Warren Buffett backs Obama for president

Ever the sunny optimist, "a little mis-management" doesn't faze Buffett. Somehow, I don't think his pal Charlie Munger would be so generous about the mis-management part even if he is more conservy than Warren. Either way, check for the bolded print at bottom. (If you don't know Munger, Buffett's Berkshire Hathaway partner, you don't know what you're missing: The Psychology of Human Misjudgment, a talk by Charlie Munger.)

US billionaire Buffett backs Obama for president - Yahoo! News

FRANKFURT (AFP) - Warren Buffett, the world's richest man, is backing Barak Obama for US president and thinks current US economic policy will push the dollar lower against other global currencies

Buffett told a press conference here Monday he had offered support to both Obama and Democratic rival Hillary Clinton but that since it appeared Obama would win the party's nomination, "I will be very happy if he is elected president.

"He is my choice," Buffett said.

Commenting on the US economy, the 77-year-old investor who is known as the "Sage of Omaha," stressed that fiscal, monetary and trade policies were of great importance.

"I think that the US has followed and is following policies which will cause the US dollar to weaken over a long period of time," he said.

After voicing support for Obama, Buffett nonetheless noted the US economy had managed to do "awfully well" despite a depression, two world wars and many financial crises.

"They say in the stock market ... buy stock in a business that's so good that an idiot can run it because sooner or later one will," he added.

"Well, the United States is a little like that. We can take a little mis-management from time to time," Buffett said.