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Keep On Dancing Till The World Ends?
It
was a rainy and cold weekend in Montreal so I spent most of it doing
the one thing I hate the most, shopping. I bought a new mattress, a new
television, some clothes and re-tailored my suits, jackets and pants
because the first tailor did a terrible job (losing weight is healthy
but expensive).
Tonight, I had dinner at my brother's house,
saw my nephews and sister-in-law and enjoyed some BBQ burgers and
hotdogs (once in a while, it's good to indulge!). My brother's neighbor
was over with his two young girls and we talked shop a little.
Montreal's investment community is small. Turns out he works at Stanton Asset Management, which is the portfolio advisor to O'Leary Funds, private clients and institutional clients.
According
to their website, the investment team at Stanton is responsible for
over $1 billion of assets under management, invested in Canadian and
global markets, including investment grade bonds, high yield bonds,
convertible bonds and equities. I know Connor O'Brien, Stanton's
Chief Investment Officer, as he used to run a small fund of funds
focusing on delivering high risk-adjusted returns.
My brother's neighbor told me the O'Leary Funds have performed extremely well with low beta, helping assets grow. It also helps to have Kevin O'Leary, who everyone knows as Canada's unrepentant dragon,
to market the funds. I told him I'd be more than happy to plug
Stanton on my blog and have other ideas that I'd like to discuss with
Connor and Kevin O'Leary.
Speaking of marketing, before I get to my latest comment, I want to
clarify something. Pension Pulse is a blog I created to share my
perspective on markets and pensions. I don't care if you agree or
disagree with my views, but take the time to read them carefully. I do
not have a monopoly on wisdom but I try to offer a fresh perspective
that most analysts do not bring.
I am not a
permabull or a permabear. In fact, I was extremely bearish back in 2006
and it ended up costing me my job (they claimed I was too negative).
It's all in the past for me but I recently started asking for donations
on my blog and would appreciate your financial support, especially from
the large institutions that read me on a daily basis. But there are
others too, brokers, bankers, unions, federal and provincial MPs,
government agencies, non-profit groups, etc.
You can click on the donate button at the top of my blog and give
whatever amount you can. If your organization can't donate, then donate
as an individual. PayPal calls them donations but they're not really
donations. I'm not a charity; I'm the most underpaid pension and market analyst in the world and would appreciate your financial support.
If I do not get support, I will start charging a flat annual
subscription fee for my blog and close it off to only a few
institutional clients. I prefer to keep my blog open to everyone but a
free blog which provides a fresh perspective isn't compensating me for
the time and effort I put into it (just the links on the right-hand side
took me forever to put up and I keep adding more).
Back to business. Two years after I wrote my Outlook 2009 on post-deleveraging blues,
I am still bullish on stocks for the simple reason that there is plenty
of global liquidity to drive risk assets much higher. Liquidity is
primarily coming from the Fed pumping billions into the financial
system, but it's also coming from global pensions, sovereign wealth
funds, endowment funds, mutual funds and insurance companies.
Importantly, hedge funds are back with a vengeance, growing larger as
assets set to surpass the 2008 all-time high. This too is a driving force behind stocks, bonds, commodities and currencies.
But
the bears only see doom and gloom. Some of them act like religious
zealots. Just check out the nasty comments I got on Zero Hedge following
my last post on my lunch with a bear.
There are a lot of smart people over there but they're so many idiots
who just like to insult me because I do not share their views. I got
thick skin and can take whatever they got to dish out but sometimes I
engage them and then end up regretting it.
Most of the bears on
Zero Hedge accuse me of being a "permabull" who only sees through rose
colored glasses. Can't I see that the US dollar has tanked as stocks and
commodities rise? Can't I see it's only the Fed's quantitative easing
propelling risk assets higher? Of course I can but it doesn't change the
fact that I've been right in telling people to keep buying the dips
over the last two years as the liquidity tsunami will wash over whatever
negative macro events come our way.
