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Must Watch Kyle Bass Interview: "I Don't Know How I Can Be Long Stocks"
The one must watch interview of the week (if not of the year) features Hayman Capital's Kyle Bass. Bass, who correctly called the subprime implosion (and profited handsomely from it) as a iconoclast contrarian to conventional wisdom, tells David Faber that "given my outlook on the world, I don't know how I can be long stocks." Frequent readers of Zero Hedge will notice many comparable themes touched upon in Bass' interview with issues covered on Zero Hedge: the inevitable restructuring of untenable sovereign debt, the nearly $5 trillion in new global debt that needs to be issued just to plug near-term deficits, the joke that was the European stress test and the ongoing insolvency of the European banking system which is times bigger than its US equivalent, the imminent downward revision of Q2 GDP to sub 1%, the Fed's conflicted position as a political authority whose sole purpose now is not to keep inflation and unemployment low, but merely to keep interest rates as low as possible, as even the slightest shift to higher short-end rates will be seen as a black swan, indicative the Fed is losing control over the economy, and ultimately the futility of Keynesian theory band-aiding of a world caught in a toxic debt death spiral. In short, Bass sees no way the world can get out of its current state absent a huge reset. We agree completely, and needless to say, we are confident Bass will be proven 100% correct, to the chagrin of all the permabullish lemmings who day after day refuse to accept the unpleasant reality. The only caveat: when Bass is eventually proven right, all bets on profiting from this realistic worldview will be off, as the existing financial system will no longer exist.
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Faber's pretty sharp and he's done some great reporting over the years but its dismaying to see him engage in such sempty cheer leading. I thought his 'House Of Cards' was mostly crap too.
Great interview...one day the majority of people will realize these problems as well...unfortunately the aforementioned "tail event" may have already occurred.
Absolutely fantastic segment. Shocked it was on CNBC
Today is an utterly pathetic short squeeze.
CNBC sending a negative spin on the markets for a few days to herd the sheeple into the short trade.
Fucking disgusting.
Volume is still pathetic.
The story of the day is Potash POT which is up on a takeover bid.
As for the rest. Disgusting. Look at C volume. Even the HFT bots are asleep.
i know- it was like sheep being led to slaughter,starting yesterday... woooooo look at the bond sell off flooding the equity with massive volume... <sarcon>
Don't forget ..... last Friday the Squid's trading desk went bear. Damn these boyz are good because too many people still believe them. The pulverizing fate of the shorts today was pre-packaged Friday.
correct and many here suspected that GS going bear means to do the opposite.
trade the opposite of GS calls and do fine.
<a href="http://www.marginalrevolution.com/marginalrevolution/2010/08/afternoon-a...">Alex and Tyler give Geithner oral</a>
You guys have to go read what the econ-o-list bloggers have to say about how serious and smart geithner is.
Holy shit. Someone over there typed this as a comment and was actually being serious:
"For our divisive times, Tim Geithner has a pretty amazing reputation. I've never heard a respected source write disparagingly about him."
What planet are these people on?
Oh the humanity! I mean elfishness!
Thank you Tyler. I don't have a TV ..internet is plenty good. This is the mother of all "rigged collapses" that is under going. Beyond that of Venice in 1345. This is the critical read for all http://www.schillerinstitute.org/fid_91-96/954_Gallagher_Venice_rig.html
> "all bets on profiting from this realistic worldview will be off, as the existing financial system will no longer exist."
So perhaps my gold mining stocks won't exist after the collapse either? This is something I've been concerned about - if all financial systems fail, then I'll never see the profits from those mining stocks.
Well, if you have the stock certificates in hand, you could always try to go to the mine and take a couple shovels and a few vials of gold dust.
I'm pick and shovel ready! The Lost Dutchman Mine is just over the next ridge.
Read the prospectus for GLD and learn about future-burn before you're smoked. The revaluation will not be televised.
Dump the miners and buy the real thing. It's the only currency that's ever lasted the test of time.
So perhaps my gold mining stocks won't exist after the collapse either? This is something I've been concerned about - if all financial systems fail, then I'll never see the profits from those mining stocks.
