Warren Buffet Failed to Heed his Own Advice

Mega billionaire Warren Buffet once called derivatives "financial weapons of mass destruction." Apparently, Buffet has failed to heed his own advice to avoid them.

Warren Buffett's company posted an 8 per cent drop in third-quarter net income as the value of its derivatives portfolio fell sharply, but BNSF railroad and Berkshire Hathaway's (BRK.A-N125,560.001,080.000.87%) many other operating companies performed well...

The biggest factor in the decline was a $95-million loss on Berkshire's derivatives, some of which are tied to equity markets and credit defaults. A year ago, those derivatives were worth $1.1-billion.

Buffet is riding a real 'fail' train lately. He endorsed Barack Oabama for president and last year he endorsed President Obama's failed economic plan.

Obama Warned Bush Not To Be ‘Stubborn’ After Dems Take Over Congress in 2006

That was good advice President Obama. You should take it. You said president Bush should take a signal from voters. Unfortunately, you will most likely need to buy a vowel to guess voters message.