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Jeff Gundlach: "There Is No Such Thing As Economic Analysis Anymore"
Some always entertaining and informative thoughts on precious metals (which after weeks of suppression are finally soaring on a sliding USD - the Taper pricing in is over, time to price in the Untaper), Japan, Apple, nat gas and, of course, central planning from DoubleLine's Jeff Gundlach.
Since we're dealing with markets that are being manipulated by central bank policies, there is no such thing as economic analysis anymore. All you have is the imaginations of central bankers, and you don't know what they're going to do, so you have to be diversified. For the inflation part of the portfolio, silver is the right one because metals as inflation hedges are dead money. They don't pay anything. You want to allocate as little as possible, while still covering that base. Because silver is the highest beta, you want silver for your inflation protection because you can put less in it, less dead money. I believe if gold doubles, silver goes up 4x. You have twice as much dead money if you use gold instead of silver, so silver is a more efficient way to do it. We're in a deflationary world right now, not inflationary, though everyone is worried about inflation. The message the markets are saying, outside of the stock market, is deflation. Not surprisingly, silver is down but the Japanese stock market is the place to be.
Perhaps it started yesterday. I think that the complacency regarding stock market risk is very similar today to 1998, 1999 and and 2006 and 2007. This concept that it's the only game in town. This reason to own the stock market is TINA (there is no alternative). That's ridiculous. There's just as many alternatives as there's ever been. There's cash, there's bonds, there's real estate, there's hedge funds, there's commodities, there's foreign markets. What a strange world. I can't even think of a worse argument to own a market than TINA. It's transparently flawed on the surface of it. We'll see what happens. I think we're at 92% bullishness right now in the world of advisors on stocks. The most extended sentiment I've ever seen is 98% bearishness mid-March of 2009. I'd say the bullishness today looks remarkably similar to the bearishness of March 2009.
On AAPL and going from short to long:
We're actually in Apple. We actually own Apple in one of our equity portfolios. We bought at $405 the first time, and I think our average cost is below $425. I said that Apple would go below $425, but I wasn't committed to buying it. I think Apple is an interesting play. I think Apple is detached from the stock market for sure. The market went up a lot and Apple went down a lot. It's building a base. It's sorta cheap. If you strip out the cash, you've got a 7 P/E or lower on the business, it's a cash machine. I sorta like Apple. So, we own a little bit of Apple in our equity strategy.
I think if the stock market falls, which is almost guaranteed to fall sometime between now and year-end, it's almost guaranteed. Who knows how much it'll fall, who knows if it'll end higher or not, but it's almost to fall after this sort of a run. If you look at Japan as a harbinger, I think Apple will outperform. It could easily preserve capital. I see it as a defensive way of building out your stock portfolio against beta, which looks pretty dicey right now. We own a little bit of Apple right now. I like the stock better than the bonds. It's interesting how Apple has turned into a hated stock from the most beloved stock of the decade. It's just because so many people who own it are underwater.
On natgas:
I'm long natural gas. I've been long natural gas for a long time. I said Apple was a generational short, and people took that the wrong way. What I meant is, that over the course of a generation, Apple's stock is going lower. I didn't mean that Apple is the greatest opportunity in a generation.
Taking it the right way, natural gas is a generational long. It's something that I think is very likely to go higher in price. It doubled from when I bought it, but it's been volatile. I kinda think that most of the things that have done well in the past year are overvalued. What do you do? If you believe in something as a long-term play, the problem that you have is when you get out of it, what do you do next? If you sell natural gas at $4 (per BTU), what are you hoping for? It goes to $3.75? Are you going to buy it then? What if it goes to $4.50? Are you going to buy it then? I think it's going to double again. It doubled once, it's going to to double again. It might take five years, it might take ten years, but you can't get too cute. It's sort of like the Japanese stock market. It went to 13,000 which was my target, which sounded aggressive. That was my target for the year. When it got to 13,000, they said what are you going to do? I said 'You just have to stay long. The momentum is too strong. It's too major of a deal.' If you're going to own any stock market, it's Japan. If the reason to own stocks is quantitative easing, you want to own the ones that have the biggest support, which has been Japan. We're still long Japan. I'm not surprised it's dropped. I think it's going to drop further. We're long from 8,500. Obviously we don't expect it go up every day. I think natural gas is the same sort of thing. I wouldn't sell it.
