Welcome to the Wolf Market?

Leo Kolivakis's picture

Via Pension Pulse.

A couple of interesting articles appeared this Sunday. Graham Bowley of the NYT reports, In Striking Shift, Small Investors Flee Stock Market:

Renewed economic uncertainty is testing Americans’ generation-long love affair with the stock market.


Investors withdrew a staggering $33.12 billion from domestic stock market mutual funds in the first seven months of this year, according to the Investment Company Institute, the mutual fund industry trade group. Now many are choosing investments they deem safer, like bonds.


that pace continues, more money will be pulled out of these mutual
funds in 2010 than in any year since the 1980s, with the exception of
2008, when the global financial crisis peaked.


Small investors are “losing their appetite for risk,” a Credit Suisse analyst, Doug Cliggott, said in a report to investors on Friday.


One of the phenomena of the last several decades has been the rise of
the individual investor. As Americans have become more responsible for
their own retirement, they have poured money into stocks with such faith
that half of the country’s households now own shares directly or
through mutual funds, which are by far the most popular way Americans
invest in stocks. So the turnabout is striking.


So is the
timing. After past recessions, ordinary investors have typically
regained their enthusiasm for stocks, hoping to profit as the economy
recovered. This time, even as corporate earnings have improved,
Americans have become more guarded with their investments.


this stage in the economic cycle, $10 to $20 billion would normally be
flowing into domestic equity funds” rather than the billions that are
flowing out, said Brian K. Reid, chief economist of the investment
institute. He added, “This is very unusual.”


notion that stocks tend to be safe and profitable investments over
time seems to have been dented in much the same way that a decline in
home values and in job stability the last few years has altered
Americans’ sense of financial security.


It may take
many years before it is clear whether this becomes a long-term shift in
psychology. After technology and dot-com shares crashed in the early
2000s, for example, investors were quick to re-enter the stock market.
Yet bigger economic calamities like the Great Depression affected people’s attitudes toward money for decades.


For now, though, mixed economic data is presenting a picture of an economy that is recovering feebly from recession.


“For a lot of ordinary people, the economic recovery does not feel
real,” said Loren Fox, a senior analyst at Strategic Insight, a New York
research and data firm.


“People are not going to rush toward the stock
market on a sustained basis until they feel more confident of
employment growth and the sustainability of the economic recovery.”


One investor who has restructured his portfolio is Gary Olsen, 51, from
Dallas. Over the past four years, he has adjusted the proportion of
his investments from 65 percent equities and 35 percent bonds so that
the $1.1 million he has invested is now evenly balanced.


He had worked as a portfolio liquidity manager for the local Federal Home Loan Bank and retired four years ago.


“Like everyone, I lost” during the recent market declines, he said. “I needed to have a more conservative allocation.”


To be sure, a lot of money is still flowing into the stock market from
small investors, pension funds and other big institutional investors.
But ordinary investors are reallocating their 401(k) retirement plans, according to Hewitt Associates, a consulting firm that tracks pension plans.


Until two years ago, 70 percent of the money in 401(k) accounts it
tracks was invested in stock funds; that proportion fell to 49 percent
by the start of 2009 as people rebalanced their portfolios toward bond
investments following the financial crisis in the fall of 2008. It is
now back at 57 percent, but almost all of that can be attributed to the
rising price of stocks in recent years. People are still staying with


Another force at work
is the aging of the baby-boomer generation. As they approach
retirement, Americans are shifting some of their investments away from
stocks to provide regular guaranteed income for the years when they are
no longer working.


And the flight from stocks may also
be driven by households that are no longer able to tap into home
equity for cash and may simply need the money to pay for ordinary


On Friday, Fidelity
Investments reported that a record number of people took so-called
hardship withdrawals from their retirement accounts in the second
quarter. These are early withdrawals intended to pay for needs like
medical expenses.


According to the Investment Company
Institute, which surveys 4,000 households annually, the appetite for
stock market risk among American investors of all ages has been
declining steadily since it peaked around 2001, and the change is most
pronounced in the under-35 age group.


For a few months at the
start of this year, things were looking up for stock market investing.
Optimistic about growth, investors were again putting their money into
stocks. In March and April, when the stock market rose 8 percent, $8.1
billion flowed into domestic stock mutual funds.


But then
came a grim reassessment of America’s economic prospects as
unemployment remained stubbornly high and private sector job growth
refused to take off.


