Of all the dumbest things we heard today, the one that attributes the last minute jump in the market to a CNBC interview with Barton Biggs (or Not-So-Biggs based the meager $547 MM in AUM for his Offshore fund) easily takes the cake. The man whose only recent claim to fame is the following soundbite from last November which conclusively proves that in race for the 100% RDA of Geritol, Charlie Munger may have a serious competitor, ""Bernanke has gotten the stock market up, which is what he wants to do, the stock market is an important symbol of confidence, and Mr. Market is a pretty good forecaster of the economy" appeared on CNBC and told anyone who was not immediately bored to death or hit by a sudden urge to be incontinent, that the market is "grossly oversold" and sees a "significant rally" on the horizon, with a jump of 7-9% in the next three weeks virtually guaranteed. In retrospect this is precisely the idiocy the serves as a market catalyst in the post-11:30 trading block when Europe is closed, when Intesa Sanpaolo does not trade but not due to being halted all day, and when idiots and robots take over. Regardless, we decided to look at the levered beta momentum chaser's soundbite track record over just 2011. To our not so great dismay, Biggs has called at least 6 bull markets in a period of time in which the S&P has gone... negative.
Barton Biggs and the S&P (chart courtesy of Andrew Yorks):
And the clip in question for all you masochists.