The 'Smart Money' Is Cashing Out
The article discusses the current trend of major investors, referred to as 'smart money', liquidating their positions amid signs of market instability. It highlights Berkshire Hathaway's significant cash reserves and the potential risks associated with recent IPOs and rising delinquencies. The analysis suggests that these factors may indicate a late-cycle market environment and a possible peak.
- ▪Berkshire Hathaway has a cash pile of $397 billion.
- ▪Recent frothy IPOs, including those from SpaceX and OpenAI, raise concerns about market stability.
- ▪Rising delinquencies are contributing to fears of a late-cycle market environment.
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