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TIP484: How Warren Buffett Became the Greatest Investor to Ever Live (Part 2)
We Study Billionaires - The Investor’s Podcast Network
Stocks Are the Best Protection From Inflation
In 2008, Berkshire stepped in and invested $5 billion in Goldman Sachs preferred shares that paid 10% nominal interest on the shares. They did a similar deal with General Electric as well to buy $3 billion worth of common stock and $3 billion in preferred stock which paid 10% interest. Buffett then publicly stated that stocks were cheap enough for him, and they might get even cheaper, which they did. The financial crisis expanded late into 2008 and 2009 and next came the bailout of automakers and massive intervention by the central banks around the world. It was like a light switch turned off as credit-shocked consumers just simply quit spending their money. This led to a negative feedback loop that cascaded
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