Warren Buffett Calls Out CNBC Talking Head in E-Mail to Whitney Tilson
Here is the e-mail Tilson received from Buffett (which Buffett had sent to CNBC):
From: Debbie Bosanek, Assistant to Warren Buffett
Sent: Thursday, December 13, 2012 12:08 PM
Subject: from Warren Buffett
TO: Nik Deogun and Nick Dunn, CNBC
Gary Kaminsky earlier today made two major errors in describing our repurchase of 9,200 Class A shares yesterday. He first stated that I had in the past advised against repurchases generally. This is not true, and I’m enclosing material from the 1984 annual report where I discuss the conditions under which I strongly favor repurchases. This position has been repeated many times since then, both in annual reports and in interviews.
Mr. Kaminsky also made the statement that the estate that was a seller was better off by selling in 2012 than 2013. This, too, was incorrect. Estates receive a stepped-up basis upon death and therefore the estate did not have a gain regardless of when the stock was sold. The principle of stepped-up basis has been incorporated in the tax code for many decades.
And below is the attachment that Warren had sent to CNBC to support his e-mail: