Thursday, May 22, 2014

Billionaires Dumping Stocks

"A handful of billionaires are quietly dumping their American stocks . . . and fast.
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Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced its overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.
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Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase according to a recent filing.
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Finally, billionaire George Soros has sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.

So why are these billionaires dumping their shares of U.S. companies?"

Do you know why? Maybe good to know why.

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George Soros sells all shares of Citigroup, Bank of America and JP Morgan

The Wall Street Journal reported that “George Soros dumped his stakes in banks and went for tech and gold miners in the first quarter, according to a filing with the Securities and Exchange Commission Thursday. Soros sold his holdings in Citigroup (NYSE:C) , J.P. Morgan (NYSE:JPM) and Bank of America (NYSE:BAC)”

Does he know something that most of us do not know? Hmmm...?