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Market Highs and Massive Cash Positions: Learning from Jim Rogers and Warren Buffett – 10/18/2025

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The Investment Committee discusses the “extraordinarily expensive” stock market, noting that valuations are highly elevated compared to historical terms.The Investment Committee discusses the “extraordinarily expensive” stock market, noting that valuations are highly elevated compared to historical terms. While the S&P 500 is up 13.3% year-to-date, legendary investors are cautious: Jim Rogers has sold all equities for 100% cash, and Warren Buffett maintains a high cash position. These actions reinforce the need to focus on preservation over appreciation. The panel emphasizes the inverted yield curve, which has a 100% track record of predicting recession, typically hitting 12 to 18 months after the inversion. They also examine high margin debt and the historical impact of the “Greenspan Put” on market cycles, underscoring the elevated risk in the current climate.

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