Mark Twain said that a gold mine is a hole in the ground with a liar standing next to it.
Get physical.
Just keep your sell stops tight. If the crash happens you can buy back in at a lower pps like many of us did in '08/'09. If you're not also accumulating physical gold and silver at this time you're making a big mistake.
Unless we are all willing to say the end is truly here, a new day will eventually dawn. Surely the financial system that it's built on will be hard asset and no longer fiat money based. Unless it's lights out/Mad Max, the top mining companies that pull precious metal, diamonds and other valuable hard assets out of the ground will be at the forefront of the new economy. Ditto the exploration companies that are finding new sources. Sure, many could fail on the way, but those that survive will flourish, along with their shareholders.
If you really believe it's all over, you've got much more to be concerned about than your miner shares. But if you think things will go on, albeit in a much different way, you need to take prudent measures now to prepare.
Identify the best miners, set sensible sell stops, and accumulate physical gold and silver to the extent you can afford it. Granted, doing so can't protect you from everything that may come but it sure beats doing nothing in the face of an oncoming locomotive. I for one will not be getting off any cattle car wondering what's going on. I'll die on my feet rather than live on my knees. But the whole point is to try and survive what's coming.
Excellent, excellent interview...will comment on it tonight. I agreed on many points, especially on pensions, but disagree with him on fighting the Fed and the banksters. At the end of the day, what they say goes!
Until it.....goes!
Leo...power abused eventually is power destroyed. They are losing their grasp and you refuse to believe it.
Spoken like a true and stalwart Quisling.
You really have NO sense of morality, justice or integrity, do you Leo?
I can´t believe to hear such superficial comments from "hedge fund" managers. It´s stock picking time. Not all stocks will underperform and not all stocks will outperform.
Agreed, his comment on stocks was dumb but the entire interview was excellent. I can show you where top hedge fund managers are putting their money. Guys like Steve Cohen and Ken Griffin aren't stupid -- they're picking their sweet spots very carefully. So are other top hedge fund managers who are LONG stocks and overweight certain sectors.
That's for the temporary pump, which will end badly when the first big house decides it's done
playing ball. That's when the real BIG shit hits the fan.
One of the big houses has to stay in the game......the public pension funds. Whether going short or long, they have to chase the cyclone to make the 8%.....or it is over. That 30 year amo accounting takes them only so far. And with a dropping yield on 10y to 2.6 the journey gets much tougher from here. And fraught with great danger.
You only hear what you want to hear, Leo. Ken Griffin got his ASS handed to him in 2008 when everything came unglued. You can dismiss Bass, but Gary Kaminsky made the point that he was sitting at the table in 2007 while many in attendance were dismissing Bass' doomsday outlook for housing and the mortgage market. I hope you also took note of the comment about ZIRP / artificially depressed interest rates and the unintended consquences - insurance companies and your buddies at pension funds are forced to significantly boost their risk profiles to meet the actuarial assumptions. You can't meet an 8% hurdle with a 30-year UST yielding 3.75% so portfolios must allocate a much higher percentage towards much riskier assets (equities, hedge funds, private equity).
I'm not sure if you really believe all the horseshit you write or whether the "everything is looking up" narrative was created solely to support how you earn a living.
incredibly superficial drivel from you sir
I think he was referring to the S&P.
Faber... what a disingenuous assclown.
What's more worrisome is anyone watching not understanding the logical fallacies spewing out of him will accept his implied labeling of Bass as a Doomsdaymonger.
Highly impressed with Mr. Bass. Even I could understand him. Interesting times we live in. Interesting times indeed.
figures he's on during an ass-blast day
just like Tice
Can someone help me out with the math here? If the total natl debt = $13.4 trillion, and the intragovernmental debt = 4.4 trillion, doesn't that leave $9 trillion in public debt? What ration produces 53% debt to GDP? What GDP is being posited? If GDP still equals $14 trillion, isn't the ratio closer to 70% And under what theory can the social security fund be excluded since the "interest" from the fund is being used to fund the current shortfall? What a crock. We're at least at 100% now.
