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Apollo's Leon Black: The Smart Money Is "Selling Everything That Is Not Nailed Down"
When a sell-side strategist says 'buying opportunity of a lifetime', we know there will be another right around the corner even if we rally 10%; when one of the largest buy-side firms believes "this is an almost biblical opportunity to reap gains and sell," we tend to listen. In this brief clip from last week's Milken Institute, Apollo Group's Leon Black says his firm has been a net seller for the last 15 months, and that they "are selling everything that is not nailed down." Critically lost in the mainstream media's diatribe is his point that as the markets push higher, juiced by the Fed's policies, his firm will be selling more and more into that and harvesting gains (realizing profits) as opposed to watching unrealized gains (and the mirage of a wealth effect). Apollo has had $13bn of 'realizations' in the last 15 months - the most ever - as he sees "the market is pricey... in our view, priced for perfection." We suspect perfection is far from what we achieve.
Buy Low... Sell High?
Leon Black begins at around 15:45...
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Buy-side firms want you to sell to them just as much as sell-side firms want you to buy from them.
Physical fiat, Bitchez !
"everything that is not nailed down"
or welded
http://www.youtube.com/watch?v=5uxsFglz2ig
hearing this sell, sell, sell mantra everytime i wander into the orbit of a PE type. can't agree more, but I also can't remember a time when these guys were more inclined to take profits. their attitude is like "we'd be crazy not to take these prices".
when the most balls-out levered players start fading a liquidity rally what does that mean? QE5 at $200b/month anyone?
but benny boy be buying big
The smart money follows the chart. To make a sell recommendation on the S&P is to deny the validity of centuries of technical chart analysis. With the exception of silly pessimistic "over-bought" and "reversal" indicators, the S&P 500 is set to soar according to virtually every technical indicator. But ZHers prefer to ignore this powerful fact in favor of the "fundamentals" which historically have had absolutely no predictive value. The S&P 500 chart is a text-book bull market. There is a clear uptrend, all the momentum indicators are screaming buy, and the series of higher highs and higher lows is simply amazing. In all my life, this is hands down the best chart I have ever seen, yet silly ZH masochists continue to forego spectacular profits in order to further their delusions of impending Armageddon.
Laugh it up MDB. Enjoy it while you can! I am sure you were all pissed off when I was watching silver wheaton rise all of those years while the S&P was doing squat! We will have our time again. I wonder how much we will hear from you when metals run another leg up.
Real simple. Last I checked buy low and sell high still holds right. No one can predict that perfectly, but this chart may provide some insight.
http://finviz.com/fut_image.ashx?relative_ytd.png&rev=634660477839218750
not funny anymore, need a new schtick
They are buying gold and and are eagerly waiting for an Economic Collapse/depression. You can't be more masochist than ZHr's.
Learn the difference between a masochist and a realist...
When you are inside the bubble, your perception of reality is distorted. And you certainly cannot have a clear view of what is happening on the outside.
The "growth in profit" cycle has come to an end after a three year run.
Were we in the midst of ever improving rate of profit growth, then the S&P 500 might indeed be set to soar.
But an expanding P/E because prices are rising and earnings are declining is a surefire sign that the top has been reached.
"To make a sell recommendation on the S&P is to deny the monetization of 85 billion per month" - Fixed it for you. To infinity and beyond, because the "recovery is so good".
the market was also screaming buy in mid-2007 before the Dow lost 7000 points.
Well, somebody, had to down-arrow you.
I am long value and short artifice in bull, bear, and nowhere markets, and collect your fear premiums albeit foregoing leverage; worse case i own a unit more at premium's discount better than on-going buy point. You win or lose; I just play.
Actually, MDB, the Smart Money owns the HFT -- and then monetizes a good chunk of the profits into real assets and quality stocks. The Fed's "wealth effect" ---> "wealth transfer effect": Big Fish eat little fish.
You probably also know and will perhaps admit, is that in classic Market Segmentation Theory, even the "Doom, Gloom & Boom" market segment exists. It is (1) Real, (2) Substantial, and (3) Has identifiable and unique traits. This means that they can be and indeed are being targeted by purveyors of goods & services "Doom, Gloom & Boom". Like you, these purveyors are also getting the wealth-transfer effect, even if their clients/cards aren't. Why, even the smart and nice Tylers are making a very nice living from the ads on this site -- a site, which has been forecasting The End is Near for a long, long time.
