This weekend’s Berkshire Hathaway (BRK) annual shareholders meeting should be (like all of them) a good one.There’s obviously plenty for Warren Buffett to talk about, from the economy, to the rail industry, and of course his portfolio company Goldman Sachs — and he will be talking about Goldman Sachs.
According to WSJ, Buffett plans to address Goldman questions thoroughly when asked.
Our guess though is that Buffett will be tame. Above all he is a capitalist, and he has absolutely no business incentive to damage one of his investments. None. If he did he’d be losing money for his shareholders, which in his book is basically a crime.
So we’d expect him to basically toe the line of his sidekick Charlie Munger:
While Mr. Munger thinks Goldman did nothing illegal, the firm was engaged in “socially undesirable” activities, he said in an interview after the SEC lawsuit was filed.
“They were very competitive in maximizing profits in a competitive industry that was permitted to operate like a gambling casino,” Mr. Munger said. “The whole damn industry lost its moral moorings.”
He added that he believes Goldman is “more prudent and ethical” than other big Wall Street banks.
Got that? It wasn’t ideal, but it wasn’t a crime, and Goldman was better than the rest.
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