Full interview can be found in TheStreet
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well this was happening for sometime now....its not a new phenomenon. We are so used to it...its impossible to get away.
BOAR, Mitchez
Its been this way for 4 years and the market has only gone up!
the correction will be epic...
"All you have is the imaginations of central bankers, and you don't know what they're going to do..."
~~~
BWAAHAHAHAHA!... Yes you fucking do know [what they're going to do]... They're going to fucking print money until the cows come home & hand it over to their fellow tribesman to make bets on in a big casino... The ones who make the wrong bets, they'll add the losses to the bill & tax the 98% for the balance...
Fucking cheesepopes falling all over themselves trying to buy some time by conning the masses into thinking that building an even "fancier" Rube Goldberg machine is the ticket [& lining their own nests in the process]...
Who needs analysis with all this great data? Just buy buy buy your troubles away.
Correction my ass, as long as the CB's own the printing presses, there will be no correction.
More likely, the dollar will lose its reserve currency status and the slow slide to oblivion will escalate.
We will see more unrest and the heavy fist of a facist/socialist ruling class will thump any resistance.
Then things will unwind and quickly...
DaddyO
The constitution has been shredded apart. Even though many are sworn to uphold it, they ignore it. Correct, a fascist/socialist ruling class is already in charge. It will become more obvious as time passes.
Love that Gundlach-as-young-new-wave-musician photo.
Terminal Decadence
Gundlach is one of the very few people that I follow intently. He sees through the bullshit.
edit - to my junkers fwiw
Gundlach is so confident that phase three is coming that he’s planning to start an equities fund and a long-short hedge fund in early 2013 to offer investors additional protection from inflation. Gundlach, who says he buys assets only on the cheap, is also sitting on cash in anticipation of scooping up securities at fire-sale prices. Cash makes up 17 percent of his Total Return fund.
KaboomHe says the amount of money investors can make in phase three will dwarf what they can earn now.
“I’m waiting for something to go kaboom,” Gundlach says in his office a week before the L.A. speech. “If phase three takes two years, it’s worth waiting for. The markets don’t have lots of opportunity now.”
Gundlach has a history of making brash pronouncements. At a conference in New York in April, he told a Bloomberg News reporter that he would abolish the 99-year-old Federal Reserve, a position espoused by failed Republican presidential aspirant Ron Paul.
“That’s a very extreme view,” says Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “Given how the Fed has evolved since the early 1900s, to say we’re going to change all that and start over is absurd.”
So Jeffrey, you're saying you own a little bit of Apple?
if the central banks put policies in place that make fundamental analysis useless, then trading should be simple as there are no outside influences controlling price direction other than central bank policy. Just follow their lead and let them do all the heavy lifting.
go for it
So are you following their lead and how's it working out for you?
DaddyO
This Gundlach guy gets better by the day... and his voice has a nicer pitch than Schiff's, too !
Exactley, and I will only invest in markets without fancy Central Bank policies...there remain only a few...
Its funny how everyone now knows the central banks are the market...and we are just on for the ride...but we still try to steer the wagon....we are going to find out how much POWER these cental bankers have as they are going to need it all to save themselves....I predict unlike the 20's when it was just the Weinmar Republic with the hyperinflation....I see the whole western world curriencies getting sick to where no one wants them....where a Colombian Peso is better than a japanese yen or a US Dollar....
Trend-following momentum monkey #1...
