Apropos of our last post, a dozen of you (1st in: Scott Frew of Rockingham Partners) directed our attention to David Einhorn’s presentation at the Annual Graham & Dodd Breakfast.
The PDF text of the full presentation is at Naked Shorts . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries." -Bill Gross
Initial Jobless Claims for the week ended Feb 18th totaled 351k, 4k less than expected but the prior week was revised up by 3k to 351k. The 4 week average did fall to 359k from 366k, the lowest since Mar '08. Continuing Claims fell by 52k to the lowest since Aug '08. Also, Extended Benefits fell a net 69k. Bottom line, the data still points to a labor market that continues to improve however lumpy the process feels for many. ...
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November 21st, 2007 at 11:28 am
Nice call on IBM over a year ago. You made somebody a nice chunk of change, I’m sure.
http://www.youtube.com/watch?v=lPKHB4SCojg
Great Blog! Thanks for all the work that you do here. Much Appreciated.
November 21st, 2007 at 11:33 am
That gave a nice sell signal early October, too . . .
November 21st, 2007 at 11:42 am
Thanks for the link. I’ll be buying that guy’s book.
November 21st, 2007 at 11:50 am
That Einhorn speech is one of the most important pieces of analysis surrounding the credit bubble. A must read.
November 21st, 2007 at 11:57 am
Great insight from Einhorn. I’m maddeningly disgusted by the comments made by corporate and government leaders, pundits and journalists laying blame for sub-prime squarely at the feet of borrowers.
We all know the story of the migrant familie that bought a $750K house with little documentation-blah, blah, blah. Anecdotes like those made good copy and ruffled feathers but as we now know were only the tip of a very, very deep iceberg. Seems once Andy Fastow went to prison everyone turned their blind eye back to the dark side of securitization.
Given the academic and professional credentials of the leaders of the Fed, Treasury, and SEC I don’t know what disgusts me more their ignorance or their arrogance.
This Thanksgiving I’m thankful for my brand new bong and websites like these and others written by professionals that have been casting a long shadow of doubt on the supercilious cheerleaders of this economy.
November 21st, 2007 at 12:33 pm
I had no idea the ratings agencies were so fundamentally compromised. Spooky.
November 21st, 2007 at 1:01 pm
This was a giant eye-opener. Great post.
November 21st, 2007 at 4:26 pm
I had no idea who this guy was but thought he sure sounded a whole lot more intelligent and less full of sh-t than most people who claim to understand how things work. So I did some Googling and found that seems to In case anyone else was unaware of his track record.