With the stock market in turmoil, it’s a good time to check in on what Warren Buffett is doing with his portfolio. Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A, BRK.B) has struggled in the first half of the year. Money Morning’s Jason Simpkins says $3.5 billion of Berkshire’s recent $4-billion shopping spree is still unaccounted for…

The Era of Peak Greed is over. The Era of Caution is upon us. The Rude Awakening’s editorial director Eric Fry, says the credit crisis has taught investors important lessons. Like how to avoid excessive risk. This is why Eric advises readers to stay away from bottom fishing in the financial sector. There’s too much complexity. Sell risk, buy caution. Sell complexity, buy simplicity, says Eric…

Editor’s Note: Everyone is talking about the Dow entering bear territory. But how can investors profit in a bear market? You could try walking like a master and try to emulate says Lynn Carpenter. Be like Buffett. Play it long.

A severe US recession is less likely following better-than-forecast May data from US manufacturers. This from Bloomberg:

Demand from overseas for U.S.-made products is helping to keep factories running even as spending by American consumers and businesses slows. The improvement signals the U.S. may be able to avoid a deep and protracted economic slowdown as the housing slump worsens and food and fuel prices soar.

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The US dollar looks set to make a second straight monthly advance against the yen and euro as gains in stocks showed traders are cautiously optimistic the economy may not slide into recession after all.

“The idea that the Fed will continue to cut rates has been completely put to bed and the market is now flirting with the idea of a rate hike. That has given the dollar a boost,” said Alan Ruskin, head of international currency strategy at RBS Greenwich Capital Markets in Connecticut, in Bloomberg. More from that story: