Warren Buffett has cashed in a net $177 billion of stocks because he expects a downturn and plans to capitalize, Wedbush's Paul Dietrich said.

NEW YORK] The Warren Buffett effect is proving true once again, spurring UnitedHealth Group’s reversal this month and giving the Dow Jones Industrial Average a push towards its first closing high since last year.

The conglomerate sold Apple shares during the second quarter, though the iPhone maker remains Berkshire’s largest stockholding.

Warren Buffett, the ‘Oracle of Omaha,’ may be reportedly trimming stocks because he’s expecting a stock market downturn, according to Wedbush’s Paul Dietrich. The senior strategist told Business Insider that Buffett has a track record of exiting markets before recessions,