I found that 53% figure in a 2009 estimate from the CIA World Factobook:
https://www.youknowhwattoputhere[dot]gov/library /publications[slash]the-world-factbook /rankorder/2186rank.html
It states, "This entry records the cumulative total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings".
Here is a fun site if you've never seen it:
http://www.usdebtclock.org/
They NEVER lie.
Maybe there is hope for CNBC after all.
Do we get to find out if they "gassed" the producer?
Take profits regularly and early - convert to PMs along the way in small increments. Hedge with food, ammo, etc. Know your neighbors (and your exits!).
Hirohito is gone in 1989 same as Japan, Nice video thanks TD
Wait who's Kyle Bass? A squirrel could have the same viewpoints as ZH and they would feature him.
http://www.justfuckinggoogleit.com/
Bass's position is nearly unassailable which explains the lack of retort, but it doesn't make for very peppy morning financial shows so I'm sure we won't hear much more of this sort of talk. Back to friendly bulls & bears banter where we argue over whether the pace of recovery is fast or just moderate.
How does an indivdual short the JGB. Thanks
Just shor the dam YEN, if yields are going to rise on JGB (not that that soon), the market will be flooded with YEN, and thus it will be the same trade.
Go long on raw pearls.
Wish the two presenters would have talked less. Simply introducing Bass then stfu would have worked better.
He kept trying to expand on points made when one of the dancing clowns interrupted with some moronic line about doom and gloom, or fun at a dinner party. Like watching kids talking about things they don't really understand. Man sent you his charts, stfu and get them on screen.
Yes. Especially annoying was near the end when the blowhard on the left interrupted Kyle with a vacuous general question when Kyle was giving valuable specific info about his investments.
Kyle is incredibly well-spoken, the MD from MSSSM didn't even know what to say to him in the realization that he can't even come close to Kyle's intelligence and thoughtfulness
S&P recently came up with the total liabilities of the
European banks: EUR 300 trillion, 2 trillion of refinancing
needs till the end of 2012
i was on this board last nite and mocked ZH for giving the 100th crash call this year
only fitting CNBC has on a lucky has been shorter calling for the market to go lower on the biggest upday/breakout in many weeks
once again....WAKE UP permabears. you guys are seriously deranged of the mind to continually bet against progress, success, and the american/global dream of capitalism
this is your WAKE UP call
4 mergers/buyouts in 2 days
peace out. tripps
lmao
I asked you yesterday to share some wisdom with us. Let me make it really easy for you, since you are so confident.
Q: how can the stock market go to new highs, and/or the US Dollar not collapse, if US money printing continues to explode ? I would love to hear your answer...
IF FOREIGN MONEY PRINTING + FOREIGN LENDING (AKA M3) IS INCREASING, AND US M3 CONTRACTING, THE MONEY PRINTING DOES NOT MATTER. THUS, THE DOELLAR WILL NOT TANK- THE DOLLAR IS RELATIVE. AS FOR STOCKS, DEFINE NEW HIGHS.
SORRY ABOUT THE ALL CAPS, MY KEYBOARD IS FUBAR
I'm suggesting the circle can't be squared in the long run, massive QE will lead eventually to the currency declining in value. If there's a credit contraction in the US at the same time, corporate earnings will not hold up either. So you might get a short term pop in equities, all liquidity driven, at which point valuation will be ridiculous on the real earnings outlook.
I keep saying equities can be rented, not owned, on this blog. If you're a good enough trader. But the long run cannot good until the debt issue is fixed for good.
Thanks for answering btw. Once again, Tripps has decided not to give us his wisdom...
QE without lending will not lead to a currency declining in value as the US$M3 is still declining relative to GDP. If M3 is growing at a faster rate abroad, the doellar, as a currentsea, will rise. People generally tie the doellar index to stocks too much (IMHO), as it is not the best indicator of money flow. Other, like AUDJPY or EURJPY clear things up...
