"BEWARE OF GEEKS BEARING FORMULAS!" - BUFFETT

WELL, NOBODY'S A GENIUS IN A BEAR MARKET WARREN, BUT MAYBE YOU SHOULD HAVE SAID SOMETHING ABOUT FISCAL AND MONETARY POLICY!

From the NYTimes: Berkshire Hathaway, reported a 62 percent drop in net income for 2008 and posted negative results for only the second time since he took control in 1965. Berkshire recorded a loss of $5.1 billion, after adjusting the value of its derivatives holdings.

Also blissfully ignored, Buffett he wrote, were the perils of relying on mathematical models devised without worst-case situations in mind. Too often, he wrote, Americans have been enamored of “a nerdy-sounding priesthood, using esoteric terms such as beta, gamma, sigma and the like.” Some skepticism about these models is overdue, he added.

“Our advice: Beware of geeks bearing formulas.”