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Kaminsky Slams Strategists: "Do As They Do, Not As They Say"

Tyler Durden's picture





 

In a brief four minutes this morning, CNBC's Gary Kaminsky summarized what many have suspected (and we have pointed to again and again) that investors should as the talking-heads are doing and NOT as they are saying (or writing). We have opined vociferously on this topic of the divergence between sentiment surveys and real money positioning, but the outspoken 'real money manager' is gravely concerned that what he is seeing now from the guests and newsletter writers is very similar to what took place in 2007: "Everyone saying they would stay fully invested, that they loved equities, that the housing boom was nothing to worry about (recovery now); while at the same time they were short-selling the market. People are saying one thing and doing another." Kaminsky nails it when he points to the obvious that everybody knows that the last four years have not been about the White House or 'recovery', but about Central Banks; and the last few weeks (post QE-Eternity) the realization of this fact has really sunk in along with a belief that the next four years are not positive for stocks. Not quite a Jeff Macke meltdown of truthiness but the veil has been lifted.

 

Must Watch

 


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Thu, 11/15/2012 - 13:50 | Link to Comment So Close
So Close's picture

Loved watching this live.

Thu, 11/15/2012 - 13:52 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

People on TV never lie

Thu, 11/15/2012 - 14:01 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The sheeple can't ever know what the sell-side anal-cysts are actually doing until way, way after the point that they've "talked a lot."

Pump'n'Dump forever, bitchez, enabled by cnBSc, Bloomturd and their ilk.

 

p.s. - I hope Janet "Batshit Crazy" Yellen gets full control over what is already exceedingly insane monetary policy, not because I want to actually see harm done (I really don't), but because I'd like to see a total purge of the toxins in the system, which will necessitate that all faith in the Fed or any other "authority" is rightfully destroyed, and the sooner the sheeple come to the realization that these people are massively incompetent/corrupt/insane and have been lying to them for decades, the sooner this process/realization can fully unfold. The Bernank is fast, but Yellen would be faster.

Thu, 11/15/2012 - 14:08 | Link to Comment CClarity
CClarity's picture

He also said to batten down the hatches, protect assets, protect your job, cash is okay, and recession is around the corner.

Well, actually he read that from the Wellington letter, but he in essence endorsed that view.

Thu, 11/15/2012 - 14:15 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I'd argue that we're actually in a depression if one were to deduct deficit spending, consider the number of Americans surviving based on federal and state direct transfer payments of one form or many (SNAP-EBT, SSI, Social Security, Medicare-Medicaid, UI, extended UI, etc.), subtract the number (in percentage terms) of government employees at the federal, state and local unit levels we now have versus that which we had in the 1920's run-up to The Great Depression, calculate the true, broad rate of unemployment/signficant underemployment & also the true decline in the labor force participation rate, account for the % of GDP that is actually present due to inflation versus increased consumption or productivity, consider the relative composition of consumption by private economic actors versus governmental or quasi-governmental ones, and do even a rough calculation as to how much government consumption that's now 44% funded by deficit spending is comprising total GDP.

But that's just me.

Thu, 11/15/2012 - 14:27 | Link to Comment TrumpXVI
TrumpXVI's picture

Not just you.

I'm with you.

Thu, 11/15/2012 - 14:39 | Link to Comment TruthInSunshine
TruthInSunshine's picture

We are pessimists. I wish I was an optimist.

Thu, 11/15/2012 - 15:02 | Link to Comment Pladizow
Pladizow's picture

At the hosts question, that MoFO back peddled!

Thu, 11/15/2012 - 15:16 | Link to Comment Nobody For President
Nobody For President's picture

Hey TIS, I think 'realist' is better. I'm basically an optimist, but I gotta agree with you - things are gonna get worse before they get worse.

Thu, 11/15/2012 - 14:46 | Link to Comment hairball48
hairball48's picture

Me Three. I'm with ya.

Thu, 11/15/2012 - 14:33 | Link to Comment hairball48
hairball48's picture

Right on. I agree about Yellen. I voted Libertarian, but was actually glad to see O'Bummer win. Same reasoning as Yellen...the crackup boom will come just that much quicker. Romney would have just drug things out longer. The collapse of the dollar can't come soon enough for me.

