- Buffett has twice delivered timely advice to buy at crisis moments, but he has never told investors to get out of the market. Value investors don't do that.
- Buffett's market views can best be found by thoughtful examination of his recent actions; for example, trimming Apple likely stemmed from valuation and position size.
- Buffett clearly couldn't find his favorite "great companies at a fair price" and settled for bond-like companies where immediate high dividends reduce duration, thus lowering risk.
- Elimination of JPMorgan and Pfizer positions inspires questions about how he sees them as differing from other companies in their industries.
- Don't miss the obvious takeaway: Buffett isn't exactly a bear, but his actions speak of a broadly overpriced and bifurcated market.
For further details see:
Warren Buffett Makes Few Market Calls But Berkshire's 13F Filings Provide Hints As To His Current Views