FRIDAY, SEPTEMBER 01, 2006

Omaha billionaire Warren Buffett marries mistress

Rich Casanova Buffett on a Cheap DQ Date

Warren Buffett, America's second richest man, has married his live-in mistress of nearly 30 years, Astrid Menks, in a civil ceremony in Omaha, Nebraska this past Wednesday. As you may recall, Buffett's first wife, Susan Thompson, passed away from a stroke about two years ago. Buffett married Susan in 1952 and they raised 3 children. They stayed married until death did them part. But Warren has been living with Astrid openly here in Omaha since 1977. The rich old dog kept both women happy longer than most men can keep one woman.

Old Mrs. Buffet: Susan - R.I.P.

Folks in Omaha, Nebraska like to tell stories about Warren Buffett, their resident billionaire, investment genius, and genuine oddball. Because he is generally considered an asset to the community, most of the stories are good-natured, and

don't portray Mr. Buffett in a negative light. His holding company's annual shareholders' meeting is a big deal that adds big bucks to Omaha merchants' tills. We think he is eccentric. His enormous philanthropy is about all that gets him in the news. With a few minor exceptions. The stories about his being an avowed atheist, a progressive lefty Democrat who says that Americans don't pay enough taxes, and his shacking up with Astrid while continuing his public marriage to Susan, have been generally glossed over locally. I guess Warren's daily doings really aren't any of our business, except that the cat is so rich he stands out. His political leanings, lik e those of any rich cat, are another matter. Buffet could easily be even more vexing than nut case George Soros. Warren's father, Howard, was a staunch Republican who served four terms in the US House of Representatives. I guess Warren was a true '50's rebel. In the late 70's, Warren's wife Susan was itching to start a career as a cabaret singer. This would require leaving Omaha, notably free of cabarets. She knew Warren wouldn't want to follow her as she sought to 'find herself'. So Susan introduced Warren to Latvian immigrant Astrid Menks, a waitress at Omaha's French Cafe. (Yes we have one; be sure to ask for ketchup with whatever you order.) Susan then lef t Warren in Astrid's care to live in San Francisco to pursue her dreams. She aspired not only to cabaret singing, but also became a zealous pro -abortion activist as a result of her neo-Malthusian fears of over-population.

New Mrs. Buffet: Astrid

By all reports, Susan and Astrid were friends and were supportive of Warren's polyamory. Even such of their adult kids as we hear about seem happy with the way the mnage trois was managed. Daughter Susie hosted her father and Astrid's wedding at her Omaha home.

Warren waited a respectable time before formalizing his relationship with Astrid. He didn't sneak around with Astrid behind S usan's back. It's pretty hard to make him out a cad. I don't agree with Warren Buffett's political views, but that isn't saying much. I hardly agree with anyone on politics. I have to admire his way with the ladies. --There already is speculation that Warren Buffett's recent announcement that he was giving all his money to charity amounts to a gigantic prenuptial arrangement. At least Mr. Buffett didn't shame Nebraska like another Warren has recently done to the LDS (Mormon) Church. --Barack Obama - Warren Buffet connection. It goes 'way back

Few billionaires have displayed the forward-thinking and sound ideology that Warren Buffett has demonstrated over the last 4 decades. He knows money, knows investments, and has an eye for companies successes and potentials. With so much hype being thrown at social media sites like Facebook, Twitter, and GroupOn ahead of possible IPOs, he warns investors that values may be inflated. Most of them will be overpriced, Buffett said Friday in New Delhi. Its extremely difficult to value social- networking-site companies. Some will be huge winners, which will make up for the rest. He did not, however, specify who will be the huge winners, much to the dismay of investors interested in getting into the social media game. It brings to mind questions about bubbles, corrections, and flops. Who is going to be prove their value and bring gold to the table after the IPO? Google and other tech firms have demonstrated an ability to make early investors a ton of money, but social media is a different kind of tech. Its unproven territory that is being hyped-up as huge. Will it live up to the hype? As a general rule, any investments with emotion and momentum can be written off as poor. Its not that they wont meet expectations, but the hype-machine surrounding them often inflates values ahead of reality. We know social media is huge and growing, but are the revenue models solid and are the contingencies in place at them? Well likely find out within the next year as major social networks prepare to go public. At this point, there seems to be

no rush. Nobody wants to be the first on the dance floor, at least amongst the major players. Private investments and second-tier share sales are dominating. Buffett apparently will not be lining up to put his money in those pots. Will you?