Word: stock
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Dates: during 1990-1999
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...Oracle of Omaha" lost it? Please. He suffers from technophobia and has thus missed out on a big part of what's been driving the stock market. Meanwhile, those big-brand names he loves have been laggards. But it's hard to make the case that in the very long term--and Buffett believes in holding for life--stocks like Gillette and Coke won't come back...
...they would ever invent a calendar with no month of October in it, I would never have to sell a share of stock again. Until then, though, remind me next year that you can never take off enough stock ahead of these 31 days unless you are a total masochist. What is it about this month that causes people to lose their senses and chop a third or even a half off the value of solid American companies, like Xerox or Raytheon or Unisys, that screwed up for a quarter? Why do people who are perfectly rational shareholders...
Given the curious one-off nature of those daylong specials--both of which produced monster returns if you bought bushels of stock the day after--some sellers are simply trying to raise enough cash for the expected mini-crash. Others, mindful that it has been a super market for tech all year, are anxious to take something off the table ahead of a quick sell-off that might wipe out those gains...
While these reasons all have resonance, your basic trader is a superstitious fellow, given to viewing charts that show graphically how a company's stock has fared over time. One quick perusal of the chart book shows a heart-stopping dip every 10th month of the year. Why tempt fate? Why not just get out ahead of that plunging line...
...wish I could tell you that in my business I am known as Mr. October, like some sort of stock-market Reggie Jackson who steps up to the plate to trade while others quake and shiver. But I'm not. I took an intentional walk. We sold a hefty amount of stock going into the month, raising cash to 50%, an abnormally high level for my hedge fund. As stocks have come down, I have reapplied that money to the market in a gingerly fashion. But the bulk of our spare cash is quietly benched in the bond market, waiting...