Now... you nice "Doom, Gloom & Boom" folks who don't see yourselves as targets of "Doom, Gloom & Boom" marketeers, and take exception to me saying so, you just down-arrow away now, you hear?
/s
Even when MDB makes comments like these, people STILL assume he's not joking. The stupidity makes my head hurt.
And yet corrected for inflation you would still have gained zero this decade.
MDB is not wrong, negative duration stocks are doing great. As for positive duration stocks they can do like Argentina.
Stock market up 750% in peso since 2002. Internal debt has been inflated away from 140% debt to GDP to 42%. Now inflation is a bit high and interest rates are high too (yet still negative). But this is force all the evil scrooge McDuck of Argentina to dishoard from their greedy palm their pesos and spend.This has been a beautiful deleveraging.
Nice! Thermite reminds me of 911.
The new Nike-like ad:
Just get out.
"Apollo has had $13bn of 'realizations' in the last 15 months - the most ever - as he sees "the market is pricey... in our view, priced for perfection."
I have always loved that phrase.....priced to/for perfection. As if the markets were based upon some kind of reason, logic or mathematical formula. Why is it that all that reason and logic is used to explain irrational behavior? Because they are selling to the suckers, that's why. Thus the snake oil must be presented as perfection incarnate.
Priced to/for perfect idiots perhaps.
Flipping houses, flipping junkers (after a hillbilly tuneup), flipping "everything that is not nailed down". Flipping crap to suckers seems to be the business du jour.
If this is "civilisation", "progress" and "industry", they can keep it. The horrible predictability of this whole thing is that they are waiting for the crunch so they can pick it up cheap to do this all over again until that "infinite" supply of liquidity from the Fed has a head-on collision with reality. Can't be soon enough for me.
The Bernank & obumma seem to like it, ha! Watch what happens when the paper train stops....whoops, there it is!
85 billion per month from the Fed alone, soon to be 120 billion, then 300 billion, sell paper, buy physical assets, especially those that benefit in a rentier society? Why yes, thank you sir may I have another.
Turn those machines back on Mortimer!
Get back in there and sell, sell, sell.......
I'm calling Bullshit......again!
Hey, at least it's from the reputable MILKEN Institute. What a joke.
So lets put Becky quick in a short skirt and have her pitch some softballs to Buffet and Gates. Sucks to be that rich in my opinion, you are land locked with no way out. You have to join team tyranny because you can't sell a dimes worth without alerting some algo as to your trade. You have to pimp the long position. I know bieng short is counterintuitive to everything you are taught in business school; however, it's a hedge.
Long PM's/Food/Water/Lead and Lead dispensers. Sell the rest at height. Suck it buffet. You're an old hack pimping someone elses agenda and you have no experience in the "NEW" economy. Yeah you made a lot from staying in long, but that's not saying much now is it. Even a broken clock is right twice a day. You've seen quite a few days since DOW 100.
He grew more hostile against gold these days, he wont buy at :
$1,000
$800
$500
$200
lol, imagine the throng on gold when it hits $1,000
Buffet was already angry when gold hit $1000. I'd like to see his face at $10,000. But I suspect he will die of a heart attack around $7500 or so. Most likely his death will be due to Obamacare death panels telling him all those cheeseburgers he ate are the reason he will be denied heart medication.
A short list of the reasons no one was allowed to read the bill before Obamacare was passed:
http://www.youtube.com/watch_popup?v=HcBaSP31Be8&vg=medium
This one is worth passing around.
'Biblical' opportunity....so he's sayin it's all bullshit then?
Anyone not trimming their equity positions and using the proceeds to buy physical gold, silver, and ammo is crazy.
Amen to this. I started divesting from the stock market many years ago. Now I have stacks of silver, a half-acre garden plot, and boxes of ammo for my "lead dispensers."
Feels pretty good, if I do say so myself.
By the looks of Manhattan condo prices and the number of art galleries in Chelsea id say the smart money is buying everything that is nailed and not nailed down....desperate to park their money outside the reach of the global wealth police......
You can't eat a Picasso, you can't eat a poured concrete countertop with custom etching.
And as Midas found out, you can't eat gold either.
True this. But I feel certain that one will always be able to find someone who is willing to trade food for shiny .999 PM coins. That is how it was done for most of human civilization, anyway. That, or barter, str8 up.
