The Investment Legends Are All Warning, Few Are Listening
By: Graham Summers
GoldSeek.com
Friday, 14 October 2016
More and more insiders are warning of a potential systemic event.
The first sign of real trouble concerned a number of investment legends choosing to close shop and return investors’ capital.
The first real titan to bow out was Stanley Druckenmiller. Druckenmiller maintained average annual gains of nearly 30% for 30 years. He is arguably one of if not the greatest investor of the last three decades.
In 2010, he chose to close shop, foregoing billions in management fees.
Druckenmiller was not alone. In 2011, investment legend Carl Icahn closed his hedge fund to outside investors. Again, here was an investment legend who could lock in billions in investment management fees choosing to close up shop.
He has since stated he is “extremely worried” about stocks.
The list continues.
Seth Klarman used to manage the fourth largest hedge fund in the US. A legendary value investor (copies of his book Margin of Safety sells for over $1,500 on Amazon), Klarman returned billions in assets under management to outside investors citing “too few” opportunities in the market (again, a legend stating that the market was overvalued).
Even the perma-bulls are speaking with their actions.
Warren Buffett, perhaps the single biggest cheerleader for stocks in the last 100 years, is sitting on a record amount of cash. The reason is obvious: the market is dangerously overpriced.
His partner, Charlie Munger recently commented that he has not bought a single stock in his personal portfolio in over two years. This would once again indicate an investment legend stepped out of the market a year or so ago.
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