Posts filed under “Financial Press”

Punditocracy

Via Doug Kass, comes this list of bad dope by the punditocracy, including analysts, strategists, and T-heads. These are a cautionary warnings not to blindly follow the cliches and heuristics so popular on Wall Street:

• Home prices will never fall (said repeatedly two years ago). Look out above, home prices are falling.

• Don’t fight the Fed (said repeatedly over the last several decades). Sometimes, like in the last nine months, it does pay to fight the Fed.

• The cash on the sidelines will provide fuel to a new bull market leg (always said). There is always tons of cash on the sidelines.

• Citigroup, at $53/share, is inexpensive at only 12x earnings (said last year repeatedly). Last sale? $26. Res ipsa loquitur.

• Bank stocks and government-sponsored agency stocks have strong dividend support (said last year repeatedly). Bank dividends have been slashed throughout the year. (Fannie Mae  just cut its dividend.)

• The housing and credit crises are over (said frequently recently). The housing depression and the seized up credit markets remain problematic.

• As night follows day, the financial writedowns will become financial writeups over the course of time (said will regularity recently).

• Buy stocks in the long run (always said). Stock markets have historically gone through decade-long periods with no price appreciation.

What have you been hearing lately that sounds good, but is not quite right?

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Source:
The Media’s Muddled Message
Doug Kass
TheStreet.com, 05/06/08 – 11:59 AM EDT     http://www.thestreet.com/_rms/s/kass-the-medias-muddled-message/newsanalysis/investing/10415304.html

Category: Financial Press, Psychology

The Fall of Bear Stearns

Category: Corporate Management, Credit, Derivatives, Financial Press, Trading

Herb Greenberg’s 5 Simple Lessons

Category: Earnings, Financial Press, Investing, Legal, Valuation

Macro vs. Detailed Perspective

Category: Financial Press, Markets, Psychology

Wave of Foreclosures Drives Prices Lower, Lures Buyers

Category: Data Analysis, Financial Press, Real Estate

This Bull Has (Had) Legs !

Quite a while ago, I had an interesting conversation with a smart fundie manager. We had opposing views about many things. In particular, we disagreed upon was the value of (non-price) sentiment indicators. His argument was that when stocks get cheap enough — as reflected in their Prices, P/Es and cash flow measures — other…Read More

Category: Contrary Indicators, Financial Press, Investing, Markets, Psychology

Kudlow on Ritholtz

Category: Financial Press, Media

My First TV Review

Category: Financial Press

Wanna Bet ?

Category: Data Analysis, Economy, Financial Press

Fooling_someEvery now and again, CNBC puts on a superlative show.  Friday morning’s Squawk Box was one of those times when they hit the ball out of the park.

As I was heading out the door to work, I heard David Einhorn of Greenlight Capital begin chatting about shorting stock, soft SEC enforcement, and Allied Capital (ALD). CNBC also announced that William Ackman of Pershing Square Capital was coming on in a while.

Einhorn discussed his presentation at Jim Grant’s conference Private Profits, Socialized Risk as well as his book, Fooling Some of the People All of the Time: A Long Short Story.
   

So before leaving the house, I TiVo’d Squawk, and then headed off to work. I watched the show Friday evening, and it was fantastic.  Watch the videos below and see if you agree.

• The Short & Short of It
Short selling can be good for the markets, with Owen Lamont, DKR
Fusion, David Einhorn, Greenlight Capital and CNBC’s Steve Liesman

click for video

Short_and_short

• Whistle-Blowing pt. 1

Activist investors face challenges convinsing regulators to face the facts, with William Ackman, Pershing Square Capital Management and David Einhorn, Greenlight Capital Management

click for video

Whistle_blower_1


• Whistle-Blowing, 2

click for video

Whistle_blower_2


• Hedging Your Bets

Discussing fraud on Wall St., with David Einhorn, Greenlight Capital Management president

click for video

Hedging_your_bets

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Related

Fooling Some People site
http://foolingsomepeople.com/main/

The Speech
http://foolingsomepeople.com/main/speeches.html

Book:  Fooling Some of the People All of the Time: A Long Short Story

Jim Grant’s conference presentation Private Profits, Socialized Risk

Category: Credit, Derivatives, Financial Press, Video