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John Paulson Is Not An American Airlines Investor... But Here Are The Top 25 Holders Who Have Gotten Crushed Today

Tyler Durden's picture


As most know by know, a flurry of rumors that American Airlines may be on the verge of bankruptcy not only took down the stock by about 40% at one point today, but was halted around 6 times following repeated consecutive circuit breaker triggers. Yet none of that is material at all to the biggest holders in the stock, and especially those analysts at their companies who recommended AMR, and are all about to be summarily sacked. While John Paulson is not an investor in AMR, other "balls to the wall" funds like Appaloosa, with 5.6 million shares, are. Below is the full list of top 25 entities losing about a third of their notional on AMR today.

Source: CapIQ


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Mon, 10/03/2011 - 15:17 | 1734112 Fukushima Sam
Fukushima Sam's picture

I'm sure everything over at AA is fine.

Mon, 10/03/2011 - 15:28 | 1734159 Pladizow
Pladizow's picture

Short anything with the word "American" in it!


Mon, 10/03/2011 - 15:32 | 1734177 clones2
clones2's picture

Short "ANYTHING" unless it has the word "3X Bear" in it!

Mon, 10/03/2011 - 15:45 | 1734223 BigJim
BigJim's picture

What's the big deal? Sure The Big O will bail out American Airlines?

Oh, I forgot, it's not a bank.

Mon, 10/03/2011 - 16:10 | 1734332 redpill
redpill's picture

As long as the workers are unionized, it's too big to fail.

Mon, 10/03/2011 - 17:57 | 1734802 Bicycle Repairman
Bicycle Repairman's picture

The whole airline industry has needed a lobotomy for 30 years.  These guys are the most consumer unfriendly industry going.  I'd rather deal with the DMV.

Mon, 10/03/2011 - 22:59 | 1735736 Widowmaker
Widowmaker's picture

Mission accomplished!


Mon, 10/03/2011 - 15:47 | 1734229 kito
kito's picture

no way, im long american idol. that show rocks.....



Mon, 10/03/2011 - 16:29 | 1734433 LMAO
LMAO's picture

I concur with the latter,

I miss those remarkable knockers.

Mon, 10/03/2011 - 16:16 | 1734348 irishlink
irishlink's picture

what wonderful wit. I'm after spilling my drink, because of uncontrolled laughter

Mon, 10/03/2011 - 15:42 | 1734207 Ag Star
Ag Star's picture

AA is lining up for their bailout--cheers!

Mon, 10/03/2011 - 16:10 | 1734331 AldousHuxley
AldousHuxley's picture

Since 1980, the airline industry has not earned back the cost of capital during the best of times. Conversely, in bad times losses can be dramatically worse. Warren Buffett once said that despite all the money that has been invested in all airlines, the net profit is less than zero.


Another industry where executive bonuses are private but business depends on socialism from government aid.

Failed privatization.

Mon, 10/03/2011 - 17:18 | 1734661 duckhook
duckhook's picture

Btter yet .If you add up all of the profit and losses in approximately 90 years ,the airline industry as a whole has lost money

Mon, 10/03/2011 - 18:00 | 1734813 Bicycle Repairman
Bicycle Repairman's picture

ITD the airline industry is a loser.  It has been subsidized from day one.  Why is that?

Mon, 10/03/2011 - 19:49 | 1735141 o2sd
o2sd's picture

ITD the airline industry is a loser.  It has been subsidized from day one.  Why is that?

Military Industrial Complex. The Airline industry has been subsidized as a way of subsidizing the Aeroplane/Aerospace industy, which are also involved in making missiles, bombers and fighters.

Tue, 10/04/2011 - 10:22 | 1736974 Bicycle Repairman
Bicycle Repairman's picture


Mon, 10/03/2011 - 15:44 | 1734218 anony
anony's picture

As long as the Clintonian definition of 'fine' is, well, clintonian.

Tue, 10/04/2011 - 00:17 | 1735977 ToNYC
ToNYC's picture


Almost ten years to the day that the bin laden family shorted scads of AA (and UAL) through DB and andy card wisperered the high score to a quizzical bush 43.