I'm sorry I forgot "/s".
You can eat pussy. Long pussies!
Or if one is a male of homosexual persuasion, long cocks! Males of a homosexual persuasion have to eat, too.
What's the line? "Let them eat Rand".
Have you learned nothing from the talking sheepdog in "A Boy And His Dog"? You don't want to own something everyone else wants and doesn't have.
"smart money" LMAO
The number of galleries in Chelsea will drop but it may take the end of ZIRP before it does. Galleries are expensive to run even though you get the merchandise for free and the percentage is 50% --even higher in NYC. The fixed costs can be killer.
There are only three reasons why people are buying art right now:
1) The bluechip stuff always sells, generally at auction. Most bluechip artists are dead. Galleries that deal in bluechip are generally dealing in prints, not unique pieces.
2) If they have a high-end home that requires a certain decor that includes quality art.
3) If they've been watching an artist's career for awhile and they know they can go directly to him/her and negotiate a direct deal at a cheaper price (see the gallery percentage above). Direct sales are still happening but the work has to be quality and readily apparent. Nothing esoteric or bullshit.
This is another industry that is going to change dramatically and there won't be room for galleries that have 80 to 120 artists required to give a gallery exclusive dealings for a geographical area in exchange for a show every two years, if they're lucky (and a portfolio on the shelf in they're not).
+ 1
Now there is an interesting comment on a class of hard assets, Jena.
Nor did I know how art galleries are run (so, + 2).
***
I just picked up a catalog of Patek Philippe watches yesterday. American Hard Assets (a new & interesting magazine) recently wrote an article on certain high-end watches as being a good investment. The last part of your first comment would be parallel with this notion.
Ahh, I think I'll stick with gold.
Hence the rush to buy now and protect thy abundant wealth from being "skanked" (h/t fonz) .......when qe runs its course and its on to the pension fund 401k grab......artwork will be quite tradeable among those who saw the train wreck coming.....
Some art with be tradable, sure. But what will hold value is the question. There are so many color field abstractionist painters out there that they all sort of blend together. If you look at gallery websites, often one painter looks like the next. (In fact they often have several that look very much the same.) Will they hold any value over time? What will be the criteria?
Contemporary sculpture has a better chance of remaining valuable I think, because it is a dying art. In the 1980's, universities started to de-emphasize their sculpture programs because of the people they hired as art professors: Women became the default hirees and they taught mostly painting and ceramics. Thus the sculpture foundries slowly closed. In 30 years, fewer people have learned to weld, cast or finish steel, bronze or Corten unless they found an artist with whom to apprentice. (And the for profit "art schools" aren't teaching anything except painting and video -- plus how to dress, talk and act like an artist.) If nothing else, the materials in sculpture are inherently valuable.
One other thing about galleries: When they go bad they can really go bad. In most states galleries are governed by consignment law which means the artist has no protection if the gallery disappears overnight taking with it the artist's work and any money owed them. Any recourse is through smalls claims court, where damages are limited and that's if the artist can track the dealer down. The other bad thing they've been known to do is use money due the artist to pay their own bills: basic conversion.
I like comic book art
Whether a figure is telling you to buy or sell, it is now considered just another fake news that caters to different group of people.
If I say BUY, what are you going to do?
If I say SELL, what are you going to do?
Lol. He basically says. "Here, I have this bridge in London to sell you".
All these guys are just there to convince CEOs to sell or buy companies so that they can take a cut.
Beware of people that continue to give half truths.
More QE means higher stock market.
You sell and buy that Malibu beach-house.
On one side of you is francis sawyers dad, Mel Gibson,
and on the other is kim jong un...
Doh.
I leave the decission to buy or sell to people who really know what they are doing and who have a proven record of beating the markets. I copy the best traders in the world and make a lot of money doing so. And it doesn't matter if the markets go up or down also!
The desk-pounding trade right now is long big-cap gold and silver miners. Everyone hates them because Buffet hates them and well everyone just knows they are bad.
If you are uncertain take 1/2 a position and add the second half if we get a second leg down.
That is exactly what I have done with NEM ... unfortunately my initial buy was nearly 40. Gold's action is encouraging, the v-bottom is holding up and people are forgetting about it while the shelves get cleared in Mother Asia.
