It's ok Warren, go ahead, we deserve it, say it, say it.
I TOLD YOU SO.
Look at the date of this BBC article, March 4, 2003.
I'm sure there are earlier articles out there with Mr. Buffett saying the same thing.
"Derivatives are financial weapons of mass destruction." Warren Buffett
"The rapidly growing trade in derivatives poses a "mega-catastrophic risk" for the economy and most shares are still "too expensive", legendary investor Warren Buffett has warned.The world's second-richest man made the comments in his famous and plain-spoken "annual letter to shareholders", excerpts of which have been published by Fortune magazine.
The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk.
But Mr Buffett argues that such highly complex financial instruments are time bombs and "financial weapons of mass destruction" that could harm not only their buyers and sellers, but the whole economic system." BBC News
Click on the post title for the full BBC News story.
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