Warren Buffett has sought people to tell him why he might be wrong. 'I believe he enjoys challenges,' said Doug Kass, who challenged him Saturday.
The Intelligent Investor, By Jason Zweig, Reported in The Wall Street Journal, May 5, 2013
There was no big news at Berkshire Hathaway Inc.'s BRKB +1.24% annual meeting this past weekend, but there was one great lesson for investors: Perhaps the most important thing you can do when everything seems to be going right in your portfolio is to listen to somebody who insists you are wrong.
To spice up the annual ritual, Berkshire's chairman, Warren Buffett, invited someone who has placed a bet against the stock—short-seller Doug Kass of hedge fund Seabreeze Partners Management—to join the panel of analysts posing questions to Mr. Buffett and vice chairman Charles Munger.