Warren Buffettimho
it's time to buy more.
Ironmask1
A simple rule dictates his buying: Be fearful when others
are greedy, and be greedy when others are fearful.
Stock market sentiment may be changing
He’s become the world’s richest man by doing something
that sounds so easy...buying low and selling high.
But as the world experiences one of its biggest panics
ever, we realize it’s so easy in theory and so tough in fact.
It would be hard not to be one of the many people who
have been cashing in their mutual funds and heading for
the hills, stuffing any hard-earned cash underneath the
mattress at a time like this—thanks to those buffoons on
Wall Street that created this credit crisis, but that is the
mess we are in.
At a time like this, you would expect Warren Buffett to
be walking in while everyone else is panicking and that
apparently is what he is doing.
Today he writes a little Op-Ed piece in the New York
Times and we thought you would want to read the first
four paragraphs: “THE financial world is a mess, both in
the United States and abroad. Its problems, moreover,
have been leaking into the general economy, and the leaks
are now turning into a gusher. In the near term, unemployment
will rise, business activity will falter and headlines
will continue to be scary.
So ... I’ve been buying American stocks. This is my personal
account I’m talking about, in which I previously
owned nothing but United States government bonds. (This
description leaves aside my Berkshire Hathaway holdings,
which are all committed to philanthropy.) If prices keep
looking attractive, my non-Berkshire net worth will soon
be 100 percent in United States equities.
Why?
A simple rule dictates my buying: Be fearful when others
are greedy, and be greedy when others are fearful. And
most certainly, fear is now widespread, gripping even seasoned
investors. To be sure, investors are right to be wary
of highly leveraged entities or businesses in weak competitive
positions. But fears regarding the long-term prosperity
of the nation’s many sound companies make no
sense. These businesses will indeed suffer earnings hiccups,
as they always have. But most major companies will
be setting new profit records 5, 10 and 20 years from now.
Let me be clear on one point: I can’t predict the shortterm
movements of the stock market. I haven’t the faintest
idea as to whether stocks will be higher or lower a month
— or a year — from now. What is likely, however, is that
the market will move higher, perhaps substantially so, well
before either sentiment or the economy turns up. So if you
wait for the robins, spring will be over.”
JohnEmbry: Rescue Will Send Gold to Surreal Price Level
Investor'sDigest/Sprott - Industry veteran John Embry, Chief Investment Strategist ofSprott Asset Management, says "there is little doubt in my mind that the nextmove is going to be a price explosion to the upside that will see the earlierhighs this year for both gold and silver obliterated." (10/17/08)
https://www.theaureport.com/cs/user/download/co_file/1317?x-r=download
https://www.marketwatch.com/quotes/djia?siteid=bnbh
Dow industrials post first weekly gain in five weeks, up4.7%