Anyone who is not living in the cave knows the market crashed today for a few minutes and then went back up. The crash was caused by a huge crash in Proctor and Gamble’s(PG) price(24% drop). No one knows what caused the stock to tumble but it caused the whole market to tumble. It might have been a computer crash or it might have been a large short sale by a massive hedge fund or bank. Only time will tell.
I do not normally quote Jim Cramer but he had a great call on PG. Here is Jim Cramer discussing the crash today as it occurred. Watch the video I do not feel the need to add more commentary. Kudos to Cramer.
Prescience Partners returned 6.75% for the second quarter, underperforming the S&P 500's 8.55% return but coming out ahead of the Barclay Equity Long/ Short Index's 2.62% return. However, for the first six months of the year, Prescience is up 30.66%, doubling the S&P's 15.25% return and smashing the Barclay Equity Long/ Short Index's 9.27% return. Read More