And my detractors love
throwing my calls on Greek bonds and National Bank of Greece in my face.
Both are priced for default (good contrarian plays). The reality is
that Greece is hurting but last time I checked, it's still part of
eurozone. My buddy tells me 40% of Greeks want to go back to the
drachma. Ah yes, the good old drachma years where you have a worthless
currency and you're stuck engaging in competitive devaluation hoping you
can export your way out of your economic woes. These are short-term fixes, Greece needs structural changes.
But Nobel Prize winning economist Joseph Stiglitz is right, austerity measures “don’t work”
and prevent countries from creating jobs needed to generate economic
growth. Too much austerity can kill an economy, which is what is going
on right now in Greece and what risks happening in the periphery
economies and even the UK. At one point, people will just stop consuming
because they can't get a loan and they're scared to death they'll lose
their job.
One last thing on macro events. Lots of pundits are
fixated on the US debt ceiling. Gurus like bond king Bill Gross and
hedge fund legend Stanley Druckenmiller are warning of a catastrophe. I
think you should all watch ABC's This Week's roundtable discussion on the economy
and listen to what another Nobel Prize winning economist, Paul Krugman
says about that (love him or hate him, Krugman is 100% dead right on the
debt bogeyman).
Now, onto my latest topic. I called it "Keep on Dancing Till the World Ends" because after turning 40 recently, I'm listening a lot more to pop music. I got the radio on Virgin Radio 96 FM
all day and listening to Britney Spears, Jennifer Lopez, Rihanna, Lady
Gaga, and a bunch of other pop stars. It gets annoying after a while
because they keep playing the same music over and over, but it's a
perfect title for this post.
Those of you who haven't read it, should go back to read my comment about Leo de Bever on when the music stops.
At one point, the music will stop, but for now, I agree with Britney
Spears, you got to keep on dancing till the world ends. And despite what
those bears on Zero Hedge think, the world isn't ending anytime soon.
I
know, "sell in May and go away", the summer doldrums are just
beginning. China will collapse, commodities and energy will tank, Greece
will default and the world is a hair away from total calamity, but I
remain bullish and ignore all this noise. It's more of a distraction
that scares retail money away while elite funds load up on more shares.
Last week, I wrote an introduction on how I track activity from elite funds.
I even gave an example of Greenlight Capital buying up Internet-giant
Yahoo (YHOO) and electronics retailer Best Buy (BBY). If you read that
comment carefully, I specifically stated that I use this information to
build a portfolio of stocks I track across many industries but I'm
careful not to buy any stock blindly, even if elite funds are buying it.
Picking
your spots of when to buy or when to sell a stock isn't easy. It takes
traders years to built up this skill and even then, they're extremely
lucky if they're right 60% of the time. That's why I focus on a few
stocks across 10 industries I track regularly, and try to pick my spots
carefully, going in when a stock is tanking on high volume for no
apparent reason (noticed it's best to buy towards the end of the day on
such days).
Those of you who have tracked my stock comments know
I love solar stocks. But I don't just track solars. I like medical
device companies, healthcare, energy, software, networking, storage, and
many other sectors. Solars are fun (for me) because they move strongly
in both directions and offer good trading opportunities. But solars are
not for most most investors because they're too volatile and a lot of
people get scared away.
There are plenty of stocks out there. For
example, one of the top performers this year is Green Mountain Coffee
Roasters (GMCR, click on image to enlarge).
Now, have a look at their top institutional holders (click on image to enlarge):
Data
is lagged but among the top holders, you have Fidelity (FMR),
Blackrock, Wellington and some hedge funds like Coatue Management and
Winslow Capital Management.
You might be thinking, who cares? I
care more about what top funds are actually buying and selling then what
some analyst is touting or what George Soros, Bill Gross and Stanley
Druckenmiller are saying on the television. Show me your actual book,
not what you're recommending on TV.
Next week, I'll get into
specifics on which top funds I'm tracking and what are their top
holdings. I want people to do their own research and due diligence as I
don't believe in spoonfeeding anyone, but I'm going to give you the
tools to be able to dissect the portfolios of these elite funds.
