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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
So Close's picture

Loved watching this live.

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.

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.

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.

TrumpXVI's picture

Not just you.

I'm with you.

TruthInSunshine's picture

We are pessimists. I wish I was an optimist.

Pladizow's picture

At the hosts question, that MoFO back peddled!

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.

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.

TruthInSunshine's picture

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

The Mets win the World Series & Empires spontaneously collapse.

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.

TruthInSunshine's picture

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

Dave Thomas's picture

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

youngman's picture

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

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.

AcidRastaHead's picture

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

Freegolder's picture

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



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?

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.

GRsilverking's picture

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

Fidel Sarcastro's picture

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

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.

Alhazred's picture

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



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.

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
Alhazred's picture

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



End the fed:


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!

ShorTed's picture

Thx for the link, i'm in! 

LongSoupLine's picture

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

CrimsonAvenger's picture

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

Conman's picture

He can hang with Rick Santelli at the kids table.

youngman's picture

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

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.

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.

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

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

MachoMan's picture

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

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.

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.

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.

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.

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.

hairball48's picture

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

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?

TideFighter's picture

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

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.

spekulatn's picture

Great stuff ZH.

Mr. Kaminsky, thank you.