I linked to this on Tuesday, but it was so good that I had to lift it in its entirety.
via hedgefolios, comes these amusing observations:
You know you are a Permabull when…
- each time the market declines you declare it a "healthy pullback"
- sideways moves are actually just the market "taking a breather" or a "pause"
- missing earnings estimates is ok as long as management confirms next quarter’s guidance
- bad guidance is ok as long as last quarter’s earnings beat estimates
- you criticize any analyst that downgrades your stock from "Strong Buy" to "Buy"
- you applaud poor economic results as good for the market because this time they will cause the Fed to stop raising rates
- any negative market commentary is evidence of a huge "wall of worry" that the market needs to go higher
- you plead that a 10% decline is a "great buying opportunity"
- you blame any market decline on short sellers who just don’t understand
- oil declines to $60 and you expect that will cause the market to head higher
- oil increases towards $70 and you point out how the market has been able to absorb higher oil prices
- you quote the cliches "history repeats itself" for positive things and "it’s different this time" for negative ones
- an inverted yield curve doesn’t concern you at all.
UPDATE: March 4, 2006 1:41pm
If anyone has additional suggestions, by all means please add them to the growing list in the comments.
You Know You are a Permabull When. . .
Mike on 02.23.06 @ 2:02 pm
This past week saw a lot of Real Estate related data, all of which fits our long term thesis about the macro economy and what’s to come over the next few years.
For those of you who may be newer to the site, we have been dicussing this for quite a while: starting in December 2004, we noted how Real Estate was a prime driver of the economy, and in Spring 2005, how new hiring was overly reliant on the Real Estate Sector; in August 2005, we called that Housing was beginning to show signs of cooling, and that this would eventually wreak havoc on consumer spending. In the Fall 2005, we noted how dependent GDP had become on Mortgage Equity extraction. You can find all of these by using the site search function, right sidebar.
Now as of March 2006, most of these concepts have become widely recognized and (mostly) accepted — but when they were first introduced here, there was no small amount of incredulity and pushback surrounding them.
Looking forward, I see rates rising, housing cooling further, the consumer cutting back, and the stimulus driven economy slowing, if not slipping into an outright recession.
On to the round up:
• And the most ironic piece of all, The WSJ’s Greg Ip Discovers Data Manipulation
There’s more all over the web if you want to surf, but that’s the main gist of it.
UPDATE March 5, 2006 4:44pm
The NYT’s Sunday Magazine is all about Real Estate
Go to Introduction: The For-Sale Society
See the Sunday Times Mag TOC after the jump . . .
Category: Real Estate