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Invest Like Buffett: Dump Moody’s and Snatch Up These 11 Stocks
Contrarian Profits (July 24th, 2009) Writes:
Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK.A) is finally starting to offload its 20% stake in ratings agency Moody’s Corporation (NYSE.MCO).
Here are listed sales in the filing, courtesy of 24/7WallStreet.com:
· 7/20/09… 1,817,000 at $28.7269 average in open market sale.
· 7/21/09… 3,915,100 at $26.9188 average in open market sale.
· 7/22/09… 2,254,200 at $26.6425 average in open market sale.
What took Buffett so long to start selling Moody’s? We have no idea. Moody’s runs one of the biggest scams on Wall Street. It charges the companies whose securities it rates (just like Standard & Poor’s and Fitch also do).
So what do you think these ratings agencies did when presented with a whole load of junk mortgage-backed securities to rate? They assigned them investment grade status and pocketed the cash.
If these ratings agencies had instead acted honestly and responsibly (rather than pimping
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