The Rational Walk
Intelligent Investing is not a "Random Walk"

You Can Lead a Horse to Water … August 6, 2009

In an article entitled “Buffett’s Betrayal”, Rolfe Winkler puts forward a remarkably uninformed critique of Warren Buffett’s behavior during the financial crisis of the past year.  While I am sure that Mr. Winkler has attracted the attention that he no doubt sought out, a careful examination of the facts poorly reflect on his thesis.  It is unfortunate that the letter Mr. Winkler received from Warren Buffett at the age of fourteen did not inspire him to more carefully examine the facts prior to seeking publicity with an inflammatory and uninformed article.  It reminds me of the famous saying:  “You can lead a horse to water but you can’t make it drink.”

I planned to write a response to Mr. Winkler’s article this evening expanding on my comment on Seeking Alpha, but it so happens that The Inoculated Investor has put together a skillful rebuttal which I highly recommend to readers of this site.