Investors’ nerves were also frayed by the
“flash crash” on May 6, when the Dow Jones industrial index fell 600
points in a matter of minutes. The authorities still do not know why.


pulled $19.1 billion from domestic equity funds in May, the largest
outflow since the height of the financial crisis in October 2008.


Over all, investors pulled $151.4 billion out of stock market mutual
funds in 2008. But at that time the market was tanking in shocking
fashion. The surprise this time around is that Americans are withdrawing
money even when share prices are rallying.


The stock market
rose 7 percent last month as corporate profits began rebounding, but
even that increase was not enough to tempt ordinary investors.


they withdrew $14.67 billion from domestic stock market mutual funds
in July, according to the investment institute’s estimates, the third
straight month of withdrawals.


A big beneficiary has been bond funds, which offer regular fixed interest payments.


investors pulled billions out of stocks, they plowed $185.31 billion
into bond mutual funds in the first seven months of this year, and total
bond fund investments for the year are on track to approach the record
set in 2009.


Charles Biderman, chief executive of
TrimTabs, a funds researcher, said it was no wonder people were putting
their money in bonds given the dismal performance of equities over the
past decade. The Dow Jones industrial average started the decade
around 11,500 but closed on Friday at 10,213. “People have lost a lot
of money over the last 10 years in the stock market, while there has
been a bull market in bonds,” he said. “In the financial markets, there
is one truism: flow follows performance.”


Ross Williams, 59,
a community consultant from Grand Rapids, Minn., began to take profits
from his stock funds when the market started to recover last year and
invested the money in short-term bonds, afraid that stocks would again


“We have a very volatile market, so we should be in
bonds in case it goes down again,” he said. “If the market is moving
up, I realized we should be taking this money and putting it into
something more safe rather than leaving it at risk.”

So what is causing all this anxiety among retail investors? Economic
uncertainty, lack of confidence and lack of leadership are all factors.
And maybe they're realizing the game is rigged so only a few elite hedge
funds and big prop traders at major banks make money while the retail
crowd keeps getting suckered into the markets only to see their savings

Moreover, as Kristina Peterson of the WSJ reports, Not Bull, Not Bear: Meet the Wolf Market:

of the quest to accurately describe hybrid concepts came the spork,
brunch, pluot and mule. One investor's struggle to characterize the
U.S. stock market's recent twists and turns led to new market


Welcome to the "wolf" market.


wolf market is characterized by a tight trading range, increased
volatility, high stock correlations and quick reversals, said its
coiner, Michael Purves, chief global strategist and head of derivatives
research at BGC Financial. Choppy trading makes it hard to pick stocks
based on fundamental qualities, leaving shorter-term options and
technical analysis better tools for navigating its bounces, he said.


was walking around the block one night and thought, you know, we need
another animal," Mr. Purves said. "A wolf is clearly a smaller animal
than a bull or a bear, but it's very quick and decisive."


Purves dates the start of the wolf market to late April although its
origins reach further back, he said. In the rally from the March 2009
lows, investors priced in expectations of a faster recovery than has yet
materialized. The market has struggled to find direction, balancing
the drag from the late spring European sovereign-debt crisis and the
recent slew of lackluster economic data with the more encouraging
second-quarter earnings. That has left trading trapped in a tight range,
subject to sharp ups and downs.


On the bearish side, Mr. Purves
doubts the Standard & Poor's 500 index will be able to break above
its April high of 1225 by the end of the year. But bulls can point to
strong second-quarter earnings and demand from growing economies such
as China, keeping a floor around 1010 in the S&P 500, he predicted.
Meanwhile, the CBOE Market Volatility index, known as the market's
fear gauge is likely to stay elevated between 25 and 35 for longer than
normal. The VIX closed Friday at 25.49.


course, low volume during August trading has exacerbated market
swings. Monday's trading volume was the lowest of the year and isn't
likely to substantially increase until September.


"This is a
market that's trying to feel its way and it's feeling its way during an
extremely slow period in which many folks are out on vacation," said
Robert Pavlik, chief market strategist at Banyan Partners. "We've
obviously exited the recession, but people are still nervous about the


With stocks trading closely together as
macroeconomic issues dominate the market, investors are relying more
heavily on technical analysis, Mr. Purves said.


