Trust me, Bill O didn’t come up with that sage advice on his own. At O’Reilly’s income level, he has a financial management team that is paid to protect his investments. He made those comments after his advisers told him to prepare for a major correction.
I’d love to know what changes Bill’s portfolio managers made BEFORE he offered that bit of wisdom. Guessing they pulled a few million out of the U.S. market and moved it somewhere else, until they can sort out where the market is heading.
Did O’Reilly ever do ads for a precious metals dealer on his old radio show? Wouldn’t surprise me to learn that his position in gold and silver has grown over the past month.
Whatever, it was good that he mentioned it. Many people were getting complacent after last year’s run up and may not have been thinking about protecting themselves on the downside. IMO it was better for him to proffer the advice than not. It held out the chance for the little guy to avoid getting whipsawed in the market (panic out low and buy back in on the high).