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Deep Thoughts From A Pro-Cyclical Permabull

Tyler Durden's picture




 

After being discredited for being a bull market, pro-cyclical permabull, whose "stellar" performance was only courtesy of a multi-decade credit bubble, Bill Miller shares his latest thoughts. Also, nothing like one permabull quoting another permabull to bloster his case.

 

h/t C-Mac

 

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Fri, 10/23/2009 - 12:46 | 108316 Strom
Strom's picture

"bolster"

Fri, 10/23/2009 - 12:49 | 108321 deadhead
deadhead's picture

i think td meant "bluster":

–verb (used without object)

1. to roar and be tumultuous, as wind. 2. to be loud, noisy, or swaggering; utter loud, empty menaces or protests
Fri, 10/23/2009 - 12:54 | 108334 Strom
Strom's picture

Maybe he combined them - bluster+bolster="bloster"

Fri, 10/23/2009 - 13:11 | 108354 McLuvin
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bloster-verb-when a bankster blows another.

case-noun-financial slang for wad.

Fri, 10/23/2009 - 13:32 | 108384 Village Idiot
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LOL

Fri, 10/23/2009 - 13:42 | 108396 Cognitive Dissonance
Cognitive Dissonance's picture

McLuvin, simply genius.

But strange that I couldn't confirm this in my Merriam-Webster desktop reference. Time to upgrade to your edition.

Obviously watching all those porno's is finally paying off.

Fri, 10/23/2009 - 12:46 | 108317 AndItsGone
AndItsGone's picture

Slightly off topic, but as of 2 minutes ago, the Dow was down -66.66 points. A decline of... -0.66%. Yikes!!!

Fri, 10/23/2009 - 12:49 | 108323 TraderMark
TraderMark's picture

This guy should get the cover of Barron's!

Oh wait...

Fri, 10/23/2009 - 13:18 | 108366 Anonymous
Anonymous's picture

Wonder if being on the cover is comparable to the Sports Illustrated cover jinx?

Fri, 10/23/2009 - 13:24 | 108372 Anonymous
Anonymous's picture

That's the biggest joke. This guy was on the trash heap last year, and now he's a genius again. Barron's is the print version of CNBC.

Fri, 10/23/2009 - 12:50 | 108326 Cheeky Bastard
Cheeky Bastard's picture

you know what would be a cool article title

" Deep thoughts from Deep Shah "

or a column name, or investment bulletin ...

i would buy it .... and read it

Fri, 10/23/2009 - 12:52 | 108332 SDRII
SDRII's picture

The 401K complex is a perpetual annuity foisted on the sheeple by the complex. Guys like Miller are necessary props for elongating the myth and steering the masses. In light of the receding flows into equity funds one wonders what role they have played in the equity orchestration? It would be fascinating to see the phone logs of the heads of Fido/Wellington/Putnam etc. re Treasury communications

Fri, 10/23/2009 - 13:15 | 108360 Hondo
Hondo's picture

Bil M. has lost it.  He's talking his books which he must keep least (his view) he will never recoup losing everyone’s money last year.  He needs the Ponzi to continue.

Fri, 10/23/2009 - 13:26 | 108374 yy
yy's picture

1. Market cracking on "better than expected" profits?

2. Amazing short squeeze with Amazon?

Time to take coverrr...

Fri, 10/23/2009 - 13:33 | 108386 walküre
walküre's picture

yeah right, this is a "bull" market.

DJI dropping within seconds because of massive liquidation and low volume.

pigs may wear lipstick but they definitely don't fly

long bull shit.

Fri, 10/23/2009 - 13:51 | 108409 Green Sharts
Green Sharts's picture

Here's how Miller concludes his most recent letter:

“As we sit at our desks pondering the myriad questions

we’re faced with as investors, questions of great

complexity, and ones of undeniable importance to our

future well-being, it probably makes sense to get up and

go outside, where the view is likely to be different, and

clearer, and better.”

Here's the different, clearer and better view Miller has when he goes outside:

http://www.liveyachting.com/the-top-100-superyachts-2009

 YACHT NUMBER (70) UTOPIA: 234’11” (71.6M)?http://www.liveyachting.com/motor-yacht-utopia Boat Builder:- Feadship, Holland, 2004?Information on the superyacht owner, country, price, designer etc:-?De Voogt naval architects, designers Redman Whiteley Dixon and Michael McQuiston collaborated?on the design of this yacht, which features an elegant sky-lounge fireplace and a?double-sided staircase with leather handrails by Bentley craftsmen. The helicopter deck can?handle a Bell 427, and the yacht’s crane can launch a submarine. Bill Miller, Chairman of?Legg Mason Capital is the owner.

 

Fri, 10/23/2009 - 13:52 | 108411 Anonymous
Anonymous's picture

Sincerely, how serious can BM be quoting Jeremy Siegel's research ?

Fri, 10/23/2009 - 13:56 | 108422 Gunther
Gunther's picture

What is the point of comparing horse races with investing?

Last time I checked the last complete bear market in stocks ran from 1966 to 1982, 16 years. If the ten-year-periods are choosen poorly, there is for twenty years in a row not a lot of return and inflation-adjusted a big loss.

Luckily I am not invested in Legg.

Fri, 10/23/2009 - 17:32 | 108686 Art Vandelay
Art Vandelay's picture

Sweet Jesus, what a poorly written piece of crap that is! If that's the best-reasoned bull case he can put together, then honestly, he ought to retire, or else blow his brains out. I wouldn't wipe my ass with this lame excuse for serious analysis.

Fri, 10/23/2009 - 21:48 | 109055 long-shorty
long-shorty's picture

As a Kentuckian who didn't lose a shitload of money last year like our buddy pal Mr. Miller, I can attest that he is absolutely right about Big Brown being relevant to the current situation in the stock market:

Big Brown won two triple crown races while on steroids. When the steroids were withdrawn, he finished last.

 

 

Sat, 10/24/2009 - 09:08 | 109320 Zippyin Annapolis
Zippyin Annapolis's picture

When he recovers all the money he lost I may take him seriously. Retirement is an option. Take it Bill. Please.

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