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No, It's Not A "Stock Picker's Market", Whatever That Means

Tyler Durden's picture




 

One of the phrases which we have done our best to bury over the last few years has been the absolutely idiotic statement "money on the sidelines" (and right behind it "more sellers|buyers than buyers|sellers"). Sadly a group of persistent, if clueless bobble-headed automatons still insist on using it. So be it. Today, however, we will focus on yet another absolutely idiotic phrase: "a stock picker's market." Leaving aside the linguistic stupidity of this expert "assessment" (because nothing says fundamental equity analysis like picking non-stocks), the mere facts flat out refute any suggestion that there is any material, or frankly, any dispersion, i.e., the proverbial stockpickeryness. But don't take our word. Here is Goldman's.

From David Kostin:

On the stock selection environment: Contrary to the belief of many market participants, stock return dispersion has been extremely low during the  past one and three months, ranking in the 1st percentile versus the past 30 years. Dispersion has been unusually low in Consumer Discretionary and Info Tech. Stock picking is always challenging. Low dispersion means it has been more difficult than usual. Only 42% of core mutual funds is beating benchmarks.

 

 

So dear clueless pundits: please stop using such idiotic phrases when you have no idea what you are talking about.

Or, on second though, please keep on doing it. That way you make it very easy for the rest of us to weed out who is even more clueless than most when it comes to market punditry.

 

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Thu, 04/10/2014 - 15:35 | 4644561 midtowng
midtowng's picture

BTFD!

the stock market only goes up. Everyone knows that

Thu, 04/10/2014 - 15:47 | 4644596 ebworthen
ebworthen's picture

"Throw darts and buy." Bill Miller.

Thu, 04/10/2014 - 16:02 | 4644644 NoDebt
NoDebt's picture

Yeah, I caught that one, too.  Fantastic timing.  I nominate him as the new Tom Stolper.

Thu, 04/10/2014 - 16:38 | 4644804 icanhasbailout
icanhasbailout's picture

I'm sticking with "nose picker's market"

Thu, 04/10/2014 - 17:43 | 4645043 GooseShtepping Moron
GooseShtepping Moron's picture

In traditional moral theology, usury is considered akin to sodomy as they both involve treating the unfruitful as though it were fruitful. In that light, perhaps it is a "fudge packer's market."

Fri, 04/11/2014 - 02:29 | 4646502 Jadr
Jadr's picture

Yeah and from that "traditional" interpretation, blow jobs aren't allowed, fuck that.

Thu, 04/10/2014 - 15:38 | 4644566 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

It's 3:38PM, did you BTFD?

Thu, 04/10/2014 - 15:39 | 4644570 khakuda
khakuda's picture

If the Fed is printing money and rates are zero, all asset prices rise, no need to pick stocks.  In fact the most speculative, leveraged, junkiest will do best.  So, no, not really a stock picker's market unless one picks garbage or is a dart throwing monkey.

Thu, 04/10/2014 - 15:40 | 4644576 ebworthen
ebworthen's picture

Bottom pickers market.

Top ticks sucking blood.

They're saving the NASDAQ from closing below 4,050 looks like.

Hockey sticker ticker.

Blood on the sheets.

Thu, 04/10/2014 - 15:47 | 4644597 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Spilled milk under the bridge.

Thu, 04/10/2014 - 15:40 | 4644578 fonzannoon
fonzannoon's picture

those 4 guys in a room on the phones in London really glued gold down to 1320 today.

Thu, 04/10/2014 - 15:40 | 4644579 insanelysane
insanelysane's picture

No matter what is trading, HFTs are making money.

Thu, 04/10/2014 - 16:02 | 4644639 CrashisOptimistic
CrashisOptimistic's picture

Best snippet of a recent Michael Lewis interview:

 

>>

The moment I realized things were bad was when that guy stole HFT code from Goldman and Goldman said he had to be prosecuted because of the danger of that code falling into the wrong hands. 

I said wait . . . Goldman is the right hands?  I don't think so.

>>

Thu, 04/10/2014 - 15:44 | 4644589 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Surprise, surprise that cattle guy it wasn't about endangered tortoises habitat that the BLM brought out the snipers and first amendment corrals for.

http://www.naturalnews.com/044670_BLM_lies_fracking_leases_Bundy_ranch.html

The Bureau of Land Management says its 200-man armed siege of the Cliven Bundy ranch in Nevada is all about protecting an "endangered tortoise." But a Natural News investigation has found that BLM is actually in the business of raking in millions of dollars by leasing Nevada lands to energy companies that engage in fracking operations.

