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Bove On Goldman: Just A Little Less Credible Than Buffett On Gold
The man who went long Lehman days before its bankruptcy, again reminds the world of his presence, and for some reason we find his latest update on Goldman (Buy, $200 PT), titled Andrew Mellon and Goldman Sachs, notable enough to bring attention to it. For that we apologize. In other much more important news, in the 15 seconds in which Buffett wasn't talking his book, he found enough time for one insightful observation: "All currencies are likely to lose purchasing power." Wish we could say Bove had anything insightful to say: his punchline "It appears that President Obama needs a symbol of financial evil that must be expunged from the system. That symbol is Goldman Sachs." leaves a bit to be desired. Then again, we are shocked that Bove's recommendations have any "relevance power" remaining at this point.
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Has anyone seen this yet? This is exactly what Buffett agreed to do in his meeting with Blankfein. Those pigs...
"Buffett Praises Lloyd Blankfein, Backs Goldman Sachs: Video"http://www.youtube.com/watch?v=SlpQc4i5RAE
Warren talking his book. Betty Liu was pretty good there; not a Becky Quick fluff job. The Gartman video was good...
Bove`... what a Dick...!
"Buffett Praises Lloyd Blankfein, Backs Goldman Sachs"
Judge a person by the company/Company he keeps.....Nuff said....
Hmmm... Dick looks like Saruman ........ no, on the other hand he just looks like a dick.
i feel violated (think 1960's boys school run by catholic priests) when i read bove. i have had enough of DICK for a while! with his track record, how does he command any respect?
B_O_V_E is a four-letter word...Nuff said!
The reason Bove continues to walk this Earth is to give hope to the masses of unemployed from San Diego to Barcelona. If, after all he has done, or rather failed to do, Dick Bove is still gainfully employed and drawing a paycheck, there is hope for all that gainful employment is possible.
For that alone Richard Bove deserves our heartfelt appreciation.
He is actually Cramer's special step-brother.
"Citi is the buy of a lifetime at $20!"
"Lehman is worth $10 billion alone due to Neuberger Berman!"
As for giving hope that there is gainful employment for the incompetent, we can include Congress in that one too. :)
Bove's credibility is now so tarnished that anyone hosting him severely runs the risk of tarnishing their own credibility. Like the rating agencies, it's as if recent history was all an illusion given the willingness of everyone to forget.
Imagine all the people who watch CNBC and believe that since Bove is on the network that he must be a sharp analyst. When in fact, we on ZH, recognize him for the fool he is. The man is dangerous to the uninformed.
When in fact, we on ZH, recognize him for the tool he is.
Wells Fargo is a buy - Dick Bove
15 minutes later via Bloomberg
Bove puts a sell on WF.
Nuff said bitchez.
TTYFF Bove!:
http://williambanzai7.blogspot.com/2010/05/for-tomb-bell-tolls.html
I'm speechless at the following two sentences near the conclusion of Bove's analysis:
Wow. Just wow. This truly makes my frontal lobe explode into antimatter. Yeah Dick, because compared to other firms, Goldman is a babe in the woods when it comes to all that Washington political 'stuff'.
did you read the conclusion ?
He refuses to sell GS stock and says
THIS IS ABSURD:)))
Support by him and Buffet indicates that GS stock is going to Plunge and some people are trying to save some time before it collapses.
Maybe history will repeat itself exactly the same way this time.
"The company is likely to be supported even more by its clients." - The so-called analyst
Blowhard statement.
Translation: An organization of the nature of Goldman Sachs "being supported by its clients" means that the "house" (GS) will further reduce and walk away with the bankrolls of its customers, who are the players at the tables.
In other words, Bove is implying that GS has really stupid or really generous customers.
Is anybody watching? -Because gold lease rates are now above short term yields on treasuries, meaning its cheaper to borrow money and buy gold than it is to lease bullion and sell it.
That also means that the lease price is collapsing while the gold price advances.
http://www.kitco.com/charts/popup/au0030lr.html
-F6
very interesting; thank you.
Alternatively this could just be a red herring attempt, together with Buffett's glowing endorsement, to make it not too obvious that Buffett and a few other principals would love the GS stock price to dive so that they can take GS private again. Thereafter all the "legal" issues would disappear. Then no more disclosure, et voila.
Has anyone put a compilation video together, a la the Peter Schiff, that shows Dick's predictions from the past and how wrong he has been?
Comedy GLD.
Why does anyone cover this idiot?? You would have better results going to the grocery store and asking the first person you meet..........it's insane, he's insane..........lets move on.
All true, Hondo, but it never hurts to keep reminding people of the enablers of the fraudsters. It's a cautionary tale.
.....and speaking of enablers, don't forget to contact your Senators about the AUDIT THE FED bill. I just did and it only takes ten seconds.
www.unmaskthefed.com
Get the T-Shirt at the ZH Fundraiser Zazzle store:
http://www.zazzle.com/ben_bernanke_immoral_hazard_tshirt-235682383284411276
He makes the GS customer relationship sound like that of hookers and their pimp. "Oh yeah, he beats me and steals my money, but he's my daddy!"
"All currencies are likely to lose purchasing power." ??? Currencies are traded against each other, so all of them cant lose value unless you are trading them against Martian 'venues' or a another non-earthly currency....
OT
Black swans keep flying out of mother earth's ass.
BP Spill Threatens Gulf of Mexico Oil, Gas Operations (Update2)http://www.businessweek.com/news/2010-05-03/bp-spill-threatens-gulf-of-mexico-oil-gas-operations-update2-.html
It's so FUBAR I get ill thinking about it.
His name is DICK!
Could this be Buffett's Salomon saga redux? Gutfreund = Blankfein? Fab Fab = Paul Mozer?
"all currencies will lose purchasing power" was probably just slightly off....should have been: "currencies will lose ALL purchasing power."
"All currencies are likely to lose purchasing power."
Yes Mr. Buffett, and your companies and derivative bets are certainly part of the reason for this happening, dilution of the currency to pay off bad bets. Do not pretend this is a "natural" phenomenon. Ooooohhhhhh no you don't!!
Deliberate printing of currency by your buddies such as Bernanke and Co. KNOW FULL WELL that you are stealing a little piece of ALL WORKERS' production. You are giving us less while you want more. We'll see how that turns out for you....pal!
DOW/SP500 intra day chart gives bullish signal.
Interesting ...
MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0
6 month 15% OTM calls on GS may not be a bad play. Owning stock is scary.
Dick Bove, The Original Woodland Creature(tm). Look at the eyes; the dude is always half-baked. Just like his "analysis".
He refuses to Sell GS, yet look at his last page:
"ANALYST CERTIFICATION
I do not hold any securities of the company covered by this report.
I certify that with respect to each security or issuer that I covered in this report; (1) all of the views expressed accurately reflect my personal views about those securities or issuers; and (2) no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report.
-- Richard X. Bove"
What a dick.