A Perspective from Howard & Warren BuffettMar 1, 2012·James Turk
In a recent article in Fortune, Warren Buffett reiterated his well-known view on money.
Far less celebrated, however, is the discerning view of his father, Howard Buffett, expounded in a brilliant speech in 1948 while serving as a 4-term congressman from Omaha. In contrast to his son WB, HB insightfully considers the importance of money in society beyond its role as a means of economic calculation and payment. I'll return to this point, but first, the Fortune article requires our attention.
WB is extremely helpful to investors by explaining his investment principles, which are invaluable, as one would expect given his exceptional track record. But he wanders into tricky territory with regard to money by building his viewpoint upon the following premise: "Governments determine the ultimate value of money..."