Less money spent filling up at the pump means more cash to burn a hole in consumer pockets

Less money spent filling up at the pump means more cash to burn a hole in consumer pockets. So goes the conventional wisdom regarding the precipitous drop in oil prices since last summer. Judging by the fourth-quarter portfolio moves of billionaire investors, the smart money is buying into the theme too and sees few signs of any end in sight for oil's slide. That's the perspective from Raul Moreno, CEO and co-founder of iBillionaire, which recently rebalanced its index of stock picks based on fourth-quarter portfolio filings from the likes of David Tepper, David Einhorn, Carl Icahn, William Ackman and Daniel Loeb. The biggest standout was a shift away from oil, says Moreno, pointing to the sale of a position in Halliburton by Tepper's hedge fund firm Appaloosa Management and Einhorn's sale of Greenlight Capital's stake in National Oilwell Varco. Berkshire Hathaway's sale of its $3.7 billion stake in Exxon Mobile isn't reflected in the index as Warren Buffett isn't one of the 10 billionaires...It's pretty telling, because Buffett rarely sells out of stock positions, says Moreno. (VIEW LINK)