"Buffett is an idiot!"



"Stocks only go up, this is the easiest game I've been part of!" "I'm just printing money," Portnoy said. "Why take profits when every airline goes up 20% every day. Losers take profits. Winners push the chips to the middle... I should be up a billion dollars."

This is the note a trader called Portnoy recently posted (see here). He even went so far to the point calling "Buffett is an idiot"!

I think Buffett was called as like an idiot not once but at least one more time before during the dot.com bubble in late 90s when he refused to buy any tech stocks when they were in a frenzy FOMO. Indeed Buffett looked quite stupid without buying anything as others. I was among those for the FOMO and literally every day I told my wife we could retire very soon as our portfolio went up almost 10% or more every day for quite some time. I also knew some friends who quit their job as they thought they had made so much easy money already and the stock market could support their life forever now

But we all know by now that this was an Epic Signal Of A Blow-Off Top! I lost a house worth of money during the period and my friends quietly came back to find another job later after the bubble finally burst. And suddenly Buffett did not look like an idiot but a wiseman. I guess he has been widely recognized as the investment genius only since then. The same epic blow-off top came again in 2008 and we also know what Buffett had done at that time! He was nearly the only man standing and single-handedly saving the banking system to some extent!

Are we seeing another epic top now? Probably not yet but if we start to see more and more such kind of reckless and mindless brags, we should be prepared for another huge market crash to come soon!