In fact, he seems to have snapped up all of Prudential’s business nationwide, but the sale of the Connecticut and Rhode Island portions was announced today. Buffet’s been buying into a number of industries, like newspapers, that most investors have written off as dying relics. I’d have included traditional real estate brokerages in that category but I’m not Warren Buffet, and surely he sees value where I can’t.
As an example of my short-sightedness, I’d have thought that the new Buffet “GIVE BACK” program, which imposes a special fee on sales by its millionaire customers would be unpopular: not so, if Greenwich resident Carole Dollard’s reaction is typical. Dollard, founding member of Buffet’s tax-us-millionaires club, PatrioticAmericans.org. and whose Taconic Road horse farm is presently listed with Brad Hvolbeck/Prudential Realty for $23.5 million, told FWIW, “I’m delighted. I’ve been quite troubled by the fact that while I pay no income tax, my bootblacks and stable boys pay as much as 30%. Now, with the Give Back Program, 10% of my farm’s sale proceeds will be automatically deducted and sent directly to Washington, where they can be spent to help Hezbollah, Al Qaeda-in-Syria freedom fighters, and the NEA. I couldn’t be more pleased, and I think it’s just wonderful that Brad has promised to match all such deductions from his own pocket – that Bradley: such a mensch!”
So maybe it will all work out; stay tuned.