To all - O.T. - More "whiney" "I'm not as impressed with Warren Buffett as the rest of the world" thoughts.
I just read three different commentaries on today's (U.S.) bond market action (where prices were up fairly nicely). Not one of the three (A.P., Economeister, or Bridge) (Bridge's URL is
news.bridge.com
in case anyone is interested) mentioned that it was revealed today that Berkshire Hathaway has sold ALL of their (U.S. Treasury) zero coupon bond holdings.
I just want to get it "on the record" that : first of all, W.B. totally missed the huge move in the U.S. bond market in 1995. And, when someone asks "If I am so smart, did I catch that move?" ... the answer is YES.
Secondly, BRK.A is now totally exiting the bond market, and (I assume) maintaining their massive exposure to stocks. (I know there would be big capital gains considerations on the stocks, but, I am a believer in NOT letting taxes affect major economic decisions).
But, my main point is, I would have thought that anyone writing up a story on today's bond market action would have said that prices rose partly on the news that market fears about potential bond sales by a huge owner of zero coupon Treasuries were alleviated on reports that the bonds had already been sold.
(Also, in case it is not obvious, I do not think the bull market in U.S. bonds is over (or, even close to over) right now).
Jon. |
