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. (more)
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Eric King: “Is 2014 the year that the derivative time bomb explodes?”
Ing: “Eric, that’s a very good question.
Derivatives are not only a ticking time bomb, but the pervasiveness in
terms of the use of these destructive instruments inside of the
financial system is mind-boggling….
“We see enormous quantities of derivatives not only from the banks
who are creating these, but now we see the players are turning out to be
governments and sovereigns. This is why this is most troubling. They
have stepped into the vacuum and have been playing aggressively in the
John Ing continues @ KingWorldNews.com