America certainly is the land of opportunity, for some.
From Wikipedia…highlights:
Leon David Black (born 1951) is an American businessman. He specializes with a focus on leveraged buyouts and private equity. He founded the private equity firm Apollo Global Management in 1990.
Net worth: US$3.5 billion (September 2012)
Early life and education
Black is a son of Eli M. Black (1921–1975), a prominent Jewish businessman who controlled the United Brands Company who immigrated from Poland. His mother was an artist. In 1975, his father committed suicide by jumping from the 44th floor of the Pan Am Building in New York City. It was later made public that federal regulators were investigating allegations of bribery of Honduran government officials by United Brands.
Black received a BA in Philosophy and History from Dartmouth College in 1973, and served on the Board of Trustees of Dartmouth College from 2002 to 2011. He received an MBA from Harvard University in 1975.
Career
From 1977 to 1990 Leon Black was employed by investment bank Drexel Burnham Lambert, where he served as managing director, head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department.
Personal life
Black is married to Debra Black, a Broadway producer.
http://en.wikipedia.org/wiki/Leon_Black
I have a trampoline and a set of five Land Rover rims with tires for sale. That should get me 1/2 an ounce of gold to TRADE later for a lot of small rifle primers.
Is anyone buying Index LEAPS Puts in this enviornment?
Heretics like Zell, Gross, Black and the "now-Neutral" Blankfein are WRONG...listen to "Uncle-Warren" and his crack-pot side-kick Munger...BUY, BUY, BUY....and buy some more... (so, that they can sell...)
LOL...the speed and descent of this CRASH will be breath-taking...!!
The American culture is going down with the crash, and when it does, freedom goes. It’s been done before. And the result is always the same, whether it is in Berlin or whether it is in Los Angeles.
The Weimar Republic lasted from the end of 1918 to the beginning of 1933, and its crumbling edifice was exemplified by Berlin – the cesspool of Europe” – whose extreme libertarianism and, indeed, license created “a haven of total permissiveness where anything went and every passion and vice could be indulged with impunity.”
Jewish scholars, like Walter Laquer, claim that without Jewish influence the culture of the pre-Nazi Weimar Republic "would not have existed."
And now, 21st century America culture is controlled by similar factions such as Advance Publications CEO Samuel Irving Newhouse, Jr. (net worth of $6.6 billion, and ranked the 47th richest American by Forbes Magazine in 2011) who, as one example, targets women in his Glamour publication, median age 33, with monthly advice such as this by "relationship" editor Lindsey Unterberger on 02/12/2013:
Let's Talk Anal Sex, That Thing All Guys Want in Bed These Days
Some women won’t consider it. Some women can’t live without it. But almost every woman is getting asked for it! Shall we discuss anal sex?
“Is my vagina suddenly not good enough for him?” asked one of my girlfriends after her man “accidentally” tried to put his p in her b. As the editor of glamour.com’s relationship blog, I’ve heard this question before; after all, more young women than ever—45 percent—are trying anal, according to the latest research from the Kinsey Institute.
I assured her that she shouldn’t worry; her man still lived for her vagina, though he was kind of a douche for not asking before going for her back door. I said what I say about every sex act: Don’t do it if you don’t want to. And if you do try it, try it for yourself as much as for him. Most women are skeptical of anal initially, but many end up loving it. As glamour.com commenter amarie20 put it, “You have to try it once, ladies. I was so anti-anal sex, but I love my BF for taking it slow. Now I want it all the time.”
So how do some women go from “No effing way am I doing that” to “Oh my effing God, don’t stop”? Like so:
First, chill out.
“If you’re hesitant, nervous, or not into it, no one is going to get off, and what’s the point of that?” says Tristan Taormino, author of The Ultimate Guide to Anal Sex for Women. Try deep-breathing exercises or a glass of wine to relax. If you’re freaked by the ick factor, Taormino recommends going to the bathroom and taking a shower or a bath beforehand. Lubricated condoms can help with comfort—and help prevent STDs.
Then ease into it.
“The number-one mistake people make is rushing,” says Taormino. Start with foreplay, vaginal sex, anything that turns you on. “The more aroused you are, the more relaxed your sphincter muscle will be, and that’s going to make for a hotter and easier experience,” she says. If you haven’t already, now’s also the time to bust out the lube—lots and lots of water-based lube. Your guy can also help you to relax further by using his fingers or a toy before his penis gets into the act.
