Friday, June 19, 2009

Gartman: ‘Warren Buffett Is an Idiot’ (BRK.A; GS)

That's the headline at MarketBeat. I weighed in but the best comment was:

Buffett has made me a millionaire. I never heard of Gartman.

That's cold. Here's the MarketBeat post:

The man behind the Gartman Letter seems to be aiming some none-too-subtle barbs at everyman billionaire Warren Buffett of late.

Yesterday, 24/7 Wall Street — a financial blog we like to watch — noted that Dennis Gartman appeared on CNBC’s “Power Lunch,” saying that Buffett’s beloved Berkshire Hathaway would make a good candidate for short selling.

“Wha-wha?” you say? Well, maybe it’s not such a crazy idea.

The blog’s Jon Ogg takes a look at Berkshire’s chart, and writes:

This stock is definitely an ugly duckling. In the last few days it has failed its 50-day moving average (currently $90,784.82). It is also about $10,000 higher than today’s price. We heard Mr. Gartman being “short of Berkshire” last month … On a simple chart, there does not appear to be any major simple support lines under $88,000 until about $85,000.

MarketBeat is not quite ready to bet against the Oracle anytime soon. But Gartman seems to have some personal thoughts on the beloved investment guru....MORE