Subject: Jim Sloan, on the market etc,
" My overall strategy is to remain invested, but in value stocks which have more growth than analysts recognize and have a strong defense. This is not very different than the structure of my portfolio when I think the market is likely to coast right along. It has, in fact, narrowly beaten the market over the years, although that's not a goal. Last year, I trimmed my overly large Berkshire Hathaway (BRK.A) (BRK.B) position just because it was simply too large. Warren Buffett himself did the equivalent by letting his buybacks dwindle to zero by the middle of last year. As CEO, he is certainly not going to sell, although Ajit Jain did, but not buying back shares is the moral equivalent of selling, something he can't do, but I can. He showed his hand by dumping a large part of his Apple (AAPL) position, taking the heat for it from critics who felt he now had way too much cash. So much for that criticism. Never forget: Buffett has never been wrong about major market turns.

(One caution: by defensive stocks, I emphatically do not mean consumer staples or utilities which are as overvalued for what they are as any part of the market. They are just an easy way for publications to give advice that seems good until you think about it.)"


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