Thu, 11/15/2012 - 14:58 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Billy Martin makes the call to the bullpen & brings Yellen in.

The Mets win the World Series & Empires spontaneously collapse.

Thu, 11/15/2012 - 15:15 | Link to Comment Everybodys All ...
Everybodys All American's picture

For those that don't know Janet Yellen. She is Nancy Pelosi times 10 for crazy monetary policy. The other choice is the big fat bastard Larry Summers. We are truly screwed.

Thu, 11/15/2012 - 16:09 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Janet Yellen is to monetary policy theory what Gary Busey is to classical philosophy.

Thu, 11/15/2012 - 17:42 | Link to Comment Dave Thomas
Dave Thomas's picture

How dare you besmirch Gary Busey's name by comparing him the Janet Yellen!

Thu, 11/15/2012 - 14:00 | Link to Comment youngman
youngman's picture

I was watching it too..and I was thinking to myself....You just lost your job....

Thu, 11/15/2012 - 15:33 | Link to Comment tickhound
tickhound's picture

At the end of the segment, Kaminsky did have that "there I said it, now deal with it" look as he spiked his mic in the endzone.

Thu, 11/15/2012 - 18:01 | Link to Comment AcidRastaHead
AcidRastaHead's picture

Looking forward to the day he punches some strategist in the face.  Maybe twice for being two-faced.

Thu, 11/15/2012 - 14:01 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Politicians never lie

Thu, 11/15/2012 - 14:31 | Link to Comment Freegolder
Freegolder's picture

Will anyone at ZeroHedge comment on this article that appeared yesterday?

http://www.zerohedge.com/news/2012-11-13/china-says-it-must-add-gold-res...

 

The post mentions a Bloomberg article and quotes from that article.

The Bloomberg post was purported to come from an article in the China Securities Journal.

 

Despite extensive searches, neither the Bloomberg article nor the China Securities article can be located. These seaches were performed within an hour of the post appearing on ZH.

What is the story here?

Why no link, why no articles.

The post has been picked up across the web (of course), but more and more people seem to be asking if the whole thing is fictitious.

Zerohedge, please could you offer an explanation?

Thu, 11/15/2012 - 15:26 | Link to Comment lemonobrien
lemonobrien's picture

it was a gold pumps an dumps article. they had another about china, and how they don't need anymore golds; then they had another on how gold supply will drop 2% cause of all the problems with Africans.

 

it's all a crap shoot. I buy gold cause I was genetically engineered to mine/hoard it by aliens.

Thu, 11/15/2012 - 13:53 | Link to Comment GRsilverking
GRsilverking's picture

I love Gary. My fav talking head. He made me big money since 1998 on SU! A REAL HUSTLER! 

Thu, 11/15/2012 - 13:59 | Link to Comment Fidel Sarcastro
Fidel Sarcastro's picture

He better stop all of that "truthiness" or he'll be fired.

Thu, 11/15/2012 - 13:53 | Link to Comment Boilermaker
Boilermaker's picture

There's the 1350 SPX battle line for the FED.  Now, it'll be utterly retarded action to defend it like the Alamo.

Right on cue.

Thu, 11/15/2012 - 13:55 | Link to Comment Alhazred
Alhazred's picture

did i mention that we can solve this by ending the fed.

 

http://wh.gov/XWkP

Thu, 11/15/2012 - 14:29 | Link to Comment fonzannoon
fonzannoon's picture

Kaminsky was just one firework on the CNBS crisis creation team. They don't give a shit what he says as long as it drives ratings. They love this shit.

Thu, 11/15/2012 - 16:05 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Automatic +1

Kabuki Theater. Anyone thinking anything is "unscripted" on Panem et Circensus Vision is still on Blue Pills.

 

Okay, okay...as ZH reminded, there are extreme exceptions (because no one is this good of an actor):

Jeff Macke Loses it on CNBC - YouTube
Thu, 11/15/2012 - 13:54 | Link to Comment Alhazred
Alhazred's picture

but but the market is so much more fun than regular roulette!!!

 

 

End the fed:

http://wh.gov/XWkP

Thu, 11/15/2012 - 13:57 | Link to Comment Jonas Parker
Jonas Parker's picture

The markets may be more fun than regular roulette, but the odds are a lot worse and the ultimate result is the same for both... you lose!