Mon, 10/03/2011 - 15:17 | 1734113 scatterbrains
scatterbrains's picture

Good to see Vanguard running 4th.  I notice they're top holders of SPG.. but at least SPG is a good shelter from the coming storm.

Mon, 10/03/2011 - 15:22 | 1734137 PulauHantu29
PulauHantu29's picture

It's very sad to see the Bogle interview last week when the interviewer asked him about the stock market, he responded,"you must be in the market...."

Sad to see him detoriate this way. I really like him and his book but he is past his prime....still hung up on "fundamentals" instead of HFT, derivatives, etc where the action is.

Mon, 10/03/2011 - 16:51 | 1734551 Mike2756
Mike2756's picture

It's ok, they all got stopped out at 2.80.

Mon, 10/03/2011 - 15:19 | 1734117 PulauHantu29
PulauHantu29's picture

Blackrock seems to be picking some real losers lately. Interestingly, my (ex) broker called me last week recommending airlines opining that the will "rake in the profits" because of low oil prices.

Glad I fired him two years ago when he recommended Lehmans, WaMu and BAC.

Mon, 10/03/2011 - 15:20 | 1734128 tekhneek
tekhneek's picture

Are you kidding me!? You've got a gold mine dude! Just short the ever-living fuck out of everything he recommends you buy.

Problem solved.

Mon, 10/03/2011 - 15:29 | 1734162 Dr. Richard Head
Dr. Richard Head's picture

Agreed.  SOunds like he has his own personal Cramer.  I'd buy that for a DUHlar.

Mon, 10/03/2011 - 16:12 | 1734337 redpill
redpill's picture

These are the people we bailed out, so that they can continue to practice their incompetance.

Mon, 10/03/2011 - 17:50 | 1734779 MarkTwain00
MarkTwain00's picture

Anybody else notice Morgan Stanley Investment Banking high on that

Mon, 10/03/2011 - 15:20 | 1734120 DosZap
DosZap's picture

I am sure that 140+/- Pilots that shook out w/early retirements, locked in profits are some REAL happy campers today.

Glad they won,their profits and savings are GUARANTEED fixed for (I think 40 days),so they can cash out both plans fully vested.

Not losing a dime.

Mon, 10/03/2011 - 16:12 | 1734336 Shitters_Full
Shitters_Full's picture

Not even Sullenberger can land this flight safely.

Mon, 10/03/2011 - 15:19 | 1734122 Panafrican Funk...
Panafrican Funktron Robot's picture

High five to the geniuses at Ohio Teachers.  That won't hurt at all, when Ohio still has to pay those god damned pensions at par.

Mon, 10/03/2011 - 15:21 | 1734134 achmachat
achmachat's picture

Only if Ohio actually ends up paying those pensions!

Mon, 10/03/2011 - 15:38 | 1734193 Messianic
Messianic's picture

"IF" they pay them, indeed. It wouldn't be the first time in the US that bankruptcy proceedings permitted a politically well connected company to shirk its obligation to secured debt holders, and therefore screwed pensioners:

Mon, 10/03/2011 - 18:43 | 1734902 CU1981
CU1981's picture

My dads a retired school teacher, from ohio no less ;-(

There goes my inheritance .. lol

Mon, 10/03/2011 - 15:53 | 1734264 PeterPansDad
PeterPansDad's picture

According to the graph they liquidated most of their position recently as did Fidelity.  I guess a blind squirrel can find a nut once in a while.

Mon, 10/03/2011 - 15:20 | 1734123 radish juice
radish juice's picture

So when do we start firing off circuit breakers when individual stocks cross thresholds? that is the new warfare Ben is going to be playing with pellet guns henceforth now that he has lost all other munition, a hand, a leg, common sense and sleep

Mon, 10/03/2011 - 15:20 | 1734124 HANKREARDON
HANKREARDON's picture said to go to cash. Gracious.  Fidelity looks like they know what they are doing, notice that they drastically decreased positions.

Mon, 10/03/2011 - 15:28 | 1734161 buzzsaw99
buzzsaw99's picture

don't be too sure. they still have mm funds in euro skanks. just lucky this time.