Glad to see your keyboard is fixed. We appear to be arguing about different issues. You may well be right on the currency, but I am sure I am right on corporate earnings, and therefore the stock market level. Contraction of M3, no lending, rising savings rate = reduced consumption. Bye bye SPX
the more they print, the more commodities are worth...let alone real bull markets out there for commods like potash for example
you guys keep on blowing it by being perma bears whether KD, ZH, etc
So now you're talking about commodities, where before you were talking about stocks ? Make your mind up.
stocks tooo....if we have hyperinflation..that would be a dash to escape cash..and people would bid up stocks, spy, etc
even karl Denniger admits it
You expect to win in a hyperinflationary scenario ? That is hilarious. What should your 'winnings' be worth, since the currency you get for realising them will be worth ... feck all
Hyperinflation means destruction of a currency - as in all that currency is attached to is worthless, turned into wall paper or used for fire to keep warm. See Weimar or Zimbabwe. Of course a Denninger acolyte.
I believe he DID actually just say, he would have more wealth because inflated stocks would be worth more dollars.
How can we not listen to this guy?
Tripps, do you understand the difference between actual and nominal returns?
Tripps is at best a Yahoo Fiance escapee and at worst.......well let's not go there. There is no interest in discussion, simply hit and run shouting and throwing of insults. Don't waste your time. He gets his rocks off because you DO respond. Attention seekers do anything for the attention.
The Fed's most recent announcement is not money printing -- the decision is to keep the balance sheet at its current size as MBS/agencies are repaid. If they had not chosen to reinvest in Treasuries, we would experience quantitative tightening, as that would have shrunk the Fed's balance sheet. The only way we can have additional quantitative easing is if the Fed prints more money and increases the size of its balance sheet.
If anything, the Fed's move should be seen as qualitative tightening, because they are replacing MBS/agencies with Treasuries. Regardless of how you feel about the US gov making good on its debt obligations, Treasuries are lower risk than MBS/agencies. Thus the Fed is reducing their demand, and hence overall demand, for MBS/agencies (is ghostface around to comment?)
The market freaks out because this is a tightening move, not a further easing.
Quantitative tightening only in relation to their current position. But NOT to their original QE I proposition, which was to let the positions expire as a part of their exit strategy. Now, there is no exit strategy. Your history is revisionist.
Yes, I see it - qualitative tightening !! to make the Fed's interest repayments ever cheaper in purchasing power, and why the Chinese are dumping UST and gold keeps waterfalling ever lower. No doubt, this is why big bucks China-source BHP wants more potash, ie, dirt minerals are ever worth less $$. You are on planet Uranus, my friend.
don't forget to post your buy and sell calls in a timely manner so we can avert our gazes from your overwhelming splendor appropriately.
As Yahweh did to Moses on Mt. Sinai, I think he has decided to only show us his backside.
As long as you keep your job at the widget factory in FantasyLand, I'm sure that all will work out well for you, Mr Tripps.
http://www.youtube.com/watch?v=YlVDGmjz7eM
turd, thanks for the relaugh.
L U V, cannonball water "M E L L O N"
- excellent Turd!!
Dude, that argument is not going to fly here like it sometimes does on the SDS board. ;-)
Price of gold on Sep. 10th, 2001, the day before the horrible terrible Osama bin Subcontractor attacked us because he hates our Freedom Fries: $271.50. Current price of gold: $1,227 - up 352%.
S&P 500 on Sep. 10th, 2001: 1,093. Current S&P 500: 1,093 - up 0%
This does not take into account the dividends that one would have gotten from owning the stocks but I doubt that it would make much difference.
Gold up 352% stocks up 0%
Comrade peasants, we have been at war with the horrible terrible Islamo-fascists for almost nine years. Show me one war in all history without an increase in commodity prices or without an increase in the desire for gold, just one.
Your demolishment of the "buy and hold" lie surrounding equities, a market even more manipulated by TPTB than that of gold, and your arrogant exposure of the truth is positively unpatriotic, if not the act of a financial terrorist. You can expect a friendly visit from the nice men at the Department of Fatherland, er, Homeland Security in the very near future. Please have your affairs in order, and just in case, you may want to say "Goodbye" to friends and family now, while you can.
BAWK!
I take it all back. I swear I will sell my one ounce of gold and buy Al Gore approved ethanol stocks and slap a "Bomb dem Arabs" bumper sticker on my pickup truck.
