Warren Buffett is an investing superstar in America but this report from McClatchy gives us a couple of reasons to doubt he really is that good.
First, Buffett is known as a fundamentals investor, one who concentrates on amassing solid information about a company before he makes a decision to invest. That reputation is cast into some doubt:
He also said he had no idea how Moody's rated bonds.
"I've never been in Moody's. I don't even know where they're located," Buffett said.
Second, there is evidence that he lied to Congress:
"No," Buffett said, responding to a question from panel chairman Phil Angelides about a McClatchy report earlier this year that two senior Moody's officials had warned Buffett about complex bonds backed by junk U.S. mortgages. ... However, a former Moody's executive who told McClatchy earlier this year that he'd shared documentary evidence about his contact with Buffett with panel investigators, stands by his assertion, which McClatchy verified independently.
"I reached out to him, and I've got the e-mail sent to him and the commission has it as well," the former senior executive said Wednesday.
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