Mon, 10/03/2011 - 15:20 | 1734125 achmachat
achmachat's picture

State Teachers Retirement System Ohio. :-(

It's difficult to experience Schadenfreude with that on the list.

Mon, 10/03/2011 - 15:23 | 1734140 Seasmoke
Seasmoke's picture

too bad for them....looks like they need to go back to school and learn that 2+2 doesnt = 5

Mon, 10/03/2011 - 15:20 | 1734127 Schiff hits the fan
Schiff hits the fan's picture

When the plane is going down remember to put your oxygen mask on first.

Mon, 10/03/2011 - 19:14 | 1735003 Ms. Erable
Ms. Erable's picture

Why? Because oxygen gets you high.

Tue, 10/04/2011 - 00:33 | 1736012 DeadFred
DeadFred's picture

With adequate O2 your brain will be functioning with crystal clarity as you watch the ground approaching.

Mon, 10/03/2011 - 15:23 | 1734131 bob_dabolina
bob_dabolina's picture

Cue TOTUS speech in 3, 2, 1 on why an Airline(s) stimulus package is needed like...yesterday. 

Mon, 10/03/2011 - 18:04 | 1734829 Bicycle Repairman
Bicycle Repairman's picture

No need for a speech.  Just increase the subsidies already in place.

Mon, 10/03/2011 - 15:21 | 1734132 Seasmoke
Seasmoke's picture

looks like the walls are closing in everywhere, there is no safe havens left

Mon, 10/03/2011 - 15:25 | 1734146 Missiondweller
Missiondweller's picture


Mon, 10/03/2011 - 15:27 | 1734157 SilverRhino
SilverRhino's picture

Safe havens are the items you can acquire that have inherent value.   Sure value may drop when priced in terms of fiat but they will have value and utility to others at all times.


Mon, 10/03/2011 - 15:30 | 1734170 wretch
wretch's picture

I've stuffed a crawlspace above my garage full of new diapers.  I have no kids.  These things will trade like nothing else, I'm thinking...

Mon, 10/03/2011 - 15:45 | 1734222 achmachat
achmachat's picture


people used to think that TP was going to be traded like nothing else, but I guess that people can always wash their asses with water from the well.

It's very difficult to go back to the traditional diapers that you re-use after getting used to the luxury of single-use diapers!

Mon, 10/03/2011 - 15:48 | 1734234 falak pema
falak pema's picture

r u planning for old age out of control leak control via diaper aid?

Mon, 10/03/2011 - 16:00 | 1734291 chrisd
chrisd's picture

My first child is due in January, please send me your paypal information.

Tue, 10/04/2011 - 00:36 | 1736018 DeadFred
DeadFred's picture

Very similar to FRNs except you can't eat them. At least I don't recommend it.

Mon, 10/03/2011 - 15:22 | 1734136 Mister Minsk
Mister Minsk's picture

Buckle up folks, get ready for an emergency landing...

Mon, 10/03/2011 - 15:23 | 1734141 RSloane
RSloane's picture

There goes another few thousand jobs. Brilliant.

Mon, 10/03/2011 - 15:23 | 1734142 SeventhCereal
SeventhCereal's picture

lots of pros on here, capital IQ, bloomberg...  i just have TD Ameritrade & yahoo finance.

Mon, 10/03/2011 - 15:47 | 1734144 falak pema
falak pema's picture

american delta and southwestern next on the line...?

oh look, airline lipstick!

Mon, 10/03/2011 - 15:53 | 1734262 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Last I heard Southwest was actually profitable.  They do a good job!

Tue, 10/04/2011 - 00:42 | 1736026 DeadFred
DeadFred's picture

And when you call up to get help you connect to a friendly housewife in Utah working at home not someone from Bangladesh in a call center. I once had the comparison of calling Southwest and DirecTV for help on the same day. What a contrast!

Mon, 10/03/2011 - 15:25 | 1734147 sgoldsby
Mon, 10/03/2011 - 16:23 | 1734386 Smiddywesson
Smiddywesson's picture

Good point, in teetering on the edge of the pit, American is pulling Boeing and Airbus down with it.  The biggest jet order in aviation history is going down the crapper.  There's going to be big layoffs and underperformance in these companies.