Yours truly
Attila the Wimp
You must be a charicature.
CNBC’s viewers dropping precipitously 2010.07.27The StreetInsider.com site has a posting on Tuesday about the sharp decline in CNBC’s viewership numbers.
It writes, “According to data from Nielsen Media Research, CNBC has lost viewership during every hour long block during the prime market news hours from 6:00 am to 7:00 pm EDT, with the biggest overall drop seen during the network’s ‘Mad Money’ show featuring Jim Cramer.
“The eccentric investor’s hour-long show starting at 6:00 pm lost 25 percent of its total viewer year-over-year in July, from 188,000 to 141,000, while its key demographic of viewers age 25-54 fell 24 percent for the show.
“Overall the network saw an 8 percent drop in total viewers year-over-year from 5a-7p, and 21 percent of its coveted advertising demographic.
“The key demographic is also turning off CNBC’s ‘Closing Bell’ with Maria Bartiromo in droves. The two-hour show has lost 31 percent of its key advertising viewers from 3p-4p in July compared to last year, and an even more staggering 40 percent in the second hour.
“Another of CNBC’s key shows, ‘Street Signs’ dropped 12 percent overall and 32 percent with the key age group.”
Read more here.
This entry was posted on Tuesday, July 27th, 2010 at 3:33 pm and is filed under CNBC, Jim Cramer, Maria Bartiromo.
People are staying away in droves.
Even a dog will only eat its own shit once, but not the second time through.
But there are always other dogs to eat their shit...at least that is what TPTB could always depend on.
bulls try to hang on... http://www.stevequayle.com/News.alert/10_Photo_of_Day/100816.photo.of.da...
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I stopped watching CNBC, but that was worth it for a good piece. I appreciate your Blog.
Thank You ZH
Bah. We are hyperinflatin' up in this bitch. Just be patient.
Kyle Bass rocks! maybe CNBS is getting rid of the cheerleaders and bringing on the truth squad. Just joking.
I stopped watching CNBC, but that was worth it for a good piece. I appreciate your Blog.
Thank You ZH
The Keynesian end point!! My god how can these two dufasses who are next to Bass not grasp what he's driving at. As for the rest of us......
I am looking at shorting the JGB. Long VIX.
And, what can we assume about intermarket events?
I kept reading it thinking Lance Bass, and I was thinking, what the fuck does Lance Bass know about stocks? I think I still need more coffee
Lance Bass being the entertainer he is, probably still knows more about stocks than the Blondes on CNBC or Bloomberg.
Of 1000 monkeys betting on "tail events" - a couple will hit the big time ( eg Paulson in 2008) - they will be famous, write books and get billions to manage. 998 monkeys will not live to see their favorite "tail event" materialize.
Oh - and the folks who run countries and their respective printing presses - they wake up every morning with one goal - to prevent "tail events" - at least till they have retired- and like it or not these guys and gals have quite a lot of power.
How can you believe a guy that is losing his hair? He is clearly frustraded because he can't get any anymore.
= no "tail events"!
Of course the hedge fund compensation scheme of 2/20 with its ridiculous built in optionality encourages hedge funds to bet on "tail events". Its also more - well - "intellectual" if ya know what I mean - to predict the collapse of China or Japan and such - kinda justifies the outsized incomes of these folks.
So - oif an "intellectual" tail-event-betting hedgie blows up - well he can always raise even more money in round 2. ( see Merriwether et al)
So if you are not on the 2/20 scheme with other-peoples-money and dont have a reputation as an "intellectual in high flying circles - best to stay away from placing big bets on "Tail Events"
+100.
"Tail events" are the sophisticated mans lottery tickets!!
David Faber is just unwatchable. He's not the Dean of M&A reporting, he's the grandfather, so says Faber. Please...
Too bad Rick Santelli wasn't in NYC to do the interview, notice Liesman wasn't around to be bitch slapped by Bass.
I think CNBC management is getting tired of Liesman fouling up his dressing room with all the soiled diapers he keeps leaving in it after being challenged by those CNBC guests and commentators with some smidgeon of sense and honesty.