This document from the Nevada Bureau of Mines and Geology(1) shows significant exploratory drilling being conducted in precisely the same area where the Bundy family has been running cattle since the 1870's. The "Gold Butte" area is indicated on the lower right corner of the document (see below), and it clearly shows numerous exploratory drilling operations have been conducted there.

What's also clear is that oil has been found in nearby areas and possibly even within the Gold Butte area itself.

It is, of course, customary for the U.S. government to bring armed soldiers to an oil dispute. (Operation "Iraqi Freedom" for starters...) Heavily armed snipers, helicopters and militarized soldiers have never been invoked over tortoises. (Anyone who thinks this siege is about reptiles is kidding themselves.)

Here's the map showing the oil exploration conducted on the land where Bundy runs his cattle (all the red crosshairs are oil and gas exploration drilling operations):

...

BLM collects $1.27 million in shale fracking leases

The Bureau of Land Management has just cashed in with $1.27 million in oil and gas leases in Nevada. This was just reported two weeks ago in ShaleReporter.com, which states:

U.S. Bureau of Land Management geologist Lorenzo Trimble tells the Las Vegas Review-Journal the Elko County oil and gas leases sold Tuesday for $1.27 million to six different companies. The auction took place in Reno. The leases are near where Houston-based Noble Energy Inc. wants to drill for oil and natural gas on 40,000 acres of public and private land near the town of Wells. The Review-Journal reports the project would be the first in Nevada to use hydraulic fracturing, or fracking, to extract oil and gas from shale deposits.

The way this works, of course, is that BLM runs land theft operations by claiming they are "managing" the land and thereby kicking everyone else off it. They then invoke a reptile, an owl, a bird, a snake or some other animal which they claim to be "saving," even while they are stealing and destroying hundreds of cattle belonging to a private rancher trying to make an honest living in a nation where productive Americans are increasingly branded "enemies of the state."

Once control of the land is established via court order or by bringing armed men with automatic weapons, BLM then turns around and leases the land to fracking companies who proceed to exploit the land using hydraulic fracturing techniques that inject toxic chemicals into groundwater supplies (and have been linked to earthquakes). The money collected by the BLM is then used to increase BLM salaries and bonuses.

In essence, the BLM is a criminal mafia racket, and Cliven Bundy just happened to be in the way of their next target, the Gold Butte area of Nevada. That is why they brought hundreds of heavily armed men to a "save the tortoise" operation.

Thu, 04/10/2014 - 15:49 | 4644602 Headbanger
Headbanger's picture

Yep... Just got me moar nice Level IIIA body armor for handling most hand gun calibers.. I gotta get moar Level IV

Thu, 04/10/2014 - 15:53 | 4644616 Toolshed
Toolshed's picture

Sounds like a good idea. Do you have a link to a good supplier of said body armor? Thanks in advance.

 

Thu, 04/10/2014 - 16:09 | 4644645 Headbanger
Headbanger's picture

Here's effective Level III for real low price:

http://www.keepshooting.com/surplus-german-flak-jacket.html

Level IV gets a moar complicated cause of "spalling" and how to handle it.

There's lots of AR500 out there for short money these days but how it's covered makes a big difference.

Or.. There's much more expensive ceramic but that's only good for a couple shots maybe.

Sand bags are dirt cheap (literally) awesome protection if you're not moving around much.

Bonus link:

http://flsgear.wordpress.com/2012/07/27/everything-you-wanted-to-know-ab...

Oh...And if you're ever in a pinch.. Frozen turkeys are bullet proof.  So are bags of ice!

Thu, 04/10/2014 - 15:45 | 4644591 put_peter
put_peter's picture

But actually there can be more buyers than sellers and vice versa! Only the volume matches.

Thu, 04/10/2014 - 15:55 | 4644619 eclectic syncretist
eclectic syncretist's picture

I wonder if JPM and Wells are going to drop some buttwind on this mirage of a market tomorrow morning when they report earnings.

Thu, 04/10/2014 - 15:56 | 4644623 Freewheelin Franklin
Freewheelin Franklin's picture

"Stock picker"? I remember my mother used to tell me when I was a kid, "don't wear that it makes you look like a rag picker".  

Thu, 04/10/2014 - 16:12 | 4644686 youngman
youngman's picture

When they use the term stock picker...it just means they are saying you are dumb and should be using me ..the professional.....I know what I am doing..you do not...

Thu, 04/10/2014 - 16:14 | 4644700 Spungo
Spungo's picture

stock picker's market = You mean I can't just buy whatever random stock and make money? I actually need to look at the balance sheet?

Tue, 05/06/2014 - 10:30 | 4731801 Shizzmoney
Shizzmoney's picture

The only thing that will trump the amount of money in stocks today is the amount of laughter on twitter and other social media when this thing does it's dive into complete flames.

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