Thu, 11/15/2012 - 14:08 | Link to Comment ShorTed
ShorTed's picture

Thx for the link, i'm in! 

Thu, 11/15/2012 - 13:56 | Link to Comment LongSoupLine
LongSoupLine's picture

His days at the "Ministry of Truth's" main puppet, CNBC, are now numbered.

Thu, 11/15/2012 - 14:00 | Link to Comment CrimsonAvenger
CrimsonAvenger's picture

Agreed. This year's Christmas party is going to be awkward.

Thu, 11/15/2012 - 14:05 | Link to Comment Conman
Conman's picture

He can hang with Rick Santelli at the kids table.

Thu, 11/15/2012 - 14:08 | Link to Comment youngman
youngman's picture

I don´t think they celebrate Christmas at CNBC....Chanukah yes

Thu, 11/15/2012 - 14:12 | Link to Comment NooooB
NooooB's picture

I forget who they were interviewing. Some big hedge fund guy. When asked how he felt about equities, he said, "I'll get back into equities when cnbc is a sports channel". It made me laugh. But not cnbc.. They didn't laugh.. It was awkward.

Thu, 11/15/2012 - 14:10 | Link to Comment Mercury
Mercury's picture

In other news: the government's strategic advice and decisions aren't optimal for those who don't work for or live directly off of the government.

Thu, 11/15/2012 - 13:58 | Link to Comment It is a bargin ...
It is a bargin my friend's picture

I quite liked Gary, shame he'll be gone

See what happens when you take a mans electricity away from him

Thu, 11/15/2012 - 14:04 | Link to Comment LongSoupLine
LongSoupLine's picture

was just thinking that too.  I think he's hit his "fuck it" limit.

 

Can't wait for his next rant-o-truth

Thu, 11/15/2012 - 16:37 | Link to Comment MachoMan
MachoMan's picture

It's called the rats on a sinking ship gut spilling...  bill gross just got out way ahead of people

Thu, 11/15/2012 - 13:59 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Forget about the talking heads and do what the smart central banks are doing BUY GOLD. We are getting very close to a MAJOR event. You better be ready.

Thu, 11/15/2012 - 14:01 | Link to Comment The Master
The Master's picture

I agree, but not yet.  There will be a liquidity crunch first and gold will be sold off along with every other asset.  Wait for a cheaper going-in basis.

Thu, 11/15/2012 - 14:09 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Gold is becoming a tier 1 asset on Jan 1, that will mean much less liquidation. If you understand gold, at this point in the game it should be the last thing liquidated.

Thu, 11/15/2012 - 14:22 | Link to Comment The Master
The Master's picture

Like it or not, people will flock to USD in times of extreme panic and gold will still be sold even if it is Tier 1.  I don't believe we're at a tipping point yet where most investors see gold > USD as much as I would like that to be true.

Thu, 11/15/2012 - 14:41 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

I hear you but at some point some of the herd will wake up to the reality of negative real rates and they will be chasing hard assets out of fear and I don't want to be part of that crowd. Better years early than a day late.

Thu, 11/15/2012 - 14:37 | Link to Comment hairball48
hairball48's picture

+1 for "Buy Gold" You got it. And the only way to do it is buy the metal...not some ETF

Thu, 11/15/2012 - 13:59 | Link to Comment SwampHonkey
SwampHonkey's picture

They wouldn't do that.I bought Facebook at killer deal 20,000,000 a share.They said it was a good deal.Are you saying they deceived me?

Thu, 11/15/2012 - 14:00 | Link to Comment TideFighter
TideFighter's picture

Fucking coward. Another POS Obama shill, and way too late for the ZH party, pal. 

Thu, 11/15/2012 - 14:02 | Link to Comment catacl1sm
catacl1sm's picture

I miss macke.

Thu, 11/15/2012 - 14:06 | Link to Comment LongSoupLine
LongSoupLine's picture

Dylan Rattigan too.  He was waaayyy to full of reality and truth.  Especially at a time when CNBS was at it's BS'est.

Thu, 11/15/2012 - 14:02 | Link to Comment spekulatn
spekulatn's picture

Great stuff ZH.

Mr. Kaminsky, thank you. 

Thu, 11/15/2012 - 14:02 | Link to Comment Ineverslice
Ineverslice's picture

 

Gary, u can pick up your check on the way to lunch.

