Suck It Up Buffett: BRK/A Below $100,000 For First Time In 20 Months
Following yesterday's 1-2 BAC/WFC downgrade double penetration (which the market will very soon realize has substantial impacts on money market and other prime money access) performed on ye olde' Octogenrian of Omaha by Moody's (in which, adding insult to injury, Buffett is an investor as well) the market has had a violent reminder that Berkshire is nothing but a procyclial and levered derivative of downside market risk courtesy of the "insurance" company's massive bet that the market will only go up, yes we are talking about all those sold index puts. As a result, for the first time in 20 months, anyone owning a share of BRK/A can no longer say they have over $100,000 with the stock dropping to 99,275. And if, as the market indicates, Buffett's buddies at the global central planning committee no longer have control of the markets, pretty soon the thousands separator comma will be converted into a decimal point.
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