Finally,
please be kind enough to donate whatever you can to my blog efforts.
You can do so by clicking on the donate button under the pig at the top of my blog.
And remember, these markets are a lot like Britney Spears, up, down and
very volatile. But don't let those permabears scare you away. Have no
fear, keep buying the dips and keep on dancing till the world ends. :)
»
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akak,
Simply, incorrect in your comprehension.
Twice a Day
Leo, just thanks for your articles. Keep up the good work. Also, like the opposition viewpoints, at times they really make me ill inside.
I have learned alot from RoboT, Spalding, debtless, Harry W, ivars, Bothsidesnow and many others. Thanks to all at ZH.
Twice a Day
You are most welcome and open-minded people like you are the reason why I still post on Zero Hedge. Cheers.
How deliciously and ironically hilarious!
The Keynesian Quisling retard can't even recognize a thinly-veiled sarcastic insult when it is dropped directly on his head!
See my comment.
Twice a Day
"The World" will be here for many trillions of years after the puny human beans are done doing themselves in or being done in by those who would seek to organize it into a one-world odor.
I'll take all the inefficiencies, internecine strife, murder and intrigue of a world divided beyond redemption, than see a few hundred moguls live like Royalty at the top of pyramid, the base of which is made up of the rotting corpses of humanity.
Jefferson Davis and the old Democrats were right to secede from the union.
Who knew that Abe Lincoln would be seen for what he truly was: an affable, silver-tongued tyrant of the first order, responsible for killing off 1.5 million men to save this rotten union for the sole benefit of the Elite?
"I bought a new mattress, a new television, some clothes and re-tailored my suits, jackets and pants because the first tailor did a terrible job (losing weight is healthy but expensive)."
This is the entire reason that your thinking about the economy and the market is wrong-headed. You live in a world where you think that you are underpaid, yet spend a weekend buying more consumer goods than most people can accumulate in a couple years. Go talk to the host of $8/hour (or less) wage slaves that shipped and sold you that TV and those clothes, then talk to the $.45 / hour people who made those goods for you, ask them what they intend to purchase next weekend. They will answer food and fuel. Go long whatever stock you want. The global economy is contracting because the vast majority of the world's labor has no purchasing power and that WILL appear in the bottom line of nearly every company.
My mattress was over 15 years old and tv set close to that and sucking up a lot of energy. I work hard on my blog and have no shame whatsoever asking for support. Many were kind enough to donate, and I thanked them all no matter what amount they donate.
i'd suggest everyone who is kind of glad NOT TO read Leo's nonsense anymore here put $1 donation for leo.. :)
alx
Praising Comrade Krugman and castigating Miller and Druckenmiller for saying the FED debt trade is a huge Ponzi whose prinicipal can't ever be paid back? That's amusing. Did you actually read the Druckenmiller article where he says that the real problem for long bondholders would be if the debt ceiling were raised without lowering future entitlement promishes by many trillions (al a Ryan)? That would be very bad for bonds and Miller knows it and that's evidently what he's expecting. That's cause, like Greek bond holders they don't care so much about missing an interest payment or two if they actually have some chance of getting their capital back! Sounds reasonable to me-its not return on capital its return of capital. Don't lend money to a deadbeat-Greece or USA falls into that category. Only a Keynesian clown like Krugman thinks debt=wealth or that you can spend yourself into prosperity.
NOTHING is too absurd, too outrageously corrupt, too insanely unsustainable, or too insidiously promotional of the growing control of the sociopathic power elite and their neo-fascist statist bedfellows for Leo to not immediately defend.
Who is worse: the Keynesian assclown, or the slavish devotee of the Keynesian assclown?
Leo: please let the door hit you in your central bankster-reamed ass on your way out.
I bet had you been in the hotel room with Dominique instead of that Argentinian maid, he would have left a much happier and satisfied man.
