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TDI Episode 84: A Bad Buffett with Corn on the Side

November 23, 2008 11:59 pm

Guest: Thomas Grisafi, Indian Grain Company discusses the ins and outs of commodity trading. Corn, Wheat, Oil are all part of this great episode. Andrew also looks into Berkshire Hathaway’s (BRK.A) holdings and explains why Mr. Buffett’s stock is getting slammed. There is also a few great ideas explored on how to profit into what looks like an epic options expiration gone wild and a New Deal style recovery plan.

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This episode’s guest, Thomas A. Grisafi is the founder and CEO of Indiana Grain Company, LLC.  A veteran of the financial industry for two decades, he is a full member of the Chicago Board of Trade who has utilized his expertise in volatile and diverse markets to successfully manage prop groups at major clearing firms.  For nearly ten years Tom has been among the vanguard in the transition from the pit to the screen. A highly successful and emulated electronic futures trader, he was recently interviewed by the BBC regarding his noted success and visionary advancements in the futures industry.

Tom attended Valparaiso University and currently resides with his family in Valparaiso, Indiana where he is a notable advocate for various local charities and community organizations. Website/blog: http://www.indianagrain.com/

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Stocks discussed: Archer Daniels (ADM), Caterpillar (CAT), Berkshire Hathaway (BRK.A), PowerShares DB Agriculture Fund (DBA), PowerShares DB Com Indx Trckng Fund (DBC), General Motors (GM), Ford (F), Citigroup (C), Goldman Sachs (GS)

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5 Responses to “TDI Episode 84: A Bad Buffett with Corn on the Side”

  1. Jonathan Lawson on November 24th, 2008 9:25 am

    I enjoyed the podcast, and found a few points to be of significant interest.

    Warren Buffett – Without question I have always been impressed with his savvy moves in the market. But the Homespun image is absolute BS. Berkshire is one of the largest option players in the world, and has been for sometime.

    The media spins him as a deep value player. Maybe so, but one can not tell me KO has such a great play without some savvy use of options strategies, namely collars. And completely proprietary trades. I.e. Perpetual preferred GS and GE.

    His action of late reminds me the Jesse Livermore acct in Reminiscences of a Stock Operator. In which US Govt officials came to him and asked for his and other Wall St “support.”

    Nothing against him, other than he is trying to be a “independent” mouth for the market. Unfortunately the market is bigger than anyone person.

    We have so much coming down the pike. Credit Cards, Auto Loans, Forced ERISA withdrawls (401K, IRAs), continued de-levering, ease of manipulating markets to the downside via ETFs, and the most powerful force – Trends.

  2. Awperator on November 24th, 2008 8:39 pm

    If you can, can you please interview Peter Schiff? While he was being interviewed by CNBC and Fox business last year, people just laughed at him.
    http://www.youtube.com/watch?v=2I0QN-FYkpw

  3. Richard Ralph on December 5th, 2008 12:53 pm

    Andrew,
    Re: Warren Buffet’s performance
    From listening to this podcast I get the impression that you have looked at the equity holdings of Berkshire Hathaway in isolation. Berkshire Hathaway (BH) also includes several wholly owned subsidiaries covering a range of industries. How have you determined market prices for these? Can you counter Warren Buffets arguements that the companies in which he has invested have produced high-quality cash flow which have allowed reinvestments and thus ongoing net asset growth for the BH shareholders?
    I suspect that you are comparing BH to your own portfolio. Do you think that this is a fair comparison?
    I look forward to your reply.

  4. Andrew Horowitz on December 6th, 2008 8:19 am

    Richard:

    I realize that WB is the man…BUT, something is not quite right with some positions he owns in BH. No, am not comparing, that would be silly. Subsidiaries are reflected by value of portfolio. May not show directly, but show in value. The concern is that he should not be making blanket statement to get in or out of market. Very self serving… No ?

  5. Richard Ralph on December 9th, 2008 8:32 am

    Did WB really make a blanket assertion along the lines of “…all stocks are undervalued…”? The quotes that I read were more along the lines of “…I am buying [certain] stocks and I would encourage others to do so too…”. Having read some of WB’s letters/articles, I would be surprised if he would ever advise anyone to buy any stock. This would be very out of character. WB’s strategy in the past has always been to buy fundamentally strong businesses when they appear to have been mispriced (undervalued) by the market. Can you fault him for encouraging others to do the same?

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