Thu, 11/15/2012 - 14:03 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Many of these talking heads know this thing is going to blow and they know they won't have any credibility unless they start talking truth.
Why do you think the bond king is talking gold?

Thu, 11/15/2012 - 14:05 | Link to Comment otto skorzeny
otto skorzeny's picture

he was on Long Island(where he lives) yesterday carrying on about how his hometown-as he pointed out-"one of the richest in America"-didn't have power yet and then he had the balls to walk up to some lineman who was unloading power line poles and chewed him out because nothing was being done. typical east coast elitist asshole.

Thu, 11/15/2012 - 14:07 | Link to Comment Conman
Conman's picture

Well he's right. Not for chewing out the lineman, but these power companies pay out huge dividends instead of reinvesting into the infrastructure.

Thu, 11/15/2012 - 14:27 | Link to Comment fonzannoon
fonzannoon's picture

He could have chewed out the unions that asked all the out of state crews to kick in 20% plus of their pay to the NY union's healthcare plan in order for the privelage of coming here to help, But nah let's just bust some non name guys balls in the parking lot.

I knew that silver spoon was from that area just by hearing his annoying voice.

Thu, 11/15/2012 - 14:05 | Link to Comment madcows
madcows's picture

the sheep were misled?

Thu, 11/15/2012 - 14:07 | Link to Comment kralizec
kralizec's picture

Hmm...

Wonder what the response to falling equities will be?

Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P Ctrl-P

~

Thu, 11/15/2012 - 14:12 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Always nice to see an American male who still has his balls.

Thu, 11/15/2012 - 14:13 | Link to Comment Milton Waddams
Milton Waddams's picture

Kaminsky strikes me as one of those guys that makes decisions based on "what I'm hearing".  Just another sheep.

Thu, 11/15/2012 - 14:17 | Link to Comment Quinvarius
Quinvarius's picture

He is connected.  I will give him that.  He is just another Cramer living off the GS teat.  They gave it their best whack and now they are stymied at the target.  So cue the tears. 

Thu, 11/15/2012 - 14:13 | Link to Comment Minyan Vince
Minyan Vince's picture

yo where's that Jeff Macke meltdown clip??? that's prolly priceless

Thu, 11/15/2012 - 14:22 | Link to Comment ebworthen
ebworthen's picture

http://www.youtube.com/watch?v=79HLnTPxMho

A moment of sanity and realization of the Ponzi; "not allowed" in the MSM.

Thu, 11/15/2012 - 16:01 | Link to Comment IridiumRebel
IridiumRebel's picture

Nod if you are with me........

Thu, 11/15/2012 - 14:31 | Link to Comment Temporalist
Temporalist's picture

Here you go:

Jeff Macke Meltdown

http://www.youtube.com/watch?v=79HLnTPxMho

Thu, 11/15/2012 - 14:15 | Link to Comment Quinvarius
Quinvarius's picture

My thesis is bullish.  Kaminsky can scream all day and all night.  It doesn't matter.  This market has done nothing technically bearish.  The same as every other time Wall Street told you to sell for no reason, easy money is what moves stocks.

Next time you and your cabal go on a stop hunt, bring a bigger gun, son.

Thu, 11/15/2012 - 14:15 | Link to Comment catacl1sm
catacl1sm's picture

Correct me if I'm wrong, but isn't Long Island essentially a barrier island? If so, expect a storm to lay waste to it.

Thu, 11/15/2012 - 14:36 | Link to Comment Temporalist
Temporalist's picture

Did you just wake up after a month long slumber?

Thu, 11/15/2012 - 14:18 | Link to Comment curbyourrisk
curbyourrisk's picture

Very soon he wil find himself as part of the unemployed figures. 

 

1)  THEY ARE NOT ALLOWED TO TELL TRUTH....

2) See Rule #1.

Thu, 11/15/2012 - 14:24 | Link to Comment ebworthen
ebworthen's picture

Gary will either be sent to stand in the rain and snow to cover the next storm, or to Fox Business with all the other CNBC orphans.

I also didn't see him wearing the CNBC "Rise Above" campaign button, which is little more than urging politicians to screw the middle class again to keep the Wall Street/Washington Kleptoligarchy Calliope rolling and tooting it's siren song to main street.