Mon, 10/03/2011 - 15:25 | 1734149 Zola
Zola's picture

Too many old timers past their prime still controlling huge amounts of capital. It is time to clear all that underbrush.

Mon, 10/03/2011 - 15:29 | 1734163 dwdollar
dwdollar's picture


Mon, 10/03/2011 - 16:24 | 1734402 Smiddywesson
Smiddywesson's picture

"Stocks for the Long Run."


"Buy and Hold"


Mon, 10/03/2011 - 15:26 | 1734150 Zola
Zola's picture

Double post but then ill expand on the fact that they are conditioned to maintain the status quo TM even though investment logic and fundamental analysis points that it is not a winning bet anymore. Gross misallocation of capital

Mon, 10/03/2011 - 15:26 | 1734153 Cone of Uncertainty
Cone of Uncertainty's picture

Shit bitches, these holders are going to need the real AA after today.

Mon, 10/03/2011 - 15:26 | 1734155 Village Idiot
Village Idiot's picture

Hey, Bank of New York, how are your Mellons smellin'...

Mon, 10/03/2011 - 15:28 | 1734158 Fate
Fate's picture

One of my Peace silver dollars just winked at me.  I swear.

Mon, 10/03/2011 - 15:35 | 1734189 Henry Chinaski
Henry Chinaski's picture

It wants to be fondled.

Mon, 10/03/2011 - 15:52 | 1734253 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Be careful.  Generally, if coins are "spotted" they are devalued.

Mon, 10/03/2011 - 16:18 | 1734358 Ryman1075
Ryman1075's picture

Only if you are collecting for Numismatic or "collector value" as it relates to condition.  If you are holding them for the underlying PM content 90% silver, the condition doesn't matter.

Oh of my Morgans just smiled at me.

Mon, 10/03/2011 - 15:29 | 1734164 Cone of Uncertainty
Cone of Uncertainty's picture

I think this chart I just made says it all:

Mon, 10/03/2011 - 15:29 | 1734165 Kestrel_1
Kestrel_1's picture

From Forex TV "American Airlines has been the only major carrier to not enter bankruptcy protection in the past decade. As a result, the airline has the highest operational costs out of all of the major carriers."

So going into bankruptcy makes you more competitive?  Something Greece needs to think about...

Mon, 10/03/2011 - 21:09 | 1735372 checkessential
checkessential's picture

Delta, United, USAir, America West, and Northwest all declared ch. 11 wiping out creditors and shareholders alike.  The unions of AA all came together voluntarily with massively concessionary contracts in 2003 to avoid bankruptcy which in turn protected the share holders and creditors.   It wasn't enough though because the rest of the carriers got even more savings during their bankruptcies.  Now they are stronger.  

Funny how corporate America rewards failure and even encourages it.   Maybe if AMR followed their lead and wiped out the creditors, shareholders and  took more from the employees this time,  they would get the same respect reserved only for those airlines who were so eager to do so over the last decade.  

Mon, 10/03/2011 - 23:39 | 1735878 MarkTwain00
MarkTwain00's picture

has southwest ever declared chapter 11...nope
it might be the poormans airline but they got it right and don't screw their customers
plus you can get on a 1 way for $50 when flights aren't full...they know to put butts in seats and don't elete status and heirarchy bs 

Mon, 10/03/2011 - 15:30 | 1734166 Amish Hacker
Amish Hacker's picture

"Crushed?" That doesn't seem like nearly a strong enough word. Right about now, a lot of people are reaching for that waxy little bag in the seatback in front of them.

Mon, 10/03/2011 - 15:30 | 1734169 CvlDobd
CvlDobd's picture

Support from 2003 @ $1.25. No doubt that will hold. Cramer will guide us as to when to go long on this.


Mon, 10/03/2011 - 15:31 | 1734173 Prostar
Prostar's picture

Gee I thought the crappy service they were providing and the airline's blatant incompetence when it comes to baggage handeling would have been easy to turn a blind eye to but I guess following fundamentals is of greater importance.  But oh no.  Wallstreet investing according to fundamentals????  Who would have thought. 

