The S&P market in the US where at an historical max – with practically no volume.
Warren Buffet, in its classic investor letter, said that this year there will no BUY Back and any Buy Back will be enacted when the book valuewill be under 120% (currently 138).
Clearly he sees the market as too expensive as his company reflects the market in general.
He usually buy Gold and mainly sit on a pile of cash in this times.
The other fund managers legends are buying gold
Soros is hedged (short) against the market and is buying a lot of Gold.
Paulson is buying Gold
Louis Bacon (another hedge fund manager) is increasing its positions.
And on So be patient, you are in good company
PS on Gold again, Barclays Bank has been fined $44 million on Gold Price fixing (selling gold not to meet a client gold option) after being fined also for the rigging of the LIBOR scandal.
investorpolitico 