One would think that investors would be emulating their #1 hero. One would be wrong.
By Elliott Wave International
Warren Buffett recently acknowledged that he's playing in overtime in
this thing we call life. At 93, the acclaimed investor is still very
much in the game and making his moves.
Our August Elliott Wave Theorist elaborates:
We Are in Good Company
We have been steadfastly recommending
complete safety in the form of Treasury bills, 2-year Floating Rate
Notes, a safe bank and gold stored offshore. We have felt quite alone in
this opinion. So, we were pleasantly surprised to see this headline,
from CNBC on August 7:
Warren Buffett now owns more T-bills than the Federal Reserve
It's true: Buffett's investment firm,
Berkshire Hathaway, owns $235 billion worth of T-bills; the Fed owns
$195 billion worth. Of course, most of the Fed's money is in other
government-guaranteed debt. Buffett's is mostly in stocks. Still, his
current cash holdings are about twice the average for the previous five
years. How did he accumulate so much cash? By selling stocks in this
heady environment. As CNBC reported,