Britney? Leo please -- Ke$ha. This is an economic blog.
Show me rule of law and I'll show you a bull.
America isn't the place you'd want to do business, put that in your pantry with your cupcakes because prices can go to the moon but the economy is in a state of decay. And here's why - STEALING.
Your argument is going to fall on deaf ears with Leo, who actually sympathizes and identifies with the sociopathic criminals running the asylum. If it puts filthy lucre in Leo's pocket for the short term, it's all good to him; he has said as much in this forum on numerous occasions. It's easy to apologize for criminal evil when one has no conscience and no soul.
The reason I am bearish is that all I can see is an overwhelming amount of financial fraud and corruption has been bailed out without justice being served. I don't see any significant number of good jobs being created with an overload of graduates who can't find jobs in their professions. I can't make stock bets in a system that is rife with crime ... I'm funny that way.
You should nuance your premise slightly. The lack of justice, is actually a symptom of inefficient resource allocation. Failure is not punished, so the system is rewarding resource misallocation in the market.
It is interesting how this economic concept parallels with the juridical concept of a perversion of justice.
Our inability to enforce laws designed to protect the integrity of the market has, surprise surprise, resulted in lack of valuation integrity.
It does not matter if Leo and Britney dance 2 weeks, 2 months or 2 years. The shameful end result will be the same. You can only print your way out of so much trouble.
This time is not different at all.
"You should nuance your premise slightly. The lack of justice, is actually a symptom of inefficient resource allocation. Failure is not punished, so the system is rewarding resource misallocation in the market.
It is interesting how this economic concept parallels with the juridical concept of a perversion of justice."
Magnificent and yet so concise. Nice to see in words some of the workings of the mind and imagination that bring all the terrific graphics. Thanks.
Hi Leo:
Don't let the permabears get you down ...remember: "Illegitimi Non Carborundrum".
Although I don't always agree with you, you do write well and know what you are talking about, so I will be sending a contribution when I next get paid. Unfortunateloy, all those window envelopes and some expenditures of Mrs. Fish's kinda ate up the mid-month check.
As a trader, I am neither "permabull" nor "permabear" - I am perma "whatever the charts are telling me" and trade accordingly. On the overall socioeconomic situation, I am not a bear; I am a CYNIC and believe that the most fortuituous of situations will eventually turn bad, because neither the banks nor the politicians can resist meddling for very long.
The only truths in life:
Politicians will always seek to arrogate more and more power to themselves - until they can't;
Banks and large Corporations will always seek to migrate from profit -seeking to rent-seeking - until they can't.
I had the opportunity to hear a US Senator speak recently and thought of an old saying (can't remember who said it) that TV and news programs could care less what is being said, it's all about one corporation delivering a demographic to another corporation...
"Everytime a politician opens their mouth, a cash register rings somewhere..." - Spanish Inquisition
" Have no fear, keep buying the dips and keep on dancing till the world ends. :)"...Leo, youre awesome.I'm a contrarian who is also bullish & long and has been for quite a while.
The dollar is headed north & taking T Bond prices with it probably back to 130 which is halfway back of the selloff from 144 to 116.
All these exports will help earnings. Foreigners are starting to realize that they were hosed by cheap dollars and QE.
Gold, silver & oil get a rest, a "time out" if you will. Sideways is not down. The DJIN will rotate north as M&A activity picks up defying Grahm & Dodd and all common sense in sympathy with the rally in the $ & T Bonds.The inflation / debasement secret is overdone for the summer and the lemmings need to have a taste of Darwin.
There has been ridiculous overtrading in commodities . Then the hyperinflation trade goes back to work after the dollar rally exhausts it's self probably after the kids go back to school and you get to show off your tan at a Labor Day picnic.
When they start to be nice to you & showing you the respect that you earned Leo that's the great big SELL SIGNAL
Leo , I didn't want to spoil your farewell.. it was , wasn't it ?
but you didn't give me a chance..