These guys have sooooo... much (leveraged) money they'll swamp any market which they're in when they sell out and there'll be no profit whatsoever left in it. Our only hope is to bet on something that is unpopular and un-trendy and in short supply...like physical gold.
Exactly - he is expecting his paper silver bet to hold value until needed? Good luck getting cashed out before your estimated gains are realized.
He owns phyz. Phyz everything. Art...etc.
phyzz applz?
metals
Seems as if the central banks should be liable for ALL MARKET LOSSES THAT ANYONE INCURS IN THE MARKET from the point at which they started manipulating the markets. It is not a free market because of the Fed and the Fed is using its monopolistic money creation power to pick winners and losers, including Fed associated banks that have inside information on Fed manipulation.
I believe that somewhere written into the Federal Reserve Act of 1913 there is something about the Fed not being criminally prosecutable... however, I do believe that it can be sued. And, if our politicians had any sense of morals or ethics they would re-evaluate the process under which the Federal Reserve Act was passed and have it challenged in the courts.
Alas our policians are afraid to be anything but pathetic corrupt puppets.
good point, however, it should be fairly obvious to everyone by now the politicians are either complicit in this charade or so stupid they can't comprehend it.
Hanlon's Razor
AAPL? The innovation died when Jobs did. Taking an iphone and strapping it to your wrist is not innovative. Taking an iphone and putting it inside a tv is not innovative either.
The stock buybacks will keep it up for a little while, but Samsung is eating their lunch.
whoa, whoa...hold up a minute. Steve Jobs DIED???
Agreed. But in addition, brokers need churn. They need volatility to make gambling worth while. My broker told me once that "all stocks have a shelf life and the key is to know when that shelf life has run its course".
A broker that speaks in vague generalities. How unusual.
"Since we're dealing with markets that are being manipulated by central bank policies, there is no such thing as economic analysis anymore"
*GASP!* Finally someone actually said it out loud! I imagine all the Cramers and other talking heads would squirm and scream in denial if confronted with this fact.
"Since we're dealing with markets ..."
there is no such thing as markets anymore - just casinos
...there is no such thing as markets anymore - just muppet harvesting.
To me, casinos implies random chance, and that doesn't really seem accurate anymore either.
how about "rigged casinos"? (a redundancy)
fair enough
"I think if the stock market falls, which is almost guaranteed to fall sometime between now and year-end, it's almost guaranteed."
Someone should tell him there are no guarantees except...print MOAR!!!!!
We're in a deflationary world? Has this guy been to a store lately?
The grocery store is worth less but the stuff inside it costs more.
Deflation and inflation. Everybody gets to be right. :)
Deflation in the things you want, inflation in the things you need.
Unless you are very rich, then it's also inflation in the things you want (art, classic cars, penthouse apartments on central park, ski chalets in Aspen, etc.).
I heard aapl is removing one of the two cameras on the touch. Now how am I going to simutaneouly photo my bum and the CB fist being rammed up it?
I love silver.
"so you have to be diversified"
so, silver -and- gold
And platinum. xau & xag would be higher today if it weren't for the lopsided paper shorts. xau should be up $50 today on that dxy selloff. It's early though.
and throw in palladium for good measure - outperforming the other 3 as of late
If I go buy a ASE will that help them have to cover? I'll do it.
bring a friend.
Don't forget lead which has outperformed evry other asset class.
Makes great radiation shielding to.
Up 300% since 2005.
G&S will be kept in the shitter until US dollar collapses (loses reserve currency status). At that moment both will skyrocket.
"moment" might be a day, maybe a week tops. It will be fast, furious, and massively chaotic. If you're not in already, you won't be able to get in.
I'm talking physical. When USD collapses, paper plays won't matter anymore, they might pay out but it'll be worthless dollars.
"so you have to be diversified"
Bullshit. Anyone with a pair of working eyes can see what's happening. Printing and currency debasement. It's the only real story anymore, and we know how it will end, USD won't be a major currency much longer.