Mon, 10/03/2011 - 15:31 | 1734174 GenX Investor
GenX Investor's picture

TD - are all of these investors for PUBLIC EMPLOYEE UNIONS?  Are taxpayers going to be on the hook for these stupid investments?

Mon, 10/03/2011 - 15:49 | 1734238 kito
kito's picture

wait till CALPERS starts to wobble. you aint seen nothing yet. their intelligent number crunchers are banking on over 7 pct gains a year just to stay alive....woooopssss

Mon, 10/03/2011 - 16:06 | 1734312 falak pema
falak pema's picture

just confirm to me..Calpers is the pension fund of california's retiree state employees? One of the biggest pension funds. 

Mon, 10/03/2011 - 16:11 | 1734334 kito
kito's picture of the biggest but not the brightest

Mon, 10/03/2011 - 16:23 | 1734389 falak pema
falak pema's picture

more lipstick.

Mon, 10/03/2011 - 15:34 | 1734176 ebworthen
ebworthen's picture

Morgan Stanley and Citibank have 5 million between them.

What do you want to bet that Republicrats and Demicans agree to bail out "a great American company" along with their crony banks, insurers, and hedgies while yet again selling the American family farther down shit river.

Mon, 10/03/2011 - 21:15 | 1735392 Mike in GA
Mike in GA's picture

I'd bet the Occupy protest gets bigger

Mon, 10/03/2011 - 15:36 | 1734179 falak pema
falak pema's picture

corporate america maximises profit even if it means outsourcing. The NEW paradigm will have to maximise social harmony and increasing the part of labour in the new profitability paradigm...Just a clue...Jefferson called it 'the pursuit of happiness'...the Kingdom of Bhutan has included it in a new measure of national production : Gross domestic happiness index. As opposed to GDP. Think about that. Making labour and return on labour a measure of "profit" and "profitability"...not in YOUR pocket, but in that of your fellow countrymen....ask not what your country does for you but...that way you make a new type of millionaire, a new type of WB, who doesn't own billions in USD, sterile fiat, but in billions of dollars of happiness index...a new measure of social recognition scale. Unknown to current WS shills.

Contrary to the current economic paradigm it doesn't have to be based on debt slavery!

Mon, 10/03/2011 - 15:34 | 1734182 bob_dabolina
bob_dabolina's picture

BAC off the lows

Mon, 10/03/2011 - 15:37 | 1734191 wretch
wretch's picture

Bob back on the glue.

Mon, 10/03/2011 - 15:41 | 1734204 bob_dabolina
bob_dabolina's picture

Oh stfu, I was being sarcastic. 

Off the lows by 4 cents

Mon, 10/03/2011 - 15:44 | 1734216 wretch
wretch's picture

Sorry, Bob.

You're grumpy when you huff.

Mon, 10/03/2011 - 15:47 | 1734228 bob_dabolina
bob_dabolina's picture

You're amusing...

that Elmers really has me spun

Mon, 10/03/2011 - 15:38 | 1734194 The Axe
The Axe's picture

long BLUESTAR  Airlines   baby   causes I am a winner,

Mon, 10/03/2011 - 15:42 | 1734209 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Just think what's gonna happen when one of their flights flies into the Sears Tower.  Has the CIA been accumulating AA puts again?!

Mon, 10/03/2011 - 15:40 | 1734200 Yen Cross
Yen Cross's picture

It's amazing how SWA can hedge crude positions, and ( AA), can't get a grip on some WTI? Hell they have a huge hub in DFW. They can't put together crude and refining @ WTI prices and undercut the the Brent spread?

  I thought they may be the (F) of airlines, and unfortunately was wrong.  Only the extremely wealthy buy airlines. (I guess)? How in the heck do you keep 655 aircraft in the air with (2$) stock?  Not to mention the 566 orders on the books?  Ref;

Mon, 10/03/2011 - 16:10 | 1734329 slewie the pi-rat
slewie the pi-rat's picture

ya keep them up in the air with credit, Y/C!

they just sold 3/4 $ Bil in collateralized bonds.  last week.  but AMR's borrowing is not of the "healthy" variety, as they talked of "bankruptcy restructuring" during the bond sales! 