In part, the rise of
algorithmic trading already has made the market's moves more closely
tied to technical triggers. Also, an environment where interest rates
are close to zero makes cash-flow analysis of companies difficult.


the absence of something else, technicals loom larger," Mr. Purves
said. He also advocates turning to options to make shorter-term bets in
a murky market.


The wolf market may
be here to stay, at least until the economic recovery accelerates or
another catalyst prompts the market to find footing. Mr. Purves
believes the wolf market will last into 2011.


"It's going to take a long time to reverse to a classic economic cycle," he said.

wolf market is also a byproduct of the Fed sponsored liquidity tsunami.
With so much money flowing into the financial system, and so many
hedge funds and prop desks chasing "alpha", we shouldn't be
surprised to see volatile markets at this stage of the cycle.

the wolf market last a long time? It's possible, but my biggest
fear is that the "wolves" behind these markets will end up cannibalizing
each other, and society will end up paying a high price for
their reckless greed.

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cheap uggs for sale's picture

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Reese Bobby's picture

“For a lot of ordinary people, the economic recovery does not feel real,” said Loren Fox, a senior analyst at Strategic Insight, a New York research and data firm.

This kind of insight is indeed very strategic.  Very, very fuckin strategic.  I'd pay most anything for a steady flow of this type of strategy and insightfulness as it pertains to ordinary people...

pitz's picture

All these retail investors are walking right into a trap; soon the bottom will fall out of the bond/currency markets, and those stocks that have been so unloved for the past decade, will provide returns far greater than paper bonds denominated in increasingly worthless currency.

Assetman's picture

Eventually yes.

If I were the goverment and wanted to make one final push to finance my overwhelming level of indebtedness, I might just consider tanking the equity markets to get that final safety trade.

They could either do a massive QE-- which will likely not be that efective.  Or they could make what residual shareholders are left scramble for the so called risk-free stuff.  That would give the banks a chance to unload as well (they know the bond market endgame better than most).

Ripped Chunk's picture

How long???  Is that really a question???  We have been paying for some time now. At least 8 years if not more, no?

Retail investor best be running from this market.

SheepDog-One's picture

Mafia owners of the rigged casino wondering 'Huh, I wonder why the public doesnt come around here no more'? Funny.

cmalbatros's picture

Dammit, i've now got Duran Duran songs running around my head!!!!

MrBoompi's picture

So what is causing all this anxiety among retail investors? Economic uncertainty, lack of confidence and lack of leadership are all factors.


You really have to ask that question after the flash crash and other reports about HFT and market manipulation?


Investors want a FAIR market that is properly valued and stable.  They don't want a market that is held hostage by machines or algorythyms with 0% interest loans backing up their buys and are programmed to sell at the drop of a hat.



ZackAttack's picture



More generally, our political and economic system is broken beyond repair. Our leaders are no longer actively trying to fix it, and are instead facilitating the looting of whatever limited wealth remains before our government repudiates all of its obligations.

ex VRWC's picture

Whether its a 'wolf market' or whatever, its still the view of the masses that the green arrow (or not too red) on their ticker screens means its all really OK.   Therefore this 'wolf market' as Leo terms it is an invention of the puppet-master corporatists and their puppets in government with two purposes:

  • Strip the wealth one last time 
  • Keep the herd docile for a while longer while they complete the task

My commentary on this takes musical form here:  http://economicprotestproject.blogspot.com/2010/08/protest-song-mighty-dow.html


michigan independant's picture

"society will end up paying a high price for their reckless greed."

My Family is under the Staff of Correction for some time now. If they incur debt I will not spare the staff of verbal correction. This means no shelter, food, or education. They are in there twenty's now and obey there parents precepts given to them unless exile is there preference or wish to acept acountabilty for there own actions.

They have free will and also I will not let the wolves have them. They are productive people with disipline to survive with a moral compass.

If they make a mistake I will acept my failure as a Parent and in humility on how we can move forward. We pay half down for vehicles and plan on a short sale for another Home.

Wage generates Saving for income. Around our area we hunt wolves and smoke a pack stickers have another meaning around here. 

Many seen it coming and more will learn the hard way as always. As for us debt is not the issue.

economicmorphine's picture

I generally agree, but take issue with "pay half down for vehicles" and "plan on a short sale."  Why don't you try this instead:

1.  Vehicles - buy for cash or not at all.  If that means buying less car and buying used, GOOD!  Buying used keeps you out of some corporation's database.  Buying for cash means your hard earned money is not funding a corrupt, morally bankrupt banking system.  Half down is a cop-out.  It tells me you still want to make believe things are normal.  They aren't.  You are either at war with the system or you are a tool.  Your choice, Amigo, just don't pretend you can have it both ways.

