Short Seller Tells CNBC Why Warren Buffett Has Met His "Watergate"

"Look, I worship at the knee of Warren Buffett and all he's accomplished over the years. But the reality is in the last decade he's underperformed dramatically and he's drifted in terms of strategy. He calls derivatives 'financial weapons of mass destruction' yet he has about 40 billion dollars on his books and lost 1.2 billion in the first quarter. And everyone admires him and goes to the Woodstock of Capitalism in Omaha and praises his accomplishments. His stock is starting to do poorly.

Kass isn't the first to argue over the years that Buffett has lost his touch. Many of those who have bet against him in the past have lost out in the long-run. It's very hard to argue with the world's richest man.