Mon, 10/03/2011 - 16:15 | 1734345 Yen Cross
Yen Cross's picture

I have never owned a share of American Airlines, or any other Airline. I was simply presenting a comparison. Airlines are like diapers. You shit in the seats and recycle them!

Mon, 10/03/2011 - 16:13 | 1734340 AldousHuxley
AldousHuxley's picture

because AA does not have cash on hand to hedge because cash flows are so tight with low profit margins

the aircrafts are also leased.


Mon, 10/03/2011 - 16:53 | 1734555 Yen Cross
Yen Cross's picture

 Are you serious? AA has billions on hand to spend, and they can collateralize it @ next to nothing if they want!

Mon, 10/03/2011 - 15:46 | 1734224 williambanzai7
williambanzai7's picture

Is this what is called moron portfolio theory?

Mon, 10/03/2011 - 15:47 | 1734230 bill1102inf
bill1102inf's picture

she goes home, the evidence is non existent just like CA

Mon, 10/03/2011 - 15:51 | 1734245 bill1102inf
bill1102inf's picture

called it :)

Mon, 10/03/2011 - 16:42 | 1734499 AlmostEven
AlmostEven's picture

OMG! That was funnier than the "Ben Bernanke Was Wrong" videos on youtube! I loved this part especially:

<<I would vote for the airline that has been least adept at hedging its forward fuel needs through the futures market. That would be American Airlines (AMR). That means they will hurt the most now, but rake it in the most on any oil price pull back. And even if the decline in fuel prices turn out to be modest, a recovering US economy should boost profitability, given its recent maniacal pursuit of controlling costs. Just the missing pretzels alone should be worth a few cents a share in earnings.>>

He wrote that last March. Wrong. Wrong. and WRONG!

Mon, 10/03/2011 - 15:51 | 1734244 g speed
g speed's picture

I hedged this by buying a push pull aluminum weld feeder a couple of weeks ago--figure that Alum will go lower and I can build that house boat I've been wanting    --double diget returns on that play i'm hoping-- luck has everything to do with it.

Mon, 10/03/2011 - 15:53 | 1734266 digalert
digalert's picture

Such a shame, if it weren't for the damned TSA (radiate while molesting) I'd book a bunch of AMR flights right now. fuck TSA

Mon, 10/03/2011 - 15:57 | 1734281 hunglow
hunglow's picture

No wonder you're upset. She's lovely. And a darling figure... supple, pouting breasts... firm thighs. It's a shame you two don't get along.

Mon, 10/03/2011 - 15:58 | 1734286 Reform1776
Reform1776's picture

Looks like the hits just keep coming for MS.

Mon, 10/03/2011 - 16:27 | 1734417 tickhound
tickhound's picture

Vegas odds of a turrurist attack involving an AA airliner crashing into MS hq mysteriously higher.

Mon, 10/03/2011 - 16:00 | 1734293 wretch
wretch's picture

No stick save today.  Again, I quote from Miller's Crossing:

"It's gettin' so a businessman can't expect no return from a fixed fight. Now, if you can't trust a fix, what can you trust? For a good return, you gotta go bettin' on chance - and then you're back with anarchy, right back in the jungle."

Mon, 10/03/2011 - 16:04 | 1734304 Alex Kintner
Alex Kintner's picture

I just traded my AA Frequent Flier Miles to PanAm yesterday. Mamma Kintner didn't raise no fool.

Mon, 10/03/2011 - 16:32 | 1734449 Yen Cross
Yen Cross's picture

 I have a open ended ticket to { Heaven > slightly wrinkled, For You?....

Mon, 10/03/2011 - 16:09 | 1734322 Fix It Again Timmy
Fix It Again Timmy's picture

Didn't the managers of these funds realize that the quickest way to becoming a millionaire is to be a billionaire who buys an airline...

