Who Knows Better Than Buffett, Icahn, Pickens & Kerkorian? Journalists!

In one of those semi-ridiculous scenes that pop up from time to time, the back page of today’s WSJ Money & Investing section (called “Heard on the Street”) runs the two following articles [$]:

Even the Oracle Didn’t Time It Perfectly

Investing All-Stars Need to Tweak Games

In these two articles written by little-known investing geniuses named Peter Eavis and Gregory Zuckerman, the authors presume to critique and advise four of the world’s greatest living capitalists.  Only journalists would have the financial brilliance to invest money in hindsight.  That’s why Eavis & Zuckerman are journalists and the other four merely obscenely wealthy.  Not quite so easy to make these decisions in real time.

The two articles are somewhat funny in a doh! kind of way.  Obviously, Buffett, Icahn, et. al. have spent decades participating in the capital markets through many different conditions.  I guess investors like Pickens (I actually don’t respect him much as a person due to his political shenanigans), who started Mesa Petroleum as an acquisitive CEO and now runs a hedge fund among other ventures or Buffett, who started a hedge fund and now runs companies ranging from insurance to chocalate, haven’t “tweaked” their games enough to suit these two know-it-all journalists.

Or perhaps these capitalists think adhering to a long-term strategy is a better way to build returns than overreacting to market circumstances?  Maybe Eavis & Zuckerman find it quite sound to run your portfolio the way McCain has run his campaign, wildly veering off course each time the numbers change.

Leave a Reply