After that you could progress to “How to pick stocks like Warren Buffet” by Timothy Vicks. Afterwards you could follow Buffett’s personal life more closely through a biography entitled “Buffet the making of an American Capitalist” by Roger Lowenstein.

You might want to get a copy of Buffetology by Mary Buffet. I heard that it is good but I haven’t read it yet because there are no copies available yet in Cebu. Buffett books are scarce here.

I have three other Buffett books which I will be “consuming” after I read his biography.

Fortunately for you, you are there in the U.S so you have a chance to enroll where Buffett graduated that is at Columbia University in New York. I think they call it the Heilbrunn Center for Graham & Dodd. I don’t know if they have distance education.

As you read more Buffett books you will be more convinced about the value and the difference of “value investing.”

I find his life somewhat interesting and inspiring. I will be trying to emulate his approach on stocks and will be avoiding short swing transactions as much as possible. In the end I may not equal the greatness and riches of the great Buffett but at least I tried hehehehee

Its an intersting time for our markets this year and in the year to come. Investors are fearful now and are switching to save havens like gold. Now is really a good time to buy in the market. Buffett once said that “we must be greedy when others are fearful and fearful when others are greedy.” Indeed ! This is a great time to be greedy

Experts are divided on whether the bail out is necessary or not but I believe it is all in the hands of Pres. Bush. He holds the ball and decides how to shoot it. Let history be the judge on the out come of what he did.

With regards to the comment that the “bailout plan will only reward risky behaviour” as George Parr said “No, this is called rewarding the inegenuity of the market” hehehehe

Seriously, It may seem to reward risky behaviour but I believe risky behaviour will continue to be exhibited by those involved in the market whether they are rewarded or not. The Great depression of the 1930s made those involved in the market risk averse for a while but after more than 20 years, the market is at it again and the Dow has never went below 100 points since that time.

1. The affect to the economy is not as catastrophic as Bush has suggested. Recession will follow, but eventually, we will recover.

2. If the rescue plan is not implemented, these companies will file for bankruptcy; however, bankruptcy does not mean ceasing to exist, but rather, the ownership will transfer from shareholders to creditors.

3. The bailout plan will only reward risky behaviors.

4. We failed to operate in a “free market” since the government pushed Fannie Mae and Freddie Mac to lower the loan standards to encourage home ownerships for Americans even though many cannot afford the loans (foreclosures dramatically increased and will continue to do so for the next several years). Hence, government intervention was the culprit behind our current economic problems.

Remember Bush’s $800 billion stimulus plan to jump start the economy? Well, every American received their checks; however, the plan has not significantly and positively impacted the economy as the Bush Administration had predicted. Hence, the plan failed to stimulate the economy.

By the way, Washington Mutual (the biggest bank failure in history) was recently bought by J.P. Morgan Chase for $2 billion.

There is not such thing as free lunch. Someone will have to pay.