My quote about this idiotic obsession with the fiscal cliff in the Daily Beast:

I wouldn’t pay much attention to Wall Street’s assessment of politics,” said Barry Ritholtz, a money manager and proprietor of the Big Picture blog. “Let me remind you that the Street bet heavily on Romney, in both donations to campaigns and how they positioned their portfolios. They misread what turned out to be an Electoral College blowout of 332 to 206, and the sell-off since the election is as much about the mispositioned Street reversing themselves as anything else.”

I think that’s about right . . .




Day 13: Wall St. Happy With Fiscal Cliff Negotiations, But Skeptics See Photo-Op
Daniel Gross
Daily Beast Nov 19, 2012

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

7 Responses to “Fiscal Cliff? Try Mis-Positioned Investments”

  1. VennData says:

    BR, I think you should sell. With this call, the BP has peaked. And I’ve found you a buyer (standard Ibank rates apply.)

    Rupert Murdoch Looking for More Subscriber-Based Properties

    Now I wouldn’t sell the whole thing. Reading the articles in BP is like reading the articles in Playboy. Yeah, OK they’re good, but… everybody reads BP for the Comments.

    Tactically, you could shop it. But I would tell Rupert you’re thinking of spinning it off to the commenters. A CBO.

    Oh and don’t mention Romney,

  2. vachon says:

    Today I covered my earlier shorts for a nice gain and repositioned for balance in my fantasy stock club. All this Boehner kumbaya is making me nervous that the market will rocket up before Jan 1.

  3. RW says:

    Mis-postioned is right (no pun intended): Teh masters of the universe get it wrong again. If this were a just universe they would be bankrupted, pilloried and dripping rotten tomato juice. Too bad they’ve bought all that law …but still, one can dream.

  4. Expat says:

    So, there is nothing wrong with the economy or stock valuations? This is all just Wall Street throwing a hissy fit that their Messiah lost the election? Sure it is.


    BR: Here is what I wrote on October 26: “People should forget the Fiscal Cliff, this market is all about the Earnings cliff” -Time to Reduce Equity Exposure . . ..”

  5. socaljoe says:

    Maybe the sell-off since the election is to realize capital gains this year before higher taxes kick in next year.


    BR: The markets peaked on September 14th, and the any selling in advance of new cap gains taxes may have something to do with that. Now if we can only figure out why there is so much selling in non taxable accounts . . .

  6. [...] we discussed last night, it behooves investors to consider what else is driving equity markets. I can think of at least [...]

  7. jonas says:

    Did Wall Street really invest based on a Romney win? I understand them making personal or business political donations based on what they want to happen, but I thought investment decisions were sharper than that. What happened to the efficient market hypothesis?