Mon, 10/03/2011 - 16:22 | 1734385 s2man
s2man's picture

Are those market values in the chart from before or after the dump?  Cynical minds want to know.

Mon, 10/03/2011 - 16:29 | 1734439 hooligan2009
hooligan2009's picture

if that comment about airlines never making money is true and the management have been getting huge bonuses and have received tax payer money to do so, how is that not fraud over a multi-decade period? how come enron and world com executives got busted and airlines and car comapnies don't get busted for fraud?

Mon, 10/03/2011 - 16:34 | 1734463 Ira Fuse
Ira Fuse's picture

Time to buy the dip?

Mon, 10/03/2011 - 16:35 | 1734466 Ye Ye
Ye Ye's picture

If AA had Christina Ricci and friends as stewardesses, they might still be in business.

Mon, 10/03/2011 - 16:36 | 1734477 Ye Ye
Ye Ye's picture

Hey Tyler ... 

I'll be a demanding a-hole and say it would be awesome if you could cross-reference this list with PM ownership so we can get an idea of the eventual gold unwind impact from redemptions.

Seeing as, you know, I pay so much to be on this site :)

Mon, 10/03/2011 - 17:02 | 1734591 Lmo Mutton
Lmo Mutton's picture

You guys aren't giving them credit for employee morale.

Mon, 10/03/2011 - 17:28 | 1734699 prodigious_idea
prodigious_idea's picture

If I understand the history column, and depending on when they bought, Fidelity might be in reasonably - at least comparatively - good shape.

Mon, 10/03/2011 - 17:31 | 1734706 Quantum Nucleonics
Quantum Nucleonics's picture

Looks like mostly index funds, pensions, and a smattering of hedge funds.  Nothing to see here, move along, and don't step in the pool of blood.


Someone may want to let Airbus and Boeing know that guaranting seller financing for that 460 plane deal may not have been the smartest business move of the year.

Mon, 10/03/2011 - 17:59 | 1734810 Mr.Sono
Mr.Sono's picture

i guess miami heat will be playing on the street soon.

Mon, 10/03/2011 - 18:20 | 1734851 Bicycle Repairman
Bicycle Repairman's picture

The airlines deliver nothing but grief to the consumer.  They are not even a shadow of what they used to be.  Anyone who was around in the 60s or 70s know this.  They should all disappear.

Tue, 10/04/2011 - 01:42 | 1736133 checkessential
checkessential's picture

That was before deregulation.  Had those days continued, you would be paying 60's and 70's prices adjusted for inflation.   How does $1500 to go from LA to Denver in coach sound but have 62% load factors, room to spread out, and a TV dinner?    Have you even ventured to look at a route maps from that era?  You might be surprised at what little choice there was. 

My guess is you prefer paying $150 for a cramped seat, no meal, and complaining about it.  At least you get to travel when you want and where you want.   Enjoy the new golden age of air travel.  We all asked for it with our pocketbooks - and we got it. 

Tue, 10/04/2011 - 10:21 | 1736971 Bicycle Repairman
Bicycle Repairman's picture

Since I fly on business and the boss pays, I say re-regulate.  Then the boss can cut back on a lot of pointless travel.

Mon, 10/03/2011 - 18:41 | 1734896 theinebriatedsot
theinebriatedsot's picture

one of the first investing rules I learned [back in the 70's, when I was a 'young buck'] was NEVER buy an airline stock. They operate on 'paper thin' margins, and too many things can go wrong.

Mon, 10/03/2011 - 23:30 | 1734901 Cursive
Cursive's picture

Hmm.  Yesterday was not a good day to go Vanguarding....

Mon, 10/03/2011 - 19:50 | 1735147 Buck Johnson
Buck Johnson's picture

American Airlines is about to go under.

Mon, 10/03/2011 - 23:25 | 1735825 Hephasteus
Hephasteus's picture

American Airlines isn't that private club for liquid perverts and scanner jacker offers.

Tue, 10/04/2011 - 00:05 | 1735948 Bullish Bear
Bullish Bear's picture

UBS will need another "rogue trader" to blame the losses on.

Wed, 10/12/2011 - 14:32 | 1766605 karmete
karmete's picture

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