Goldman and materiality

Buffett on Goldman:

Instead of needing to be told that a hedge fund manager who suggested which bonds should form the underpinnings of the Abacus collateralized debt obligation was also short the bonds, the investors should have relied on their own due diligence, Mr. Buffett said. "If I have to care who is on the other side of the trade, I shouldn't be insuring bonds," he said.

Any questions?

Comments

[For What Its Worth]

I attended the BRK annual meeting 5/1/10 and took copious notes.

It's interesting to read what gets covered in the press.

I have this quote in my notes but I didn't see it covered anywhere else.

Warren Buffett about Charlie Munger:

"Charlie shorted a law firm in 1962"

Any Questions?