CNBC's Becky Quick to Moneynews: I Listened to Buffett and Sold My Bond Funds

Tuesday, 14 May 2013 07:40 AM

By Glenn J. Kalinoski and David Nelson

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Becky Quick not only interviews some of the biggest names in the business world, the CNBC TV personality also offers her personal investing advice.

"I continue to put money into my 401(k) continually," Quick told Newsmax TV in an exclusive interview. "I don’t try and market time any of it. I don’t try and look for lows and highs. I very recently went through all of my 401(k)s from all of my former employers and … sold my bond funds."

Billionaire investor Warren Buffett gets some of the credit for Quick's decision.

Watch our exclusive video. Story continues below.



Editor's Note: A full, unedited version of this interview is available exclusively to Financial Braintrust Alliance subscribers. Visit www.fbtalliance.com for more information and to sign up.

"Lee Cooperman came on our show and said, 'If you are in bond funds you are bending down to pick up a dime in front of a steamroller.' Warren Buffett just told us last week that he wouldn’t own bond funds and that that is not the place to be," Quick said.

"I had enough of these huge investors telling us that, that I finally did go through and kind of say, 'You know, what am I doing with this? I’m not going to hold.'"

Quick said the money went into equity funds, pointing out that she is not allowed to own individual stocks aside from Comcast and General Electric because of past and current ties to ownership of her network.

Editor’s Note: Put the World’s Top Financial Minds to Work for You

"I put it into equity mutual funds because I’m not looking to touch this money anytime soon," she said.

"It’s something that I’ll be using decades down the road and I think the best place you could put it is in the equity market and I’m not worried about … a blip here or there or even a 5 [percent] or 10 percent decline here or there," she said.

"This is stuff that I want for [the] long term and, long term, I do think that equities are the best place to be."

Quick said the smartest people she has met have one thing in common: they are voracious readers.

"Not just a book here or there; these are people who read six newspapers a day," she said.

"They devour books. They’ve always got a few books that they have just read. It always makes me feel a little silly because between running around on the program and dealing with the kids and things, I don’t read nearly enough, but the one thing that I always wished I had more time for was reading."

Quick also discussed the media's responsibility to present a balanced approach when covering the markets and not getting caught up in the emotion of new highs or lows.

"I think the average man on the street, the Main Street person who is looking at investing, they are the ones who typically end up getting in too late and wind up holding back and I think if you are waiting for somebody to give you a hot stock tip, if you were waiting for somebody to tell you that this is it, that’s the wrong attitude," she said.

"If you are someone who is a long-term investor, I think you should listen to what is happening and what’s going on out there, but don’t let it go straight to your head and I try not to do that, too," she said.

"I spend three hours a day talking to these people but, again, try and maintain a little bit of a long-term perspective. I think that’s the best you can tell people."

Editor’s Note: Put the World’s Top Financial Minds to Work for You

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