The Oracle Predicts the Market Party Is Over

OMAHA, Neb. - This city's stock-picking Oracle says the market party's over.

"We do not think the general ownership of equities is going to be very exciting over the next 10 to 15 years," Warren Buffett told investors at today's Berkshire Hathaway (BRK.A Quote) annual meeting. Buffett's comments came in response to a question about his decision to trim at least 25 million shares of Disney (DIS Quote) from Berkshire's portfolio last year. The entertainment giant had been a long-time core holding for Berkshire.

While Buffett seldom discusses the market and Berkshire's positions, he indicated that his sale of Disney shares was part of a general reduction in Berkshire's exposure to equities. "Our ownership [of Disney] fell below the [reporting] threshold although we still own Disney," Buffett said, referring to his self-imposed guidelines of revealing only Berkshire positions in excess of $750 million in market value. "We have mildly reduced our equity positions in the past year." ...