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Despite the 6.5% stock market rally over the last three months, a handful of billionaires
are quietly dumping their American stocks . . . and fast.
Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping
shares at an alarming rate. He recently complained of “disappointing performance” in
dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.
In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically
reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly
19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks”
by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.
With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in
these companies’ future prospects is worrisome. Unfortunately Buffett isn’t alone.
Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is
clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund,
Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position
in discount retailer Family Dollar and consumer-goods maker Sara Lee
No investors, let alone billionaires, will want to own stocks with falling profit margins and shrinking
dividends. So if that’s why Buffett, Paulson, and Soros are dumping stocks, they have decided to
cash out early and leave Main Street investors holding the bag.…