Has Warren Buffet sold his silver position?

[SethArb]

- 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

 

[Baruch]

Quote from 1st_samurai:

WEB bought in 97' around $4.50 and took delivery. He has some storage costs. To him an investment, but probably more a hedge against financial assets/securities.

WEB doesn't use a "stop loss" because he is a genius of high calibre that knows the value of what he's buying. Stop loss is for all shorts, and longs when you're not sure of the value you're buying.

I don't think this "genius" knows the the real value of the greenback. This is not a company. It's a currency.

 

[keeptradin']

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.

 

[CPTrader]

Quote from waggie945:

As reported on CNBC today, the guy is down $600 million in his dollar position as of May 5th.

How does CNBC know this???

 

[easyguru]

Quote from CPTrader:

How does CNBC know this???

From his SEC filing.

 

[CPTrader]

Quote from easyguru:

From his SEC filing.

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.

 

[easyguru]

Quote from CPTrader:

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.

 

[CPTrader]

Quote from easyguru:

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...

 

[waggie945]

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!

 

[Cutten]

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.