Phil Town talks Buffett-ology
Phil Town is a Warren Buffett fan. Did you know that in the late 1990s through 2008, Warren Buffett bought very few stocks on Wall Street. According to Phil Town he mostly just sat on his cash, waiting patiently. But when the market crashed, and in October 2008 Warren Buffett started loading up the truck with bargains from Wall street and invested $20 billion in public companies.
This is not the first time Buffettolgy has been accused of losing the magic touch. He did a similar thing in the late 1960s. Phil Town thinks we can learn from Buffett’s unwillingness to chase overpriced stocks even when it is popular. As everyone knows Buffett has turned Berkshire Hathaway into the world’s most successful investment vehicle. Buffett has been accused of being old and not on top of his game. When the Nasdaq plunged 85 percent during the dot- com bust Buffettology was looking pretty brilliant again. Phil Town also predicted the market crash in 2008 and told a national viewing audience to sell and get out of the market.
Did you know that $10,000 invested in Berkshire in 1969 would now be worth over $40 million dollars? Phil Town teaches stockpiling in his new book PAYBACK TIME. It is something people either comprehend right away or never understand at all, no matter how much sense the strategy makes or how much money the people who practice it make.