2009 Year in Review
Submitted by Leo Kolivakis, publisher of Pension Pulse.
Aaron Task posted a good review of 2009 on Yahoo tech ticker. If 2008 was a year of fear, 2009 was a year of greed:
fortunes were made in 2009 by investors like Warren Buffett and
Appaloosa's David Tepper, who took the Fed and Treasury at their word
when they said they wouldn't let certain (big) banks fail. Many others
won big simply by being long as the unwinding of the "Armageddon trade"
of late 2008/early 2009 gave a boost to the vast majority of stocks and
The year revived a lot of portfolios battered in 2008
and left egg on the face of many skeptics; yes, myself included. My
concern earlier this year was banks weren't forced to write-down their
toxic assets, and I'm still concerned there will be a related
comeuppance. But I underestimated how much the Fed and Treasury could
do to help the banks without addressing the core of the problem, as
well as the animal spirits of speculators flush with easy money. I
wasn't alone in this regard and a day of reckoning
for the government's largess may yet lie ahead; but the market's
momentum shows few signs of abating as 2010 beckons.
of going over 2009 in great detail, I decided to post links to some of
my favorite commentaries below. You'll also notice a couple of pics of Pension
Pulse's Men of the Year above, Bernie Madoff and Harry Markopolos. Why
Mr. Madoff? Because he represents the essence of what is wrong with our
corrupt financial system. He's a despicable individual who scammed his
fellow Jews and lots of other innocent investors as he criminally
profited from one of the largest Ponzi schemes ever.
Markopolos represents what the system needs, namely, more competent and
courageous people who are not afraid to speak up and tell the truth.
His warnings were ignored as he vividly recounted in his testimony to
the Senate. I applaud him for what he stands for and consider him a
So let me get to some of my favorite posts over the past year:
Oh Dear, CalPERSfornication Goes Global!
hope you enjoyed my postings throughout the year. I want to personally
thank all my readers and supporters, especially Diane Urquhart, Jack
Dean of Pension Tsunami, and the team at Zero Hedge.
I wish all of you a Happy and Healthy New Year and I will follow-up shortly with my outlook 2010. HAPPY NEW YEAR!!!