The Dow Jones Industrial Average DJIA, -3.56% fell 3% - 880 points - in early trading. European stocks also plummeted, with Italy’s FTSE MIB I945, -5.43% leading the descent, falling 5.9%.
“The real question is: ‘Has the 10-year or 20-year outlook for American businesses changed in the last 24 or 48 hours?’” the billionaire investor said on CNBC. In his annual investor letter over the weekend, Buffett said equities would outperform bonds for years to come due to low tax rates. Bookkeeping-software company Intuit INTU, -3.74% is closing in on a deal to buy personal finance portal Credit Karma for about $7 billion in cash and stock, The Wall Street Journal reported.
People with large amounts of equity will need all the little guys to remain in the market as they off-load and take profits. Big investors and institutions have a much harder time exiting the market when folks like us front run their sell orders.
“How high?”
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