"Diversified" my ass. We know exactly what the winners will be, anything physical that most people want, even in an economic depresson, which we'll have around the time USD loses reserve status (hell, we're in one now), and yes G&S will suddenly be in great demand by blind sheep who just woke up in panic.
Yes, it'll be panic. Unmitigated horrifying panic.
But everything will be peachy keen right up to that moment.
There's nothing new here. History is full of examples of this very thing. And no, it won't be different this time. It might take a bit longer, but the outcome won't be different.
yeah but gold is better hedge against deflation, if you read between the lines
Agreed. I'd like to have seen Gundlach expand his thoughts in this area as I thought they were misleading.
Placing Gold in the inflation-hedge box is pretty disingenuous too (despite the huge number of ZHers that do the same thing). There was inflation every step of the way from 1980 to 2000 and gold didn't bat a single sexy eyelash.
Gold is a deflationary hedge as much as it is an inflationary hedge. That is, it is a hedge against a monetary crisis, and both deflationary depressions and hyperinflationary blowouts are representative of that same phenomenom: currency crisis.
B-b-b-b-b-b ... But KRUGMAN said this morning that the markets were acting like this cuz a real recovery is taking hold.
#confused
Yes the gold is "dead money" has some merit to it if you can earn positive real interest rates. I think he is missing the point about both gold and silver. Gold is not a hedge against inflation, it is a hedge against a complete collapse of the financial system and/or outright fraud/confiscation by the authorities as in Cyprus. Rather than arguing for silver and against gold, you should have BOTH.
Regarding the income earning stock argument, you won't earn much from stocks at these prices. March 09 was the time to buy some great stocks. Now isn't the time.
Very well said E.L.
Positive real rates are not on the horizon until the QE is over, and that is not going to happen any time soon.
To me gold/silver are not really hedges (but still work that way), they are my intentional removal from a bat-sh$& crazy system designed to make me lose.
Well said. If I had only read a few inches farther I could have saved myself a bunch of typing above. +1.
How can things possibly be normal? The entire economic world is infected with the "central banking virus" and its vitality is in the dumps. Think about it - when you had a serious case of the flu virus, did you feel like having a roll in the hay with that hot number a couple of doors down?....
Off topic but file under GET OFF MY LAWN!
http://www.buzzfeed.com/rosiegray/mccain-didnt-realize-he-was-posing-wit...
The photo, released by McCain’s office, shows McCain with a group of rebels. Among them are two men identified in the Lebanese press as Mohamed Nour and Abu Ibrahim, two of the kidnappers of the group from Lebanon.
A McCain spokesman said that no one who met with McCain identified themselves by either of those names....
http://www.dailystar.com.lb/News/Middle-East/2013/May-30/218852-mccain-c...
U.S. Senator John McCain was photographed with a known affiliate of the rebel group responsible for the kidnapping of 11 Lebanese Shiite pilgrims one year ago, during a brief and highly publicized visit inside Syria this week....
...
The pilgrims were kidnapped by armed rebels in Azaz, in Syria’s Aleppo province, in May last year as they were making their way back to Lebanon from Iran.
Two of the kidnapped, Anwar Ibrahim and Hussein Ali Omar were released in August and September but intense negotiations are still underway for the remaining nine, believed to be in the custody of the “Northern Storm” brigade, headed by rebel commander Ammar Al-Dadikhi, aka Abu Ibrahim. The Northern Storm Brigade also claimed responsibility for the kidnap of a Lebanese journalist in October....
...
According to families of the remaining captives and one of the released men, Anwar Ibrahim, one of the men standing alongside McCain in photographs released by the senator’s office, is Mohammad Nour, the chief spokesman and photographer for the Northern Storm kidnappers. Nour appears in several shots where McCain is posing with different officials.
