Evaluating Managed Funds

[buffett]

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If you're going to quote the 10Q, please quote all of it. "During the first nine months of 2005, the value of most foreign currencies decreased relative to the U.S. dollar. Thus, forward contracts produced pre-tax losses in 2005 of $897 million for the first nine months." It is widely known that Buffett lost $1B last year shorting dollars.

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That's fine, but $2.1B - $1B = $1.1B.

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non-dollar investments might make sense as a long-long term issue, but as a short term macro factor, you can be dead wrong...Over the longer run, you will see a weaker dollar reflected in the form of more expensive imports, and possibly, inflation, but from Ed's point of view, dollar investments arent necessarily a bad thing short term.

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Then perhaps you shouldn't have invoked Mr. Buffett's position to make your point, as it is a famously long term one.