2.  House - Buy for cash or not at all.  There are tens of thousands of homes from coast to coast priced below $50K.  If you can't afford $50K, rent and save until you can.  

3.  Anything else - buy for cash or not at all.

It's very simple.  I refuse to give money to the banking system (and that includes "investing") because I now know that the goal of the banking system and the fiatsters is the enslavement of me and my children.  If I may talk Texan, fuck that.  I may still lose, but I am not going to cooperate.  No fucking way. Not now.  Not ever.  I'm just going to stay out of the way and watch the wolves (I still prefer pigmen since wolves are actually noble beasts)  fuck themselves.  

This is my Alamo and Ben Bernanke is that short little prick, Santa Ana.   I am not going to do it half-assed.  I'm not borrowing another fucking dime.  Not now, not ever.  BTW, I own my home outright, an old pickup truck with a Texas flag in the rear window, a shotgun, a fishing pole and every other thing a man needs.  I don't have any of that girlie-man iCrap cidiots find so useful.  Not worth much where we're going.  My kids think I'm nuts, but not as nuts as they used to and probably no more nuts than most men's kids think they are.

God Bless the Free Republic of Texas!  Viva Zapata!

HungrySeagull's picture

Arkansas is working on it yet, many of us are getting the hell off this merry go round of borrowing. FAST.

Yea high and yea low and lower still until zero debt.


There is a day a-fixing to come when it's all cash on the barrel. No credit, no papers to fill out, no crappy fico score to worship and the devil take the banks.


We are in a position to replace a car now if we have to... cash.

If we had to move, it will need a bit more saving yet, but we are paid for here. Other people have lost value in thier homes, we only have gained.

ex VRWC's picture

Bravo.  Exit the system.  Do not participate in the credit scam that is destroying us all.  Do not buy 'free market capitalist' ideology that takes the form of protecting the corporatists and bankers from the due consequences of their errors.  And do not buy the wealth redistributionist ideology that will take from the rich and give to the poor, but only through the crony banker middlemen via the 'credit religion' that so many embrace.  Use your brain and think.  Down with crony corporatism on the left and the right.  God, listen to myself! I need to get off this soapbox, but this stuff just needs to be said.

P.S, I like the term 'pigmen', too.  I actually have a song brewing with that title.  Here is a snippet of the lyrics:

The pig-men check their tickers and

They trade the latest tips

Don’t they deserve the upside on

All rallies and all dips?


Musical? Add your voice to the chorus at http://economicprotestproject.blogspot.com/ 

JR's picture

Wonderful!!!  It never ceases to amaze me, the talent, expertise and stature behind many of the avatars on Zero Hedge; truly it reaches the world.

ex VRWC's picture

Are you referring to the screed or the music?  In any case, we need to get the word out there, and music can help!

doolittlegeorge's picture

Still Seeking Alpha Leo?  Imagine, an entire nation in the "Souvlaki Soup Kitchen."  Ah, the past.  Nothing one can't run away from, no?  And needless to say the Taliban are very angry that God is against them FOR REAL.

Assetman's picture

Good point, george.

Leo, this is one of your better postings here, seriously.

But if this indeed is a Wolf's market, and those of us trying to create alpha are sheep.  How can you possbily win?

JR's picture

Pictures are worth a thousand words! or their weight in 23.7 trillion taxpayer/401k gold stolen by Goldman. This is visualization of the plight of the American middle class at its finest, WB.

HungrySeagull's picture

Wolfpack is gnawing on the last, slowest and most sluggish money. Everyone else have made it back across the junkyard fence by now with the good stuff.

Gonna be a long night until sunrise.

JR's picture
And maybe they're realizing the game is rigged…

Bingo! Leo.  The rulers have only the Dow Jones to entice support for a “recovery” that is not a recovery, for “growth” that is not growth, for “good” news that is consistently a lie.  Everything suggests that the nation’s financial health is quicksand and retail investors are hesitant about proudly tromping across treacherous ground that entraps and destroys.

