Michael Steinhardt, chairman, WisdomTree Investments, reveals his honest opinions about Warren Buffett, whom he says has managed to con virtually everyone in the press and calls greatest PR person of modern times. He also discusses the economy, the Fed and “Sokol-gate.”

TUE 05 APR 11 | 07:02 AM ET

Category: Video

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7 Responses to “Steinhardt Calls Buffett “Greatest PR Person of Modern Times””

  1. Tony61 says:

    He completely contradicts himself at one point, remarking at how the “geriatric savers” have been hurt by lower interest rates, then in the very next statement he ponders how “quiet” it is in the US versus all the turbulence in the rest of the World. Can’t have it both ways. Is being an island of quiet so bad? I wonder how if the “geriatric savers” in Egypt or Greece or Portugal have it better than here.

    I’m not agreeing or disagreeing with either point, just remarking on the cognitive dissonance…. but we like him because he’s a curmudgeon.

  2. wunsacon says:

    This guy’s criticism of Buffett’s charity is bullshit.

    It’s not immediately intuitive. But, the truth is: Buffett’s been “charitable” for his entire life. He lived a comparatively *modest life* — never used those billions on conspicuous consumption (building a lavish house, an Abramovich-style yacht). By not spending, that means Buffett let economic resources serve other people’s wants/needs instead of his own.

    And, after decades of this behavior, in the end, instead of going the Walton route, Buffet’s not only giving nearly all of it to charity, he’s famously trying to encourage the rest of the plutocrats to donate their wealth instead of exacerbate the class divide.

    That’s why plutocrats should love this guy in the video. In the name of attacking a plutocrat, this tool gives the rest of them some cover.

  3. wunsacon says:

    By the way, while I disapprove of Buffett and (esp.) Munger for their politicking and mouthing off about “preserve the culture” of the “criminogenic” — thank you, Bill Black, for popularizing that word — financial establishment in this country, that’s got nothing to do with Buffett’s charity. I still give him credit for that.

  4. not-affiliated-with-Wall Street says:

    I learned a lot about investing from Buffett. I never learned a thing from this guy.

    Publicity play on his part.

  5. ddl24 says:

    “By not spending, that means Buffett let economic resources serve other people’s wants/needs instead of his own.”
    How do you mean by that? Had he spent the money and the multiplier effect of the spent money could also have benefited many people, right? the argument of donating money earlier vs later can be long and unless there is a parallel universe, no one can be sure which way is better.

  6. Truthsayer says:

    Love this guy…someone speaks about truths. I bet this is the last time those three puppet cheerleaders on Squawk Box will ever have him on. Notice how silent they were when he said Buffet was a con to the media? Hey Becky, you are awfully silent now. Maybe you should ask Warren the next time you fly with him. What a hoot…this guy was just GREAT! He has the wisdom and isn’t “selling” anything like every other guest on CNBC. Ron Baron says everything is peachy because he wants his investors to stay long in his funds…can you say management fee? Best interview I have ever seen on the POS CNBC

  7. jaytrader says:

    This interview is a joke. I am not a fan of Warren Buffett, I have never been and never will. Buffett is a two faced coward who has hidden behind so called “free market capitalism” for the last 50 years, but Steinhardt getting on him for giving away his money to Gates alone is borderline mind boggling and nonsensical. Who cares who he gives his money to and when he does it? The fact is he is doing it on his terms because at the end of the day it’s his money is all that matters. The hosts on CNBC are such water carriers for these old ancient codgers that I stopped watching this drivel a long time ago. I am surprised that you still do. To watch Becky Quick just gaze into the eyes of these dinosaurs is like watching a 10 year old girl look at Justin Bieber for the first time.

    But back to this fossil Steinhardt.

    Who the hell is Steinhardt to say anything on the subject of Warren Buffet giving away his money? Why does this jerk Steinhardt think he is such a hero for giving is money away a lot earlier than Buffett? If he came out and attacked the “Boracle” for his cowardly stance on derivatives, Moody’s, Wells Fargo, and most importantly his 100% backing of socializing the losses of Wall Street, I would have some respect for him, but no, he has something against Buffett because Buffett got rid of that crook John Gutfreund from Salomon 20 years ago? That is the story here! This guy is upset at Buffett because Buffett got rid of that bum! Then he has the nerve to defend Gutfreund after what had happened at Salomon? Don’t be fooled, Gutfreund knew exactly what Mozer was doing and just hid it thinking it would blow away, even in the face of Mozer continuing to do it some 6-8 months after Meriwether originally reported it. This is why Buffett was so upset. Anyone in Buffett’s position would have done the same thing.

    After watching this clip, I can’t believe I am actually defending one fraud at the behest of another. Then Steinhardt goes into a long tiring diatribe about how America is a rotten place. Yada Yada Yada. The education stinks. The cities stink. The inflation is out of control. Blah Blah Blah. This guy makes America seem like Dresden after WW II. America may or may not have seen its best days but I guarantee you she is not down for the count. America has its issues and it’s in rotten shape politically and financially, but it has always come out of it and it will again come out of it again. What we need to do is to stop putting these financial frauds on pedestals. These guys are financial terrorists. Buffett, Steinhardt, Black, Miller, Friedman, Modigliani, Scholes, Greenspan, and most recently Bernanke…the whole lot of them should have been discredited a long time ago but for whatever reason we still listen to them and give them a platform. Why we still do this is a bigger mystery than Stone Henge.

    I am a second generation Indian American and let me tell you I would love to take this bum on a tour of India and show him what real poverty feels like, what Urban Decay really is, what corruption really looks like. These guys love blaming and killing American for whatever reason, but the reason the country is in rotten shape is because of people like Steinhardt and Buffett.

    The best we can hope for is that we wake up tomorrow and these financial terrorists are no longer walking the earth. Coughlin’s Law – Bury The Dead because they stink up the joint.