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Warren Buffett: "Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal" (2002)

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Warren Buffet writes in the Bershire Hathaway Inc. 2002 Annual Report: Derivatives Charlie and I are of one mind in how we feel about derivatives and the trading activities that go with them: We view them as time bombs, both for the parties that deal in them and the economic system. Having delivered that thought, which I’ll get back to, let me retreat to explaining derivatives, though the explanation must be general because the word covers an extraordinarily wide range of financial contracts. Essentially, these instruments call for money to change hands at some future date, with the amount to be determined by one or more reference items, such as interest rates, stock prices or currency values. If, for example, you are either long or short an S&P 500 futures contract, you are a ...

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