###
But Nobel Prize winning economist Joseph Stiglitz is right, austerity measures “don’t work” and prevent countries from creating jobs needed to generate economic growth. Too much austerity can kill an economy, which is what is going on right now in Greece and what risks happening in the periphery economies and even the UK. At one point, people will just stop consuming because they can't get a loan and they're scared to death they'll lose their job.
###
Leo, my not that smart pal.. WHAT KIND OF ECONOMY you're talking about and stupid asshole 'Joseph Stiglitz'? its debt financed economy, right ?
Leo, why is it so hard to understand that when you go into more debt to spend money on junk ( ipads, wars ,etc) eventually debt servicing will catch up.. Leo do you know what geometric progression is ? Read blog of Karl Deninger he's arogant SOB but least he dig it ..
####
One last thing on macro events. Lots of pundits are fixated on the US debt ceiling. Gurus like bond king Bill Gross and hedge fund legend Stanley Druckenmiller are warning of a catastrophe. I think you should all watch ABC's This Week's roundtable discussion on the economy and listen to what another Nobel Prize winning economist, Paul Krugman says about that (love him or hate him, Krugman is 100% dead right on the debt bogeyman).
###
Leo, I cant even comment that kind of nonsense.. Leo are you idiot ? GOVERNMENT CANT CREATE JOBS, main function is re-distribution.. so Gov taxes rich to give more money to poor/stupid schmucs.. that's ok as long as budget is balanced.. but when Gov print 1 dollar/yen/euro for 1 in taxable revenue game is over..
please , Leo time to wise up or you wont get anything in donations
alx
Leo, for the first time in two years, we agree, albeit for different reasons.
This gigantic debt bubble around the world may be about to collapse, taking commodities, PMs and solar companies (couldn't resist Leo) with them down the chutes.
That could leave EurAsian flight to American equities.
Gotta give you credit for being bullish Leo while many were not.
Hope you made enough...
Must be nice to be such a high roller, that one could charge subscription rates for a blog. Hope that works for you.
Must admit though that trust is wearing a bit thin for those claiming there is no unwinding of the global economy, and that the U.S. is maintaining superiority as a leader. Be you bull or bear, ZH is still a frontrunner / contrary indicator to the multi-marketing media meanderings presented to the Sheeples.
Think that you are special? Hope that works for you also.
Makes me wonder why ZH presented an attraction to you in the first place, other than for discordant purposes paid by the detractors of truth.
BTW- Using your real name will be your undoing, unless it's just a shadow.
''BTW- Using your real name will be your undoing, unless it's just a shadow.''
Wrong amigo, I am using my real name because I have the BALLS to write my thoughts openly and fess up when I am wrong. That's what's missing these days, people who have the cojones to write what they truly believe, not what their clients or consituents want to hear.
I was going to contribute to your blog, merely based upon your consistent (albeit wrong) opinion.
But alas and alack you mentioned Krugman in the same breath as Gross and Druckers, and actually mentioned Krugman's Nobel Prize as if that meant he actually discovered something substantial. As if his class warfare dialectic had some value. As if his column in Pravda (er...NYT) ever has a solid socio-economic thought involved.
Fail, Leo.
Gresham's Law prevailed, you get nothing.
Given his consistent Keynesian, pro-statist propaganda-spewing, you expected anything else from Leo?
I think it is time to end the charade, Leo: just confess already to being nothing but an instigator here on ZeroHedge, a lightning rod for righteous indignation and anger. You serve the role too well --- over the top, in fact --- for all your mindless pro-Establishment, pro-status-quo statist blather to be merely an expression of honest if clueless opinion.
Leo, yes, your calls on Greek bonds and NBG were a "fail", but admittedly you got a lot correct during these past 2 years. You almost did a "mea culpa" on those 2 calls, but just couldn't bring yourself to do it.
By the way, please enlighten me on UK's "austerity". Last time I looked the UK government is budgeting a continued increase in government spending over through at least 2015 !
I sure as hell don't want to be dancing out there with Leo and Britney WHEN the world ends.
