Billionaires Dumping Stocks, Economist Knows Why
Wednesday, 06 Feb 2013 01:59 PM By Newsmax Wires More ways to share... 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. Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares. So why are these billionaires dumping their shares of U.S. companies? GO TO SITE FOR REST OF ARTICLE... Read Latest Breaking News from Newsmax.com http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola#ixzz2LZNYtSId Urgent: Should Obamacare Be Repealed?Vote Here Now! http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola ---Strangely, when I entered the above links, neither worked. So I entered the title into bing.com Billionaires Dumping Stocks, Economist Knows Why When replying to this message, plz cc: [email protected] to assure prompt reply. TEA Party Nation Top Ten Tips For Getting The Most From Your TPN Membership! http://www.teapartynation.com/?xg_source=msg_mes_network I’m as mad as hell, and I’m not going to take it any more. http://www.youtube.com/watch?v=q_qgVn-Op7Q Mrs. Richard "Peggy" Martin (1935 - 2012) http://www.legacy.com/obituaries/dfw/obituary.aspx?n=margaret-irene-martin-peggy&pid=159081400&fhid=12241#fbLoggedOut http://www.legacy.com/guestbook/dfw/guestbook.aspx?n=margaret-martin&pid=159081400&sort=1 <> <> <> -- -- To join RichsRants, send email to: [email protected] For more options, visit this group at http://groups.google.com/group/richsrants?hl=en --- You received this message because you are subscribed to the Google Groups "RichsRants" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
