Warren Buffett, warning of ‘scoundrels’ and ‘fiscal folly,’ slashes his exposure to U.S. stocks

It surely says nothing cheerful that Warren Buffett, the world’s most famous and successful investor, now holds more than half of his company’s net assets in cash and Treasury bills. Or that the legendary chairman of the Berkshire Hathaway BRK.A BRK.B conglomerate now has more in cash than he does…