Rumor: Faber and Liesman were caught making out in the stairwell.
Should we expect an interview with Barney Frank?
Bass is not negative, the data is negative. He’s telling the truth, that’s what CNBC can’t do.
Mark my words as we near the fall election, all the sudden the data will magically get better. It’s rigged people.
Its not a question of "telling the truth". My problem is with folks who have a diabolically apocalyptic view of the world based on "analyzing" macro data points. I dont believe anyyone ever gets these kinds of forecasts right - and being 5 years too early is same as being wrong if you have money at play. The macro world is infinitely complex and strategically gamed and one has to have some humility in making forecasts.
Much better studying individual opportunities in specific securities.
btw, the irish bonds sold WELL today..thus nullifying what the bears fear including bass
again, flys in the face of your case. and i'm gonna call out this BS all the time i see it
Would you please give us a rundown of the buyers of your Irish bonds today?
Not sure Mr and Mrs McGregor were the primary purchasers.
Mr & Mrs McGregor were down at the pub gettin pissed - I'd love to know bought them em-effers
Some other central banks or their proxies bought 'em... so no problem. And so it goes. Happy Days are here again, thanks to this Fonzi scheme.
This is about progress, success, and unbridled capitalism.
Here's Mr McGregor, language instructor.
http://www.youtube.com/watch?v=6GO-irf4ZP4
+very nice+
and congrats on being lucky #527000. You win a free trip to Qatar to observe "Shock & Awe II"!!!
Not so surprising the Irish bonds got lifted; they passed the stress test so Life is Good... but being short BS is better.
I think I'm going all in and long today.
Leo, are you listening? Give me your best Chinese solar recos.
Sitting on so much cash right now. Don't know where to stuff it anymore.
Kyle doesn't believe worth crap that 53% US debt/GDP figure. Shows how much the authors behind the preparation of that figure are committed to pulling the veil over everyone's eyes. Secular trend underway big time. The only task of the Fed right now is keep interest rates low.
david faber seems like a nice enough guy, but his questions are beyond motherfucking stupid - I thought he was supposed to be one of the sharper knives in the CNBC drawer - I mean, Bass just lays out an incredibly lucid bear case outlining how we are all basically buttfucked with all the debt everyone's carrying, and Faber is really asking this guy why he doesn't want to be long equities - in the words of monday night football, "c'monn maaaaannnnnn...."
PS I'd like to have dinner with this guy & Hendry - that would be the shit
My thought exactly.
Did IMF asy USA is D.O.A??????
http://reason.com/blog/2010/08/12/did-imf-say-usa-is-doa/print
all of you have a mental condition......seriously..those of you who are continually negative and perma-bears in your outlook on a daily basis literally are sick
it will continue to help LOSE you money in the months ahead
Of course you're right, Tripps. The market has sound fundamentals. The AP confirms it.
Stephen Bernard, AP Business Writer, On Tuesday August 17, 2010, 2:15 pm EDTNEW YORK (AP) -- Investors regained their enthusiasm for stocks Tuesday, sending prices sharply higher after reports showed a slight improvement in the housing market and a big jump in industrial production.
Investors were also encouraged by earnings from Home Depot Inc. and Wal-Mart Stores Inc. that were better than expected. The Dow Jones industrial average rose 158 points in afternoon trading. All the major stock indexes were up about 1.5 percent. Interest rates rose as investors moved out of the bond market and back into stocks.
Economic reports the past four months have generally pointed to slowing growth. That has led some investors to worry that the country could fall back into recession. The data Tuesday provided a slice of optimism and some reassurance that the economy continues to expand, albeit slowly.
"The data and earnings should ease people's concerns about a double-dip" recession, said Peter Bible, a partner at EisnerAmper. "We're anemic; we're slow; we're crawling, but we're not going backward."
I haven't lost much because my short plays worked out.
But I'm honest with you. Where do I put my cash? It's freaking me out to be in cash right now.
