by foolishly leaving all their retirement dollars in Enron stock.