quote from Warren Buffet (UNCLASSIFIED)

Tue Nov 8 17:43:28 UTC 2011

Classification: UNCLASSIFIED
Caveats: NONE

Heard on Marketplace radio on the way to work this morning, attributed
to Warren Buffet:

"You never know who's swimming naked until the tide goes out."

Congressional Hearings:  _Financial Condition of the FSLIC and FDIC at
year end 1988_ Mar 10 and 11 1989 p. 672 - 673 [Hathi Trust;

http://babel.hathitrust.org/cgi/imgsrv/pdf?id=mdp.39015024882030;orient=
0;size=100;seq=673;num=673;attachment=0 ]

"However, as native-Texan and Comptroller of the Currency Robert Clarke
once said, "When the tide goes out as in an economic recession, you can
see who's been swimming naked." "

_Financial Times_ (London, England) - Saturday, December 30, 1989 p. 7
(from Newsbank, no page image available)

" "You can't tell who's swimming naked until after the tide goes out."  

David Darst, a vice-president of Goldman Sachs, on the difficulties of
forecasting which leveraged buy-outs would be in trouble in the event of
a recession."

Michael Waldman _Who Robbed America?  A Citizen's Guide to the S&L
Scandal_ NY:  Random House, 1990 p 53 [Google Books Snippet View]

" In the words of Robert Clarke, former comptroller of the currency,
"When the economic tide goes out, you find out who's swimming naked." "

_Wall Street Journal_ Jan 14 1992 p A6 col 4

""You never know who's swimming naked until the tide goes out," Mr. Skar
says." [Louis S. Sklar, exec VP of Gerald D. Hines of Houston, TX]

_Boston Globe_  [Boston, Mass] 19 Jan 1992: 71. (from ProQuest, no page
image available)

" Or you could put it another way, as one of New England's legion of
busted-out developers might. "When the tide goes out, you see who's been
swimming naked.""

Letter from Warren Buffett to Berkshire Hathaway shareholders, Mar 1
1993 online at:

http://www.berkshirehathaway.com/letters/1992.html

" It's only when the tide goes out that you learn who's been swimming
naked."

[The quote, or variants, shows up several times in later letters located
in the same directory.]

_New York Times_ (1923-Current file); Jul 17, 1993; pg. L32 col 2

""It's only when the tide goes out that you see who's been swimming
naked," he [Gregory Whyte, VP at Dean Witter Reynolds] said."

Lowe, Janet. _Warren Buffet Speaks:  Wit and Wisdom from the World's
Greatest Investor_ Hoboken , NJ: John Wiley & Sons. P 143. quotes Buffet
from 1993 Berkshire Hathaway annual meeting:

"It's only when the tide goes out that you learn who's been swimming
naked."

_USA TODAY_ - Thursday, February 9, 1995 p 3B (from Newsbank, no page
image available)

"Says [Nicholas] Carn: "You never know who's swimming naked until the
tide goes out."

_Watertown Daily Times_ (NY) - Tuesday, August 12, 1997 p. 28 (from
Newsbank, no page image available)

" "Ultimately, we think this will end up in court, with an impartial
jury," she [Cathy Medina] told supporters at the rally, speaking into a
microphone from the park's central gazebo. "You don't know who's
swimming naked until the tide goes out. Hopefully, the tide will go
out."  "

[This quote is not in reference to financial positions, but rather a
dispute between an obstetrician and a hospital.]

_Star Tribune: Newspaper of the Twin Cities_ [Minneapolis-St.Paul MN] -
Saturday, October 14, 2000 p 1D (from Newsbank, no page image available)

"A look at the laggards in the aftermath of the recent sell-off also
bears out the folksy adage attributed to legendary investor Warren
Buffett, "You can't tell who's swimming naked until the tide rolls out."
"

Classification: UNCLASSIFIED
Caveats: NONE

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