From Shakespeare to fifty years ago, circus performers and movie stars were looked down upon as role models for a nation’s youth.  In much the same way, the stock market was akin to casino gambling, and thus, the majority of pension funds faced a a 6% investment limit in the stock market—until government bailout made risk for the privileged few risk free. Our media friends made Holllywood a road to follow and the stock market a necessary part of every family’s investment future--enticing unsophistcated investors into high risk because “CDs and bonds were underperforming inflation (the Greenspan and Bernanke legacy for Americans).” Well, Hollywood is in the trough these days, and our friends on the street called Wall are looking more like loan sharks to the average retail investor than investment counsellors.

IOW, they beat the drums after every bubble one too many times, and the young people are now too smart for them to catch.

JR's picture

WB,  thanks for another great LOL "Lloyd." 

The Lloyd as a “Fat Bottom Goldman Girl” also is an absolute best, truly a LOL original…

mrhonkytonk1948's picture

Borrowing a line from "The Usual Suspects":  If the greatest trick the devil ever played was convincing us he didn't exist, the greatest trick Wall Street (standing in for the devil in this metaphor) ever played was convincing us and our elected representatives that the stock market was a good and reliable way for average folks to build wealth for retirement.   I think J6P is catching on.  Good for him.

MrSteve's picture

Joe and Jane 6P have sleuthed out that gold is their only and best defense against Wall Street and Pennsylvania Avenue organized theft rings.

As the WHOPPER in War Games concluded, the only way to win the game is to not play by the losers' rules. Gold stops the losers because it takes away their umpires' validity in the game.

Much credit is due to the people who make ZH the light of truth in our times. If Leo is to be included, well that's your opinion.

traderjoe's picture

I don't think the average J6P has any gold at all - or any assets for that matter. A decent percentage of gun ownership - that has risen in the past couple of years. No canned goods, no water filters, no preparation. Most people still want to believe. Believe that SS will still be there, the grocery stores will always be open and stocked, and that the government is going to save them. 

People are waking up, but slowly. Still lots of people watching Fox/MSNBC/CNN thinking that is real news. 

Good article Leo. 

Bruce Krasting's picture

Very old rule of thumb. Take your age. Subtract it from 100. The result is the % of savings that should be committed to stocks.

My bet is those with savings all have exceeded this ratio. This is especially true for those now 50. Most have way to much in stock. I know many people who think they are wisely invested when they have 100% of their savings in fucking dividend stocks.

Who is the buyer Leo? Other than you? What is your ratio? Are you overinvested in common stock?



ColonelCooper's picture

Hey Bruce,

Should have 55%, have <.5% .  Am I being too conservative? :)


Leo Kolivakis's picture


There's a reason why they call it the world's biggest casino (just don't be left holding the bag):

tony bonn's picture

most balance sheet and income statements are such frauds it is passingly strange that anyone would invest in the bankster controlled stock markets...fasb has turned into one of the most corrupt cabals of pirrhana in league with the ratings agencies who slobber lies every time they move their lips....

Goldenballs's picture

The trickle now will soon be a flood,people are wising up to looking after themselves as the Government won,t.Obama and his administration can,t ignore the plight of the US much longer.Difference is with this wolf market the wolves won,t just be knocking on your door in the winter.Get the feeling this will be an interesting week,dont know why,just do.The Flash crash must be because someone pulled out the wrong plug and the computer using all that QE money to buy worthless stocks crashed,either that or no-one payed the electric bill.

seventree's picture

Investors’ nerves were also frayed by the “flash crash” on May 6, when the Dow Jones industrial index fell 600 points in a matter of minutes. The authorities still do not know why.

Plenty of people know exactly what happened and why, including some who have posted the information on this site. It's impossible that "the authorities" don't have this information. Since they refuse to disclose or act on it, administration-level interference is the only possible reason.

exportbank's picture

Grand Theft Wall Street - it often feels like a video game but it's not. 

Alexandre Stavisky's picture

If this economy had any REAL potential left, with zero interest rates, you would have new inventions, new factories, new technologies flying to market.  With zero interest rates (unless we were in a historically pronounced downturn, which we are), any viable business idea would be exploiting essentially free money without time constraint.

Instead we have banks and financial institutions leaning upon the taxpayer to make themselves whole, and then using any excess cash flow to park for "risk-free" returns in gov't paper promises used to generate new dilutive currency to then distribute in transfer payments to one-time glutton-like consumption.  Selling honour for porridge.

