Warren Buffett sure does love his metaphors. Here he is talking about mistakes being made in economic policy during the crisis:
Drewbie left me a comment this morning talking about people interviewing for jobs and not getting them, just because they had visible tattoos. I can well believe it. But at the same time, precisely because of this discrimination, I tend to both expect and receive much better service from people with visible tattoos. (Update: Thanks to Sebastian, in the comments, for spelling out the logic here.)
The UBS numbers, as reported by the WSJ, don’t make a lot of sense to me:
UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people familiar with the situation…
It’s quite clear that Pimco is talking its book when it says that active management makes more sense than indexing if you’re buying TIPS. On the other hand, Pimco’s arguments are quite compelling — more compelling, indeed, than counterarguments which don’t really address what Pimco says and instead fall back to the standard passive-investing-is-always-better approach.