I’m Shocked - No Monday Meltdown Thread?

[cjnowell72]

nah we are panicked out. Many of us are 40 plus now. we have lived through a few panics, end of the world scenarios and meltdowns. i no longer give a damn. was broke, still broke, gonna be broke. these new poors are the one freakin out. life will go on whether everyones else is freakin out or not. grab a nice bottle of bourbon and chill out. the sooner you accept chaos as the normal in this world the sooner you can relax and vibe on?

 

[wolfmanrogers]

How about a meme thread on the meltdown? That would tie it all together.

It’s go over your head.

 

[Stampede]

It’s go over your head.

Lol. You're so close.....

 

[spencer60]

The Berkshire pull out of APPL didn't have anything to do with profit taking. They didn't buy back in, and it was just BH that dumped 50% of their holdings. Bad jobs report, continuing rising inflation and fears of a recession didn't help either. The market is feeling more than some bumps from profit taking. The left will continue to do their best to prop up the economy through the election. One that's increasingly looking like the Biden version of a financial system.

Sure it did... Berkshire made a few billion off their long term position in Apple and still has about 50% of their stake. Pure profit taking there.

I agree though that there's a bunch of factors for the drop, but I'm mainly thinking it's the political uncertainty from a near-guaranteed Trump win against Biden to a race against Harris that could go either way.

 

[wolfmanrogers]

Sure it did... Berkshire made a few billion off their long term position in Apple and still has about 50% of their stake. Pure profit taking there.

I agree though that there's a bunch of factors for the drop, but I'm mainly thinking it's the political uncertainty from a near-guaranteed Trump win against Biden to a race against Harris that could go either way.

That's absolutely not the case.

https://www.reuters.com/business/finance/berkshires-cash-hits-277-bln-buffett-slashes-apple-stake-operating-profit-sets-2024-08-03/

 

[GFB]

Buffett said the last time they sold off Apple something about taking profits when tax rates are relatively favorable, that they may not be as favorable in the future. But I also read BH is now sitting on a record cash pile, which seems like they may think there will be some good opportunities in the near future. Profit taking and being defensive aren’t mutually exclusive, are they?

 

[spencer60]

Even the article you posted says:

It sold about 390 million Apple shares in the second quarter, on top of 115 million sold from January to March, as the iPhone maker's stock price rose 23%. Berkshire still owned about 400 million shares worth $84.2 billion as of June 30.

Here's an excerpt from an article in Inc. that spells it out more clearly...

Then, in 2016, Buffett's company, Berkshire Hathaway, started investing in Apple when it purchased $1 billion worth of the company's shares. By 2017, that amount would grow to over $28 billion. All told Berkshire has spent $40 billion on its stake in Apple. Since then, the company's stock price has increased by roughly 800 percent.

On Saturday, in a filing with the SEC, Buffett revealed that he had dumped almost half of his Apple stock, netting $76 billion.

Sure sounds like profit taking to me...

Inc article link.

https://www.inc.com/jason-aten/6-words-explain-why-warren-buffett-just-dumped-half-of-his-160-billion-stake-in-apple.html

 

[howl]

Dips and corrections happen. I dollar cost average index regularly but sometimes gambling is too tempting.

 

[Nuke And Juke]

Where's Nuke?
In for report on how he lost more money this morning than I have made in my lifetime, and tips on bargain hunting the dip. Hint: TSLA

It's ugly. We've seen worse, but many of the youngsters who weren't financially aware back in 2008-2011...this is new territory for them.

The question is: Is this just a squall, or is it the leading edge of a tsunami?

The underlying fundamentals are what have people the most worried, not today's movements. The Fed instituted an emergency rate cut. That doesn't happen if it's all smoke.

Nothing to see...move along. Sky isnt falling and hey...what do you know...no recession!

I hear Nay!...Nay!...Nay!...

 

[rbstern]

Nothing to see...move along. Sky isnt falling and hey...what do you know...no recession!

I hear Nay!...Nay!...Nay!...

Hard to say. BLS just backcasted their one year job report numbers down by nearly a million. That's kind of a big oopsee. A million less jobs than previously reported.

Every signal I see says consumer wallets are tapped out. Both anecdotally and hard data. Every online store I support is showing year-over-year sales declines, hovering around 20% YTD. Doesn't matter if it's ammo, cooking utensils or CBD.

I think the media is so in the bag for the Dems, they are now creating whatever version of "reality" they feel like via addled reporting, with no allegiance to objective reality.

But numbers don't lie, nor do layoffs or missing paychecks.

We'll see.