Warren Buffett’s Heavily In Cash; Stephen Colbert For President

Here’s the Warren Buffett story.  The kinds of stocks I own are mostly “special situations” — but make no mistake: in a bear market, everything goes down.  So it’s arguably a mistake to hold stocks in advance of a bear market (except: what if you’re years early in selling, plus the taxes you might incur?).  But it’s more certainly a mistake, and a more common one at that, to give up — or panic — at — or near — the eventual bottom, before the thus-far-inevitable recovery.

Here’s what Stephen Colbert had to say about Las Vegas.  I have the feeling that he — or Jimmy Kimmel or Jon Stewart or Jane Pauley or Oprah — or you, esteemed reader — would make a far better president than the one the Russians selected for us.