[jackb]

I looked through the forum to see if the following story:

http://articles.moneycentral.msn.com...25&id=12211976

got much in the way of discussion by TL members. This news broke about a 45 days ago and didn't get as much media (TL) attention as I thought it would. Granted, while I do read a fair amount of business news, I seldom watch any TV business programming and maybe it was well covered there.

From a trader's perspective, I had a hard time believing initially the reporters got their story straight. But there it was, BH's CFO (with the blessing of the Oracle you can bet) spewing out utter nonsense. Not a good lesson for any trader, Buffett included (yes, I just criticized Buffett...m'kay).

Here's something to consider. If you are in the market looking to qualify for a mortgage or involved with any transaction that requires a look at your personal financial statement, you should now recognize that there's no reason to use current market prices should you have holdings that are underwater given that you have the "ability and intent" to hold them until they are "reasonably" valued. Poof: an instant bump in net worth.

Of course, BH is utilizing essentially the same gimmick that the banks finagled after the crisis. If the banks can do it, BH can do it and if BH can do it, then...what the hell is Jeff Skilling doing in prison? All he was looking to do was to immediately book the future value of any business idea he came up with (no need to split hairs) And don't forget, if you own any property, there's a good chance that your top soil is full of precious metals (gold, diamonds, you name it...you value it). Poof: another nice bump in net worth.

Oh shoot--I didn't throw away that tulip bulb, did I?