Monday, September 19, 2011

Not a Policy Savant

Warren Buffett obviously is a hugely successful -- and perhaps the most successful ever -- investor.

However, does that mean that you would have him remove a tumor from your brain? Obviously not. His investment smarts do no qualify him as a surgeon.

Similarly, his ability to garner wealth by picking securities that appreciate greatly over time is not translatable into public policy decision making. His skills are very narrow. Consider, for example, that Mr. Buffett never has produced or managed the production of any goods or services that the public consumes or uses. His investment skills are essentially those of a parasite that thrives by being capable of selecting healthy organisms on which to feed.

Accordingly, there is no reason for anyone to give any greater weight to Mr. Buffett's views on political issues or even broader economic ones than are afforded to the views of any other individual citizen.

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