I'm also sitting on too much cash. But I learned from 2008 that you don't buy an asset if it is overpriced, which means I won't be buying bonds. I am ready to buy more PMs, but I know they will get kicked when the stock market finally crashes again. So for now I sit in cash and wait for the inevitable.
netflix and crm are overpriced. the SP500 itself IS NOT
people like you have bought into the bear's arguments for 15 months now. sad
i'm not saying be a sheep, i'm saying wake up to the game being played. they sell fear and hope. recently its been FEAR
When one is standing on the tracks in front of an onrushing locomotive, it is appropriate and proper to feel fear --- and to step out of the way.
What's that whistle I hear, and that light that is rapidly approaching?
If you can make me a logical case why equities are cheap right here, right now, then do so. That doesn't mean you telling me that the Fed is flooding the system with cash, so all risk assets 'must' go up, you understand ? It means a case for the outlook for corporate earnings to surprise positively, and the same for economic growth. Go on, I dare you. A reasoned, coherent response.
improving corporate profits on declining top-line revenue.
You (Tripps) see this as positive, focusing solely on the profit.
Bears see this as negative, a harbinger of global economic contraction.
Every other piece of macro & micro data happens to support the bears case, not yours. You can hang your hat on profits, sure, but you actually have no choice - profits are the only hook on the wall for bulls. Everything else in the room points to long-term debt deleveraging and global economic contraction. Profits are a quarter-by-quarter metric. Profits alone can not and will not turn the tide of a secular, tectonic shift in economic activity (towards contraction and hard assets).
Profits eventually plow back into hiring/expansion..the mother's milk
all you need to know about me is my account is up huge today..is yours?
if not...then you need to FIND OUT WHY.
there is nothing wrong with hedging your bets, etc. but the permabear stuff spouted here is ridiculous. you focus on america with 350 million people and europe without about the same..meanwhile there are billions of over people just entering inning 2-3 of a massive bull market. CHINDIA for example
the sp500 is in the best shape of its life to seize this new bull market
New bull market?!? You can read a chart, right? Then you should know that stocks have gone nowhere all year, and are down a great deal from April. The technicals are terrible.
You had a good day today. Great. I'm not worried at all about your short-term history. I'm worried about what lies ahead.
Tripps = Larry Kudlow.
the S&P is worth shit.
If you want to make money from here on forth, buy into German multinationals and Chinese resource stocks. Throw in a few Canadian and Aussie miners.
The market is not dead. Corporations are making money and hiring is going on anywhere else BUT NOT IN THE US.
No shit.
Zapp. goes the trippster and all who will follow...
http://www.youtube.com/watch?v=bCOfJi67I0k
Price of gold on Sep. 10th, 2001, the day before the horrible terrible Osama bin Subcontractor attacked us because he hates our Freedom Fries: $271.50. Current price of gold: $1,227 - up 352%.
S&P 500 on Sep. 10th, 2001: 1,093. Current S&P 500: 1,093 - up 0.%
This does not take into account the dividends that one would have gotten from owning the stocks but I doubt that it would make much difference.
Gold up 352% stocks up 0%
Comrade peasants, we have been at war with the horrible terrible Islamo-fascists for almost nine years. Show me one war in all history without an increase in commodity prices or without an increase in the desire for gold, just one.
Ah yes, the existential threat from those horrible, terrible "Islamo-fascists"! Not to mention the Hobo-fascists, Go-Go-fascists and SpaghettiO-fascists.
Too bad they are not 1% as threatening to our prosperity and way of life as those homegrown Americo-militaro-corporato-oligarcho-WallStreeto-fascists.
Why beholdest thou the Islamo-fascist mote in thy brother's eye, and not the Neocon-fascist beam in thine own eye?
Me a neo-con? No way, dude.
If I were in charge I'd order all our military to withdraw at once from every foreign military base and ask Russia and China if the USA could join the Shanghai Cooperation Organization.
After that I would unplug every HAARP machine and then fire every CFR, Trilateral Commission, Bilderberger, Pilgrim Society, neocon and Zionist in D.C.. After that I would bulldoze the Federal Reserve bank and …
And then I’d get a bullet in my head so way go on?
Does that sound like a neo-con?
No no Attilla! I was AGREEING with you!