Ibrahim and other members of the kidnapped family said they recognized Nour, and another man affiliated with the group, also identified as “Abu Ibrahim,” immediately after seeing the photos, widely circulated by international media following McCain’s visit.
Ibrahim, who had seen Nour multiple times in person during his captivity, said he was a close affiliate of Dadikhi who had photographed him and his fellow captors during the media campaign surrounding his kidnap. Nour has also acted as the spokesman for the kidnappers.
Photographs of Nour with the group of kidnapped pilgrims have been independently verified by The Daily Star. In the photographs released by McCain’s office, he is seen standing holding a camera, behind and in front of the senator as he poses alongside Idriss....
McCain is a corrupt old bastard whose downfall is a long time past due. The counrty would be a lot better place without that weasle.
Haha,
A Cheney and Saddam handshake photo to put in the "What the fuck was I thinking" album.
shovelhead,
It was Rumsfeld, not Cheney. Or did both of them have a photo shaking Saddam's hand?
If only they would have kidnapped McCain! For someone who spent time as a POW he is certainly a warmonger. This is most likely the same group that kidnapped the two Orthodox Bishops who are still missing, kidnapped near Aleppo.
I am seriously starting to wonder just how bad his time was in the POW camps. We're told he was tortured and was a war hero. I'm starting to think he spent that time looking out for Number One. If you know what I mean.
It's both a violation of the Patriot Act and the Logan Act
Also, the defense department needs to release their files on John McCain's broadcasts on N. Vietnamese radio during the war. He was full cooperating with his captors and gave away intelligence the entire time. The North Vietnamese government would even put his interviews on broadcast radio to demoralize US troops. He's spent a good part of his life preventing that from being released. And when anyone brings it up to him, he exploded in rage.
http://original.antiwar.com/giraldi/2013/05/29/john-mccain-war-hero-or-s...
Ha! just read your comment moments after posting mine above. Well well well. I did not know this. And I'm usually up on these things!
THose in the middle of this corrupted élite happen to be the coward ones.
How come a U.S. senator gets to give aid and comfort to Al Cia Duh linked forces without gettng disappeared by NDAA regulations? If anyone of us here at ZH had done that we'd be on our 25th waterboarding session already. Guess it's called Just Us.
It's not so much analysis as philosophy. Don't just buy the dip. Be the dip.
There is no dip.
Diversified like the hedge funds being in real estate. idiots.
"I think if the stock market falls, which is almost guaranteed to fall sometime between now and year-end...
Yeah, sure it will. After it goes up another 12% it will drop 0.00000002% one day in September.
exactly, it's a worthless, meaningless statement by Gundlach. glad other people see the jackassity of it.
he left himself some wiggle room, he said "almost" guaranteed.
Natgas? It doubled once so it'll double again.
No more economic analysis indeed.
Go play craps.
so many of these investment letters are so masterful at soundling like they are advocating a definitive position, but in realtiy they are so vague that six months, or a year later, no matter if the markets or idea went up or down, they can write that the trade they discussed in the past "worked".
Portfolio managers are so good at speaking everything but saying nothing.
Diversified dischmversified.
I received a phone call sales pitch a while back to buy silver contracts, the price was 32 - 33, and the salesman tried to convince me that silver could possibly go to 150.
I 'splained to him that I thought silver would end up between 25 and 26, which implied doubt that it will fly to 150. Heard that kind of talk 30 years ago when silver was 50 and the Hunt Brothers got caught with their pants down. It was going to go to 700. yeah, right. But, I bought silver anyway, out of fear, of course. The world was going to end and I was going to have to live by my wits in the mountains and the world would never see civilization again, everything was all wrong back then too. Somehow, civilization has managed to survive, but it's looking bleak.
I have had that 'dead money' for thirty years now and I go and take a look now and then and it's right there where it has been all those years. It can be dead for all I care, but I've got it. If it's dead money, I'll keep it anyway. Still looks good even if it is dead.