LMFAO!!!! A threat or promise, Leo?
Why should I, or anyone else, actually pay for Leo's Cup O' Keynesian Crap, when the exact same swill is served up for free by CNBC, the New York Times, or any number of other conventional, pro-Establishment propaganda organs? Again, I am coming to believe that "Leo" is just an absurdist sockpuppet and a parody of everything clueless and insane in mainstream economic thought, created by Tyler himself just to goad us for shits and giggles.
to assume the market will go higher is to assume the dollar will go lower...how much lower can the dollar go before it negatively affects the market?
the market also seems "bubblish" to me. the fact that it rises on low volume and drops on heavy volume with alarming regularity doesn't instill in me a sense of confidence.
it's been an escalator ride up...but it will likely be an express elevator going down...and some will misinterpret it as a dip...and that's where the real pain begins.
sure there have been some great deals over the last 3 years and some big money has been made. Look at DTG...from .60 to 80.00+...that's some really nice coin there. Yeah it was a bargain at .60...but at 80.00+?...I'll pass. And there are many many similar examples like that out there. I think advising anyone to buy and hold NOW...is...not wise. This market has a lot more down side than up side to offer in the near future.
just my .02:-)
Corruption ends ...in death.
The Truth is not a choice. The future is certain, the end is always near.
http://www.youtube.com/watch?v=aqFV5Jw3wU8&feature=fvwrel
Take a look at the Sun, it just got hit again today. http://www.youtube.com/watch?v=u94f-8v81OY&feature=channel_video_title That's twice http://www.youtube.com/watch?v=xnfFHAYXHC4&feature=player_embedded in 4 Days, by huge objects bigger than Earth.
Keep on dancing in Disneyland to some half naked clown girl? Ride this market beast, with this BTFD Cup of Fornication at hand, as a sold out whore?
Naa, come on.
http://www.youtube.com/watch?v=DRaEjSwqkZM
You express faith in seriously ill people suddenly changing miraculously and then always being nice to everyone forever. They tell us what you say, but show us its all junk. You ignore the law that shows it has been all been a fraud, praise a market you know is rigged and believe in the very best example of a modern preacher that is selling air. Do you imagine the poor Britney had something to do with choosing the name of a song? She had nothing to do with it except the sex act for sale to the public? It seems like you are being paid to make happy talk for the delaying factor?
Britney's only hope now is to be spat out the bottom of the porn industry...
The more perm-bulls listening to delusion and lies there are the longer the delusion and lies can continue on the backs of the average person.
I've never been a fan of slavery or indentured servitude; old-world or new-world style.
I've always believed that the problem with the world of perma-bears is they miss the point of The New Beginning--fin de siecle and all dat sheet. Know what i mean, Vern?
Nothing personal, but where have I heard this kind of horse shit before?
Is this really the mentality you are suggesting Leo?
BillyBanzai - Nice pic, but Chucky was merely a tool. A willing pawn (former lawyer) who took the reins of the runaway horse to allow Sandy the greasy Weill (and his fraudulent compadre - Bobby Rubin)to float away scot free.
Where are those fraudsters now...and how much $ did they loot from Citi?
I agree with you, but neither of them managed to make Princes utterly moronic dance till the music stop quotation, which basically promotes the idea that stupidity of the herd justifies all stupidity. This principle remains in full blossom on Wall Street.
Ah Leo. Considering that you look through the world with rose colored glasses (which is fine by me), have you considered the biggest Black Swan out there; the nuclear fallout from Fukushima. Potentially millions of North Americans will die in the next 20 years from the fallout that is already above safe levels. I suggest you google Dr. Helen Caldicott to see her expert views of Chernobyl vs Fukushima and the disinformation campaign about our safety. You may not make it to 60 Leo, along with millions of others; good solution for the unsustainable senior entitlement programs though.