Fri, 11/16/2012 - 06:34 | Link to Comment Supernova Born
Supernova Born's picture

...and Joe Kernan, who has lambasted/skewered that bs "Rise Above" crap was "sick" yesterday?

Curiouser and curiouser.

Thu, 11/15/2012 - 14:21 | Link to Comment Northeaster
Northeaster's picture

Where is this "Wellington Letter"? I know of Wellington Management here in Boston, or is their investor report they sent out?

Thu, 11/15/2012 - 14:25 | Link to Comment tsx500
tsx500's picture

bert dohmen

Thu, 11/15/2012 - 14:23 | Link to Comment JustObserving
JustObserving's picture

the next four years are not positive for stocks.

Central banks have printed $8 trillion since 2008.  They will print at least $2 trillion a year and probably more.  The US Fed will be printing at least $1 trillion a year as US debt rises $1.5 trillion a year while unfunded liabilities rise $6.8 trillion a year.

Equities will go up in nominal terms as Western currencies become confetti.  You are much better off in Equities versus Treasuries.

Of course, gold and silver are better investments than  equities but Treasuries and Coirporate bonds will be swamped by inflation, sooner or later.

The next four years are not positive for currencies and bonds as they represent confetti - positive for real assets like precious metals, equities, most commodities and land.


Thu, 11/15/2012 - 14:30 | Link to Comment Conman
Conman's picture

Like the man says, why chase the yeild. Risks are all outta wack. Cash is "safer" at this point, with all CBS printing like mad whats really the chances the Us dollar will hyperinflate? Race to the bottom my man.

Thu, 11/15/2012 - 15:04 | Link to Comment antidisestablis...
antidisestablishmentarianismishness's picture

There's no prude like the reformed whore.

Thu, 11/15/2012 - 15:09 | Link to Comment Bastiat009
Bastiat009's picture

"People are saying one thing and doing another"

If you're over 15 and you didn't know that, you need to grow up .. quickly.

Thu, 11/15/2012 - 15:12 | Link to Comment Downtoolong
Downtoolong's picture

the last four years have not been about the White House or 'recovery', but about Central Banks

And the longer they keep lying about that (aka shoot themselves in the foot), the less likely anyone will ever believe anything they say again. That goes for their sell side MSM puppets and jounalists too.

 

 

Thu, 11/15/2012 - 15:28 | Link to Comment Everybodys All ...
Everybodys All American's picture

"Gary, I've got Jeffrey Immelt on line 1. He sounds a little upset."

Thu, 11/15/2012 - 15:51 | Link to Comment IridiumRebel
IridiumRebel's picture

-Middle East on the Precipice of Major War

 

-Central Banking being exposed and out of bullets

 

-Fiscal cliff and the end to debt growth

 

-Housing Market is about to implode

 

WHAT COULD GO WRONG?

Thu, 11/15/2012 - 16:35 | Link to Comment Downtoolong
Downtoolong's picture

"Do As They Do, Not As They Say"

Better yet, do it before they do it.

Thu, 11/15/2012 - 17:21 | Link to Comment Your Creator
Your Creator's picture

STOCKS ARE OVERSOLD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thu, 11/15/2012 - 17:26 | Link to Comment chancee
chancee's picture

Wow.  Never, ever, ever hear the truth slip through like that...  May look to follow Kaminsky on Twitter... Look for a bounce pretty soon on that kind of negative sentiment that sucks all the bull-tards in one last time, then the mega-drop.

Thu, 11/15/2012 - 18:19 | Link to Comment Lost Wages
Lost Wages's picture

When the truth goes on TV, is it still the truth, or did it just become a lie? Everyone sell so the cartel can buy on the cheap before the last big kick of the can.

Thu, 11/15/2012 - 19:42 | Link to Comment gwar5
gwar5's picture

Kaminsky Omen is here.

 

Fri, 11/16/2012 - 06:36 | Link to Comment Supernova Born
Supernova Born's picture

G-d bless you, Mr. Kaminsky.

If that was an act, give that man an Oscar.

I'm a sucker for honorable passion, but that IMO, was the best clip I've ever seen on Zero Hedge.

If he is lying or full of it, I will go all cash* for the rest of my life.

Do NOT follow this link or you will be banned from the site!