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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

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Nov 17 4:00 PM EST

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To: Matthew L. Jones who wrote (28895)	10/8/1999 8:58:00 PM
From: Benkea	Read Replies (2) of 99985

Matt: "if my reading about Buffett is true, he is not "attached" to any of his holdings and it is doubtful to me that taxation is a strong enough incentive to hold his losers through the beating they have taken this year. That only leaves me with one reason that Warren has not already taken some of his money off of the table (his portfolio dogs)-- that even he (in all of his infinite market wisdom) is having a hard time figuring this thing out." There are a couple which are "Permanent" holdings. These include G, WPO, and KO. FRE and DIS were lightened up on last year. Don't forget that current divie based on original cost basis is 10% for G and KO and 100% for WPO annually. Also remember that about 90% of their value is subject to cap-gains tax if sold since the 90% is profit. However, the swap (one month before the July crash and three months after breadth made it's high - so far) for the 100% equity port for the near 100% GRN bond port, created a tax-free swap into bonds right at the top. Now $34 bil in cash and bonds sit awaiting the inevitable "opportunity". I only hope we get the opportunity before he dies.

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