Market professionals are finally showing their weariness, and admitting that they can’t figure out what’s happening in the stock markets anymore (Nov. 19)
11/19/2008
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
read more »
November 20th, 2008 at 6:30 am
Video doesn’t work for me in FF 3.0.4
November 20th, 2008 at 8:14 am
The more I hear that idea, first heard from Cramer, that 5-6-7% div. yld. on Equities is the place to sit, the more I think those issues are going to turn into the next IEDs for those ‘fund managers’/'di-vestors’..
It’s really sad, you couldn’t swing a dead cat on Wall St. and hit someone who’d be walking around w/o Life Insurance, or driving w/o Car Insurance, but ‘Insure’ their longs with Puts?? Ooo, That’s Risky..Enhance their returns with covered-call writes?? O, Hey, what are you, Einstein?
What’s worse are the many dealz they stuffed into pension and ‘money market’ funds, for that gross breach of Fiduciary Responsibility, they should consider themselves lucky to walk away, even if penniless..
Don’t me get wrong, I like a lot of those ‘guys’, many are tremendously talented, but many shouldn’t be near anyone’s “Money”, including their own..Maybe one day, they’ll figure out those figures..
November 20th, 2008 at 4:30 pm
As if they ever did understand the markets. IMO, most, like Cramer, succeeded by simply staying bullish in a 25 year long secular bull market. Buy the dips, buy and hold, 80 goes to 100 and 100 goes to 120, what else did you need to know to succeed in that environment?
Now that the secular bull is over they don’t understand the market anymore, ha! LOL!