Perhaps the direction of my sarcasm was not sufficiently clear; if so, I apologize (the "thou", "thy" and "thine" were directed towards those who actually do believe in the "existential threat of Islamo-fascism", and not toward you in any way).
PS: Great name, Attila!
No need for apology. I thought you didn’t get my sarcasm. Actually, it was Attila who didn’t understand yours. I got an out, I was drinking ouzo.
Good stuff.
We have seen the enemy.... hell, we elected most of them... and keep our checking accounts with the rest.
Our response to 9/11 (Iraq, TSA, Patriot Act) is/was f-ing embarrassing. Congratulations to al-qaeda & OBL: you successfully turned the USA into a nation of hypocrites and pussies... not that we had far to go.
F-ing TSA confiscated my toothpaste two weeks ago. 9/11 was almost ten years ago, and we're still tip-toeing through airports in our socks like well-trained housepets with zip-loc baggies hanging from our leash... er, carry-on. And we still have a crater at ground zero to (not) be proud of.
Please tell me again how great these past ten years have been, and the glory of the "american empire"... and please speak up - I can't hear much except the sound of laughter from the rest of the world at our expense.
"SpaghettiO-fascists."
That's fucking beautiful. Nice job. +++
Being a bear doesn't necessarily make you short it just makes you nimble
I don't know ... Now may be the time to sell and hold
Kyle Bass is impressive. He's very clear, he knows his numbers, and he knows the counter-arguments even before you finish saying them. This guy is one sharp dude.
A question for JasonT (post n°#526447)
In your opinion,
In the actually developing tragedy who is playing Florence (GS, Citi, JPM or morgans are at an upper level?) ? And who is playing Venice (Fed, USGov, NWorders)?
Perhaps someone (and who?) is orchestrating the shift of power from west to east?
And if so are the chinese bankers elites going to became the new vestal virgins in capping the price of precious metals and gold?
Tnx
David, you were drinking before Kyle came in, shut up!
i appreciate being able to read the comments in regards to the video, thank you. try to boycott cnbc, until they get
M A X K E I S E R on and interviewed.
til then,
No way, Jose
This?
http://www.youtube.com/user/fairinfowar#p/c/A85662A319431AD0/11/MSDMvzWw27A
Velobabe? Rapunzel?
As others have said, why not just boycott CNBC? I took the channel out of my cable lineup, how sweet. Just go direct to Max Keiser as you should be doing. He posts on Russia Today's You Tube site and has another show on Presstv.IR. Yes folks, that's IRAN.
Max has a show in IRAN but is persona non grata in his home country, verboten on "your" airwaves. In The Land of the Debt Slave and Home of the Dumbf*ck.
And Iran is anyone's problem? Ahhh Ponziworld.
I only watch CNBC occasionally, and mostly just for the entertainment value (i.e., what particular memes and propaganda ploys are the power structure's mouthpieces and defenders using today?). RARELY there is a worthwhile guest, as Kyle Bass today, but for the most part it is mind-numbingly shallow and transparent in its pimping for Washington (The Federal Reserve {sic}), Wall Street and entrenched systemic corruption.
I draw the line at that assclown Jim Cramer, though --- his maniacal monkey-on-meth flailings and screechings are simply too much for my brain and my mind to bear! I'm surprised he doesn't fling poo at the camera and jerk off on the set during his show, as one might expect from any other caged monkey.
I once saw a monkey jerk off at the zoo. Image still burned in my mind.
max keiser makes me wet my P A N T S too much when i watch him, so i had to stop. from now on it is just words words words or and some comic stupid animal avatars to stare at, to keep tame. until things change, guess, just in jail.
Look ZH...you don't need to toot your horn..with what? 200,000+ readers now from way right to way left and everyone in between, we all know the deal...you all have been nailing it every time. I think the human issue is really not knowing...'when?'.
rrrrrRally Mode !!!!!!!!!!!! What an asshat . Freaking dang cheerleader for the Street . CNBC stinks . Bass doesn't have it ackwards , he's right on . But wait , most people don't believe what you believe . Yep... mutton on the menu . Sheeple to the slaughter. Bahhhh!!