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2 hours ago
The stock market is currently at its most expensive in decades, according to David Einhorn, a billionaire investor. This assessment is based on the recent stock sales by another prominent investor, Warren Buffett.
What Happened: Einhorn’s hedge fund, Greenlight Capital, issued a quarterly letter that highlighted the current overvaluation of equities.
The letter pointed out that this is the highest overvaluation since the fund’s inception in 1996. The letter also suggested that now might not be the best time for high equity exposure, using Buffett’s stock sales as evidence.
Buffett, the renowned investor behind Berkshire Hathaway, has been steadily reducing his equity positions and increasing his cash reserves. By August, Buffett had amassed a record cash pile of $189 billion and had continued to sell off successful stocks.
“Our sense is that Mr. Buffett's portfolio adjustments are not a prediction that the market will fall next week, next month, ...