Leo, you really may think I'm picking on you in particular and for not a very compelling reason, but the fact of the matter is that your articles and analyses are getting worse by the day, you add little to no (and certainly nothing of significance) data to support your one-note 'observations,' and to make matters worse, you personally insult those who point out the fact that your articles and analyses sucks.
You're among the worst, if not the worst, contributing writer(s) on Zero Hedge.
I am amazed that Zero Hedge hosts your rubbish.
You remind me of what the progeny would sound like if Harry Wanger and RoboTard could bear offspring through rectal intercourse.
Indeed.
And for the record, Leo my statist enemy, I revile and condemn you in this forum NOT because of your so-called permabullish calls, about which I couldn't care less, but because of your repeated and utterly amoral, venal, cowardly, despicable, and completely shameless apologies for, and admonitions of surrender and abject compliance to, a corrupt and sociopathic power elite, and to their criminal, parasitical, unsustainable and collapsing financial and monetary systems which continue to drag our world into debt bondage, poverty, and war. It is not just wordplay when I label you "Leo Quislingasskiss" --- you truly represent, by your own repeated admissions, everything to be despised about the acquiescent, compliant, spineless mass of Stockholm Syndrome sufferers who are so rightly derided by many ZeroHedgers and others as "sheeple".
You will invariably respond to this with a childish and shallow one-liner telling me to fuck off, or something equally profound (as the one thing you have proven in your time on ZeroHedge is that you are utterly unable to honestly and rationally face and debate your moral and intellectual betters here), but honestly, Leo, how is somebody with any sense of justice, honesty or decency to conclude that you are anything other than a vile and contemptible person, with no honor and no ethical standards, given your self-declared, eyes-wide-open moral and personal surrender to systematic, and systemic, evil?
And while I may be the most vocal among your many critics here, I am far from the only one, as demonstrated by the many egregiously pro-Establishment, pro-corruption, pro-power elite postings of yours (when you were still brave, and foolish, enough to dare regularly enter this forum) which have been time after time junked into oblivion --- a pattern that has been repeated for NO other ZeroHedge poster, ever, even among the most obvious and pathetic anti-PM trolls.
Face it, Leo: your comments, your analyses, and your presence are unwelcome here on ZeroHedge, as everything you utter here, and your every post, runs contrary to everything that ZeroHedge otherwise stands for: honesty, transparency, justice, reform, liberty, and an end to the massively corrupt and unsustainable status-quo.
http://trololololololololololo.com/
Certain posters here would do better to abandon their cavalier and polemical use of words like "justice." "Justice" and "freedom" and such are philosophical concepts that taste like shit in the mouths of certain pseudo-empiricists. Don't get me wrong, I have nothing against rigorous empiricism per se, but just cause it talks (kind of) like an empiricist doesn't mean it is an empiricist. And it certainly doesn't mean it has any idea what it means when it utters "justice" and "freedom."
Bullshit Leo. The world ends as soon as a Republican wins the Presidency - till then, we'll just keep rubbing fudge on the wound and feel good...
The SPX was around 1050 when QE2 was born in Jackson Hole in August of 2010. It's moved up to around 1360ish without any meaningful correction. That my friend is not a natural market. It's the appearance of prosperity in order to provoke prosperity. There's not many trading days left until the end of June and If you looked at where the money has been moving recently it's utilities, pharma, grocery stores...If QE2 is ending so is the move up. If you were short all this time since August you're an idiot and if you're long now you're an idiot. It's likely that the market will get whacked pretty good and then Ben will have a reason to spend more of our dough on QE3 et al.
It's all about money. Everything else is just conversation
Gordon Gekko
Agreed. S&P had too impressive of a run during 9%+ unemployment, middle east in flames, wti around $100, 44 million on food stamps, record forclosures.
Decided to take a little short position on S&P last week just in case...
Must agree with my bro' Leo on this one.
Libertarian permabears should take some Prozac or Ritalin, and finally go long stocks.
No.
Mainly because there is zero cause to do so. You want to go long. Sell the house, sell everything and leverage it all. Let us know how that turns out.