Tuesday, August 17, 2010
Obama's puppet master knows what's coming...
George Soros slashes exposure to US equities
George Soros has slashed the amount of money he is willing to gamble on the fortunes of the US stock market in the second quarter as market volatility increased.
The legendary investor's Soros Fund Management – which has approximately $25bn (£16bn) under management – reduced its equity investments by 42pc to $5.1bn by the end of June, down from $8.8bn at the end of March.
The asset allocation decisions were made during a period in which the Standard & Poor's 500 index – the broadest US equity index – fell 12pc.
The fact that Mr Soros – best known as the man reputed to have made $1bn by "breaking the Bank of England" during the 1992 fiscal crisis – has decided to make such a concerted shift out of equities will send a clear message to other investors.