Source:
The Market’s Going to Crash: Here’s What to Buy
Henry Blodget
Yahoo Tech Ticker Jul 15, 2009
http://finance.yahoo.com/tech-ticker/article/281139/The-Market’s-Going-to-Crash-Here’s-What-to-Buy
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...
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July 16th, 2009 at 9:49 am
Gary was right an amazing amount of the time last year and I really started to pay attention to his stuff.
As for “it’s all one big trade”, we love that meme here. You’ve been reading TBP, eh Gary, admit it?
July 16th, 2009 at 10:37 am
Wow, I couldn’t agree more with basically every single thing he says here.
July 16th, 2009 at 1:26 pm
Very difficult for me to disagree with this. On clusterstock site they actually have gary’s 23 page slideshow about why he hates the stock market…..
July 16th, 2009 at 6:37 pm
For an interesting take on InvestTool sentiment, pop over to the original yahoo finance post of this video and read the comments. It is actually rather frightening. TBP, Zero Hedge and naked capitalism, it isn’t.
First of all, they are astonishingly, mindlessly stupid. Secondly, the commenters are almost overwhelmingly bullish. One can only assume that the posters are quite young and simply didn’t learn from last year when Gary was correct at almost every turn, including how long to hold on to long-dated Treasuries. The guy knows his stuff.