I love press releases

“We are pleased that given our longstanding relationship, Warren Buffett, arguably the world’s most admired and successful investor, has decided to make such a significant investment in Goldman Sachs,” Mr. Blankfein said…. Mr. Buffett, also in the statement, called Goldman Sachs an exceptional institution.

The thing that makes Buffett so admirable is that he adheres to that timeless market adage:
  • Buy low.
  • Sell high.
Ergo, I don’t doubt Buffett’s statement for a second; in a market transaction just about anything can be exceptional depending on the price. I can also see why Blankfein used a word like “pleased” vs. an effusive word such as “exceptional.”