And go slow.
Let me repeat: Go slow. “He should begin slowly,” says Taormino, “while you breathe deeply.” If you feel pain, have him ease up, stop, or switch positions. (Missionary is often the most comfortable for newbies, but doggy-style can work too, if he enters from slightly above you.) Have him stimulate your clitoris with his fingers to increase your pleasure level.
Now carry on!
This will be just one thing in your repertoire. When you switch back to the other stuff, wash up and use a new condom. Ponder what to ask of him in return.
http://www.glamour.com/sex-love-life/blogs/smitten/2013/02/lets-talk-anal-sex-that-thing.html
And we boys thought we were the tough talkers.
At the same time, on 3/22/2013 Forbes is running the article: Howard Schultz to Anti-Gay-Marriage Starbucks Shareholder: 'You Can Sell Your Shares':
“At Starbucks’ annual meeting in Seattle on Wednesday a shareholder complained to the chief executive, Howard Schultz, that the company had lost customers because of its support for gay marriage. Last year Starbucks announced its support for Washington’s state’s referendum backing gay marriage, and in response the National Organization for Marriage launched a boycott of the coffee chain….
“Was Schultz taken aback? Not in the least. He responded, ‘Not every decision is an economic decision. Despite the fact that you recite statistics that are narrow in time, we did provide a 38% shareholder return over the last year. I don’t know how many things you invest in, but I would suspect not many things, companies, products, investments have returned 38% over the last 12 months. Having said that, it is not an economic decision to me. The lens in which we are making that decision is through the lens of our people. We employ over 200,000 people in this company, and we want to embrace diversity. Of all kinds.’
“At that point the audience interrupted in cheers and applause. Then Schultz concluded, ‘If you feel, respectfully, that you can get a higher return than the 38% you got last year, it’s a free country. You can sell your shares in Starbucks and buy shares in another company. Thank you very much.’ More cheers…
“See a video of Schultz’s remark, courtesy of the Puget Sound Business Journal, here.”
Either end the Fed as the enabler of this culture through control of the membership of the U.S. Congress or end America as the great nation it was once known to be.
Devils are proliferating.
Lol, 666 the low.
As long as the biggest buyer(s) with those unique printers are on the other side of the trade, they can also buy what is not in the market. Others will have a serious problem later on.
the term 'smart money' is so god damn pretentious it makes me want to punch babies.
Watch out iam front running Bernanke until it don't work also Euro has to come apart US dollar wins Euro loses so when Euro falls an scores get settled in Euro land lots of gold selling and this will be the time to buy shinny ,metals IMO
SNE,
While you may "see no evil", I believe you are seeing the near-term future VERY CLEARLY...I think this will go just as you portend...
ps. Since 2010, it has ALWAYS been all about the Euro...Uncle Ben is just ramping bank balance sheets in front of the truth-telling..!!
I never tried my hand at currency trading, but with a Euro collapse a forgone conclusion sometime in the future, going short the euro must be a good maney-making opportunity if one gets the timing right.
I won't even try. But snatching up gold (and silver?) in the process sure seems like another winner to me.
By buying PM's you're shorting all the world's currencies. There's more than one reason to buy PM's.
It's like Bass shorting the yen. What he's doing most mortals can't afford. But acquiring PM's achieves many of the same objectives.
Don't stop buying. Busting JPM is just a collateral benefit.
Off topic...
This just in from Reuters...
Warren Buffett says U.S. economy gradually improving and praises Bernanke as 'gutsy guy'. I looked for the Onion web address in the address bar... nope, Reuters. We are so fooked. Wonder what's in all those Chery Cokes that WB drinks?
http://in.reuters.com/article/2013/05/06/berkshire-buffett-idINL2N0DN07B20130506
actually it's perfectly ontopic. they got the Cheerleader from Omaha out to get the lemmings/muppets/sheep to buy buy buy so they can sell sell sell.
question is: what are they talking down so they can buy on the cheap cheap cheap? that capital has to go somewhere...
Mr. Canoe, for whatever reason this got me wondering whatever happened to all that empty and idle cargo ships off the coast of Singapore?
I found this... not Singapore but: http://dealbook.nytimes.com/2013/03/22/shipping-woes-may-weigh-on-european-banks/
good diggin mr. fish.
ekm is going to like that link.