Dead money talks!
so there is nothing but CBs imagination, so buy ??! i imagine Japan having an economic Chernobyl, and people leaving the island. [anyone got stats on Japanese financial expats?] my imagination is as good as theirs. the market is overvalued, and its going down, but you can't get out? sounds like CB heroin to me. tell you what else i imagine, the CBs have created an economy which looks like it did before the sun set on that empire. now what you have is a THEME PARK economy, lots of bells and whistles, fun rides, Jim Cramer in a mouse suit, just remember this about THEME PARKS, you pay to play....
Again, natual gas in the short term is a terrible investment. Capacity out of the Marcellus is about to increase exponentially.
http://www.eia.gov/todayinenergy/detail.cfm?id=10511
http://marcellusdrilling.com/2013/03/zeits-takes-a-closer-look-at-the-bluegrass-ngl-pipeline/
http://marcellusdrilling.com/2013/05/new-pipeline-wells-coming-to-upshur-barbour-counties-in-wv/
Also, when it comes to electricity generation, natural gas units have been more expensive to run than coal units. http://www.pjm.com/~/media/documents/reports/state-of-market/2013/2013q1-som-pjm-sec4.ashx (pg 129) Also, look at the EFOR rats for Gas/CC units. Pretty high compared to others. Until many of the excess coal piles from all generators are burned down, and they increase their demand on their current coal contracts, coal will be the way to go for electricity generators. Unless our summers continue to set records year after year for heat, you're going to see production is way ahead of consumption by years end http://www.eia.gov/dnav/ng/hist/n3045us2m.htm
Two questions for Mr. Gundlach, 1) How would you go long Nat gas, synthetics through ETF, producers, or actual forwards? 2) Your point on NG doubling, what time frame are you referring to, from when it was artificially low due to Centaurus Adivsors unwinding, or from the end of the 90's?
If you are right, then pipeline and drilling companies, among others, are going to make a lot of money and pay out a lot of dividends.
And I think you are right.
pay no attention to inventories. in order for NG to rise to parity with other energy sources it must have common usage. if everyone uses NG in some form, then the price to rise to the same BTU equivalent [since there are no natgas refineries, no CAFE standards, it could be worth more, but first we have to see if LNG will run cars] right now they are working to send LNG to Japan. the play in my estimation is the wholesale change from crude oil products to NG. [and complete energy independence] since the current POTUS has no desire to promote NG, we have to wait for the next guy.
Oil charts are down in the morning and up in the afternoon - long lower shadows - it's looks so fucking bizarre. Been this was for weeks.
Forecasts say the markets will collapse in the next 1000 years.
There is no economic analysis of the market, yet he goes on to analyze it anyway.
Bullish on Natural Gas is saying you want to destroy what's left of working America. Anyone that wants to see nat gas double from the current price is a true terrorist.
At $3.65 per MCF is costs around $140 a month to heat a 1200 sq ft home with a 95% efficient forced air furnace to 70 degrees with an average outside temperature of 28. You double Nat Gas, you double that cost. When nat gas went over $10, some people were paying $600 a month to heat their home.
As it is right now there would be riots over heating costs if it weren't for the HEAP program allowing low income deadbeats to sit cozy all winter in shorts and t-shirts for $20 a month.
Higher prices are terrorism?
good point we'd be screwed if the free market were to price NG at the same dollar per BTU metric as crude oil. i think we also need to respect the way they have kept food prices from raising to a point where we all starve to death [how much corporate welfare does Monsanto get?] GITMO SI! GMO NO! [what if the hunger strikers refused to eat genetically modified foods? would that get them on the evening news, and maybe a write of habeas corpus, a trial, anything?] yes Americans are fat and happy, which is what the political encumbents like to see. only some marxist radical would want to overturn this system, and throw thousands into poverty. yes its a tough choice world
> Anyone that wants to see nat gas double from the current price is a true terrorist.
