But What About Warren Buffett?
Apple — which posted its fifth consecutive week of losses for the first time since 2012 on Friday — finished the day down 6.6 percent, its worst one-day move since January 2014. The Oracle of Omaha owned more than 250 million shares of the Cupertino, California-based company as reported in Berkshire’s latest holdings filing at the Securities and Exchange Commission.
At Friday’s closing price for Apple of $207.48, Buffett is down $3.7 billion. The company closed at $222.22 on Thursday before the disappointing report.
Apple’s stock sank after the company’s iPhone shipments for last quarter fell short of analyst expectations. The company also issued a financial outlook for the rest of the year that underwhelmed some investors. Those factors foiled the company’s stronger-than-expected earnings and revenue.
However, Buffett’s losses are likely even more painful: he told CNBC at the end of August that he bought more Apple shares since the end of June, when he reported that he bumped his stake up by 5 percent.
“We bought just a little [more],” he said about two months ago on CNBC in an interview with Becky Quick.
Once again, this is an eye-opening reminder that even the masters of the universe and the Oracle of Omaha can suffer HUGE LOSSES on the stock market.
On the stock market, losses are inevitable. For everyone. No matter what.
Strategic hedging with gold and other alternative assets is critically important.
Billionaires Don’t Lie?
Billionaire Ray Dalio on gold:
“Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better-balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio. I will soon send out an explanation of why I believe that gold is an effective portfolio diversifier.”
Billionaire Paul Tudor Jones on gold:
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