PrintOctober 29, 2009
It Looks Like We're Wimpy
Wimpy was one of the characters in the Popeye the Sailor cartoon series from 1929 to 1994. Popeye was the quintessential American hero. He traveled the world fighting such villains as Brutus (aka Bluto) and Sea Hag. No matter how tough the challenge, in the end, Popeye always saved the day with the super-human strength he gained from eating his canned spinach. Wimpy, on the other hand, was a lovable but annoying moocher. His two pastimes were eating hamburgers and running scams to avoid paying the check. It was Wimpy who coined the famous line:I'll gladly pay you Tuesday for a hamburger today.Does this sound like anyone else we know? From Warren Buffett's 1987 Letter to Shareholders:As they say in Poker: If you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy!That's right, folks. We're Wimpy and we prove it every day. The American consumer saves a pitiful 3% of disposable income while stacking up consumer debt (excluding mortgages) to 130% of...(Read Full Article)