Answer: "cash, cash, cash...$s, $s, $s...!!
GOLD and SILVER
These guys don’t work on their money; they work on other people’s money. In the book, “The Rise and Fall of Bear Stearns”, by Alan C. Greenberg, Greenberg discuses “risk arbitrage”. “Risk arbitrage” is just another way of engaging in “salvaging”. These vultures have been in the “salvage business” for centuries. What these bottom feeders do is create salvage opportunities by loaning lots of other people’s cash to companies that are having management problems, but they are companies that have lots of assets. They loan these companies easy money at low interest rates, where the interest rates increase over time (much like the sub-prime mortgages), and the minute the company can’t pay on the loan, and request more loans to stay afloat, the vultures foreclose on the company and sell off the assets; making a killing.
If you rent the money, you gotta pay the rent or lose your collateral. I don't necessarily begrudge these "salvagers" for doing what they do.
I disagree. Premeditated loans that are for the purpose of destroying a company so that a few people can become rich is bad business. It destroys careers as thousands of people lose their jobs. It ruins lives and “tears down”. It is destructive and does nothing to “build up” our economy.
The really underhanded vulture PE firms sell themselves the collateral first by spinning off assets in real estate to separate entities. Then they can charge the company rent for the spaces formerly owned. Raise the rents and, voila, loan default:
http://www.reuters.com/article/2008/09/04/us-mervyns-idUSN0450739120080904
http://www.reuters.com/article/2012/10/08/target-mervyns-lawsuit-idUSL1E8L8A1G20121008
http://buzz.money.cnn.com/2012/10/09/private-equity-mervyns/
From CNN:
After buying out the retailer from Target (TGT) in 2004 for $1.25 billion, the PE firms added roughly $800 million in debt, while paying themselves $200 million in fees and dividends between 2004 and 2006, according to bankruptcy court filings.
More egregious perhaps is how the firms profited from splitting Mervyn's into two businesses: a real estate firm and a retail chain that now had to pay rent at each of its location. That allowed the PE firms to quickly hike rents and pocket a nice profit.
"Who buys a company and then increases its rent? It was a shocking thing to watch," said Howard Davidowitz, chairman of the retail consulting firm and investment bank Davidowitz & Co.
Davidowitz said that by 2004, Mervyn's, once a well-liked discount retailer, was struggling but might have had a shot at a turnaround. "The private equity firms and the outrageous fees they took out were really the death knell for the company," he said.
Let me guess, restructuring as a REIT is supposed to give some tax advantages, but has a financial extraction opportunity.
A line drawn across the S&P market peaks in 2000 and 2007 to today's peak look pretty ominous right now, whether or not the Feds printing like a bunch of loonies.
No Leon, the smart money has bought enough politicians to ensure ANY position they take can be bailed out.
Silly jews.
smells to much like 2008 to me. i sold out in march around 14500
Smart money is not selling. You see next to no resistance for the market - it can go up on 1/3 volume and hold - there are always bidders. Select names get sold occasionally but it is also easy to undo that sellling.
When I see the market being sold into on pushes I will believe it. Right now it is never sold into. We cant even get 2 sell days in a row - we have had about 3 of those since the beginning of the year.
Assholes on Camera
And if Bernanke wakes up tomorrow, decides to become an Austrian and jack up interest rates, the stock market will crash, commodities will crash, and everyone will be fighting to get fiat. Unlikely, perhaps, but do keep in mind that all our plans can be thrown into chaos by the whim of one man.
if interest rates go up, the liabilites of the U.S. go unfunded, period.
When they decide to turn on this market, it will be easily rammed through the floor. And you know they are just itching for that fast easy money.
FED is going to buy more stuff soon. Trade accordingly.
Maria Bartiromo looks like she just crawled out of bed. What happened to her?
She just crawled out of bed.
The question to ask is who was in that bed with her?
Some wrinkly-dicked paper bug.
Per 3534634...
In the absence of trust and reliable information, proceed on Principle. Hedge and Diversify accorrdingly.
Yeh I saw Leon Black's interview on the front page of the WSJ...... Not !
Trust No One!
Wonder what they are accepting as tender for those sales? Dollars?
In any ponzi it is all about selling at the right time before the stampede starts and it collapses........ I say we have until bubble Ben is replaced then things go from comical to dangerous.