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.
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More