Smart Investing by Buffet

Looks like both Fannie Mae and Freddie Mac are insolvent and in line to be taken over by the US government. If so, their stocks will probably be worth zero. Interesting -- everybody talks about what Warren Buffett is buying, little is said about what Buffett is selling. A while back Buffet (Berkshire) had a very large position in Fannie Mae. Quietly, with no fanfare, Buffett sold his whole position in Fannie. Smart move, and a very quiet move at that. Warren, you clever devil.

--Richard Russell, Dow Theory Letters