Editorial skipped over the free-enterprise system

It is deeply disturbing, but not surprising, the editorial board of Seattle’s only newspaper does not understand the basic underpinnings of the free enterprise and capitalist system: freedom [“Warren Buffett: Collector extraordinaire,” Opinion, editorial, Nov. 6].

The editorial seemed to distinguish between the Bill Gates-type entrepreneurs who start companies from investor-entrepreneurs such as Warren Buffett. Buffett has been one of the most successful entrepreneurs by investing in companies, and doing what he could to help them grow.

Just go to any research source and add up the number of jobs from companies Buffett has invested in to see what he has added to the American economy. The profits created by this growth in jobs goes to buy land, buildings, equipment, raw materials and the like, which go to make products and services free people can purchase on their own free will.

Altogether this improves our standard of living. The mere act of him announcing the purchase of the Burlington Northern Sante Fe railroad created wealth for individuals, pension funds to support individuals’ retirements and so on.

This resulted from Burlington’s stock price increase, which did what capitalism does: It takes from no one, does not diminish anyone’s wealth, and creates wealth out of thin air, so to speak.

That is why the U.S. is the most advanced, innovative and wealthiest country ever known to mankind.

— Theodore M. Wight, Seattle

He’s done wonders for American capitalism

The Times editorial completely missed the point about Warren Buffett.

His company is basically a well-run mutual fund for investors. He has always emphasized good management, independence of the individual companies and, more importantly, long-term results rather than the quick buck that sends a company into bankruptcy.

There are many companies that would be much better off under his stewardship. The editorial seemed to undervalue what his company brings to American capitalism.

By the way, is it just coincidence that the companies mentioned are all successful over the long term?

— Bruce W. Cooley, Puyallup