- He is playing silver for the impending meltdown that will take place before the end of the year. - you must be one of those gold bugs ? some of them are predicting meltown by summertime
I don't think this "genius" knows the the real value of the greenback. This is not a company. It's a currency.
No, I'm not a metals player myself, don't have the capital for it. I just look at what's going on both in the US and Internationally, and feel that tough times are ahead. But I could be wrong.
Do you include forex positions in SEC filings? Is forex under their purview? I thought SEC filings only relate to stocks and even then, you can delay disclosures under special circumstances with their approval. I still think CNBC is guessing and/or reporting rumors.
Berkshire Loses on Bet Against the Dollar Published: May 11, 2004 y Bloomberg News Berkshire Hathaway Inc., the investment company controlled by Warren E. Buffett, increased its bet against the United States dollar by about 64 percent, to $18 billion in the first quarter. Five weeks into the second quarter, Mr. Buffett had lost $600 million on the investment, according to a company filing with the Securities and Exchange Commission.
Thanks, surprising, quite surprising that SEC filings require this, actually I confess, that I still think there is more to this story...
I couldn't agree with you more! A "currency" is not a "company" thus the Messiah of Omaha might just be swimming in unchartered waters. Should be interesting to see how this bet pans out for him. Stay tuned!
One of Buffett's maxims is to stick to your area of expertise. Global macroeconomics, currencies and commodities are not Buffett's areas of expertise. I was a dollar bear for a long time, but when a market puts in a major bottom and starts going strongly against you, you have to respect the action and exit your position. There's also the fact that the fundies have changed. A major part of US dollar weakness was due to economic weakness and the resultant very low interest rates. Now the market expects significant rate hikes over the next year or two, and the economy is recovering nicely, so two of the main bear points have now disappeared and even reversed. Buffett's bet made sense when he put it on, but things have changed and now it makes much less sense IMO.