I suggest you go all in and sell it cheaply to maintain the price should it start getting expensive.
> When nat gas went over $10, some people were paying $600 a month to heat their home.
Because that's how much it cost.
When silver went to $45 I could buy only one ounce of silver for my monthly savings of $45 bucks. It was your fault, you ZH terrorists.
ADR- I was one of those people paying $500+ a few years ago. The only hedge I have is to own energy via stocks/funds. Eventually, when the furnace dies (40+ years old), I'll replace it with an energy efficient one. But, why replace a reliable furnace with a modern one that might last ten years? Better to save the $$$ and invest in more energy. With the plans for LNG exports, I know I'll be saying goodbye to my old Bard soon enough if Gundlach gets his wish...
well, the americans will have to live in smaller homes. it's cheaper to heat a smaller place. riots won't bring the heating costs down.
Well, even Gundlach is saying what I've been saying.
Let me repeat this again:
- Gov data are erroneous on purpose = propaganda
- Federal reserve data are misleading
- Federal reserve meetings notes are on purpose misleading
- Private individual data are geared to mislead the competition.
Conclusion:
Guess your own data and make conclusion based on that.
Countless of hours of reading is required.
Gundlach totally lost me when he said that the Japanese stock market is the place to be.
Next thing he will be telling us is to buy a weekender in Fukushima.
Jeffy must have been reading my GLD and SLV yahoo message posts from like 4 or 5 years ago regarding economic analysis. Welcome to the club jeffy
But some can still use the false stats to produce chart after chart showing whatever they like.
I agree with the writer. The stats can't be trusted. so quit using them already. Admit that no one knows much due to bad stats and a manipulated, centrally planned eceonomy.
There are a few things we know. Here's one: it is obvious that Bernookie is dancing, trying to act like he controls interest rates. But he is dancing to the bond market's tune, following it for now by jawboning about 'tapers' because bond yields are rising and he will have no choice but to follow or be destroyed.
The bond market is one of the last things you can use for forecasting as it's too big for even Bernookie to challenge or manipulate. Bonds have already moved, and Bernie is scrambling to sound relevant as the Bond Market brings QEi to an end.
"there is no such thing as economic analysis anymore"
Great line, it's called story telling, ficition of course but story telling nonetheless.
Did Jeff buy Tokyo Electric Power when it was 132 yen?
http://www.bloomberg.com/quote/9501:JP
AAPL? Really?
If the stock market falls Apple will do well because of it's "P/E" ratio?
When is a cash machine not a cash machine? When the companies products lose their cache.
Apple is one bad product launch away from being a $200 stock. A stock market fall with a market shift could make Apple a sub $100 stock.
Let me tell you of a trend I see: my kids use their phones for everything. Not even the iPad or netbook wins the battle. Their eyes and ears are sharp. They don't seem to mind watching T.V. shows or movies on a 3" screen with headphones.
This means potentially that Apple has ONE product - the iPhone - and one bad iPhone could kill this Golden Goose.
(p.s. - The Copernicus of Cupertino Steve Jobs has passed on)
If I master my "customer service" maybe the C Bankers will give me some tips?
Me finks you get brownie points and a leg up the ladder from da warlords by how many new people you fuck over just like insurance cadets.
Anyone experiencing difficulties with connection Only on Z/H voting etc As when i order a pizza online it gets here before i've completed my order.
Even WB7 couldn't beat a picture of McCain strung up naked upside down with his penis in his mouth.
We live in a bizarro world, where we have both inflation and deflation. If gold is real money, and it is, then we're highly deflationary in real money terms. But in USD and other currencies, we're inflationary. So in a way, inflation is deflation, in gold. Natural deflation is good, like we had in the 1800's; but in a Fed propped up world, and government's drowning in debt, Fed induced deflation is dangerous. They've backed themselves, and the sheeple, into a corner. End the Fed.