None of this debt upon which the banks and fractional reservers so depend is self liquidating.  No one is taking advantage of the near zero interest except to open credit lines which will be drained in the event of THE EVENT. None believes there is growth in anything except statistical deception, demolition, demoralization, and claimants upon pension and public funds.

There is no more real, there is only false.  And the engine which depends upon growth MUST accept structural, long term contraction which will destroy its core: finance, real estate, pension, insurance, gov't.  But first they must EAT every scrap remaining of the productive economy.

It will destroy the investing proclivities for a generation.  None will regard bankers, traders, portfolio managers, lenders of any stripe the same for a hundred years.  Those possessing real money and real savings will demand fantastic collateral and catastrophic interest.  Otherwise they assume no risk. Today they repudiate stocks at the bottom of capital structure.  Tomorrow they abandon in accelerating fashion, the remainder.  Until finally they abandon the dollar and all paper fiat.  Hopefully all will accept metals; if not...goodnight and goodbye.

Welcome barter, clans, keep, and moats.

El Hosel's picture

"it often feels like a video game but it's not"...

   ahh... but it is a video game Online trading is the ultimate video game. Step right up, last one out pays the bill.

MrSteve's picture

Getting away with grand theft auto is highly dependent on the fuel tank not running dry. Redemptions in stock mutual funds and Fidelity's recent "hardship" retirement account redemption stats show the fuel guage is pointing toward EXCELLENT! Happy Motoring to all those not paying close attention to "real world demand" liquidity.  The market can always be <wink>bought<wink> for 63 straight days as GS did earlier this year, but now that time of the game has passed and FED buying USTs out to 30 year notes is the new game. The next game may be end game or more likely, is <end game>. Got gold?


Iceobar's picture


IMHO it might already be happening. For example, did you notice GS undercutting JPM, et al in the GM IPO? I'm also sure you noticed that GS raised their gold price estimates ....in the face of JPM's purported huge gold short position. I imagine the equity markets as a pail with a hole in it....the hole is the continuous source of redemptions for pension checks, company operating expenses, etc. That hole has recently gotten a bit bigger from cash strapped people that are forced to exit due to their immediate circumstances, and then we have the boomers cutting back due to what they have recently seen and experienced and becoming much more frugal due to lack of projected retirement funds and are unwilling and unable to play with "alpha" any more. When the amount going into the pail is radically cut also, the remaining players start looking around the dance floor.......

unwashedmass's picture


watching the wholesale and blatant corruption in the markets -- like the gold and silver markets -- and our government agencies' turning a blind eye to even the most staggering evidence of market manipulation, you realize....

we are becoming a third world economy at warp speed...

and you'd be out of your mind to put money in our markets where the government is now literally sanctioning its theft by the major banks......

and you'd be out of your mind not to be planning where and how you are going to invest in other economies in places far, far away from this fiasco....

TheWord's picture

"Wolf market" - that's good.  Hopefully this perfect description will catch on.


nmewn's picture


But I understand communist chinese solars are a steal at these levels ;-)

Leo Kolivakis's picture

They are but the problem is the big guys are stealing them away from the little guys. ;-)

nmewn's picture


As far as I can tell there's not much point in investing ones discretionary capital in a subsidized space as you have by force been financing same.

So why play the long game when the house is going to win on the short side?

Glad you took it in the vein intended, but the pumping was getting a little old. I hope your buying something to protect your gains.

Take care.

Leo Kolivakis's picture

I know, I beat the solar drum too hard. There are other stocks worth looking at (but beware, Cramer said "BUY!BUY!BUY!"):

Otherspeoplesmoney's picture

Geothermal power is cheaper to produce than most alternative energies, according to Bloomberg New Energy Finance data. Plants harnessing underground heat need to earn an average $74 a megawatt-hour for the owners to pay off their investment in Iceland, compared with $91 for onshore wind farms and at least $241 for solar energy, according to the research service.

Al Gorerhythm's picture

That's it?!  That's all you have to say after a year of pomp and invective? You beat the solar drum too hard, huh? Mea fucking culpa that aint.

Leo, that's the understatement of the year and puts you on the same podium as Timmah et al. Fuck my brown dog if you didn't pig dog that bitch to death and castigate anyone with a different opinion or saw through your shit. 

Just another wall street shill if this is your next Cramer moment.!

What a blowhard bitch!