Two guys, two opinions, two minutes...go!
I kick us off by taking the other side of the idea that this weekend's Berkshire Hathaway meeting is going to turn into a Buffett-bashing bonanza.
My take: David Sokol obviously, clearly, nakedly did something wrong. If ever a guy deserved to get the ax, it was a man who made himself $3 million front-running a trade he himself pitched to a series of bankers and his own boss. What's more, Buffett was atypically and inexplicably tone-deaf in his initial response to the incident, hiding behind platitudes and attempting to dismiss the issue entirely after "reluctantly" accepting Sokol's resignation.
For these things, Buffett was justly ridiculed, raked over the coals and otherwise abused. But Buffett didn't just luck into his position on the Top 10 Richest Men in the World list. He's smart himself and, most important in this case, surrounded by equally sharp people, particularly at his partner Charlie Munger's law firm, Munger, Tolles and Olson.Read More »from Dos Hombres: Buffett Has Bottomed and the Tape Is Leaderless