iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,842 Blog Posts

CNBC is a Whore

Come now. How can the producers of CNBC allow their reach and influence be continuously abused by people with an agenda? I mean, how many fucking leaks of the pending monoline deal will they facilitate?

It’s obvious and evident, the underwriters are attempting to prop up shares of [[ABK]], in order to price an offering. This is all very manipulative, is if you ask me.

Within my client base, I have many people in the audit business. From what I can tell you, anticipate significant disclosures of bad credit exposure, within the next two weeks.

From what I hear, Goldman Sachs will not give quotes on some of their illiquid CDO’s, without the third party buying an instrument. In other words, the auditor’s are scratching their heads, trying to value the toxic crap, within the banks’ books. They [auditors) are very nervous, with memories of Andersen Consulting Arthur Andersen fresh in their minds.

Finally, the market, yet again, managed to finish green. Understand there is a concerted effort to reflate equity values, in order to absorb bad news.

With my money, I love Vestas Wind Systems, which trades on the LSE—ticker symbol VWDRY.pk. Buy it and forget it.

And, I will continue to nibble at [[GFI]], for a long term hold.

UPDATE: Homes in Detroit selling for almost zero! Take that Dennis Kneale.

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44 comments

  1. jeff

    Gambino tells all

    http://www.veoh.com/videos/v6270327CWrQqNeg

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  2. TraderCaddy

    I wouldn’t touch any of the South African golds. Forget about the power problems; they have dwindling reserves with increasing costs i.e. high wages, deep mines, strikes, etc. There are so many others out there including some juniors who still haven’t started their late stage cycles.

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  3. Woodshedder

    I have a killer buyout play, which I will disclose later this evening.

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  4. calvino

    crm update.. the stock is up 4.50 on the news of a 6 cent quarter. I don’t know which momo douchebag.. Marsico, Janus, Fidelity., is playing this game.. but they are looking at 238 multiple at that price. Unless they are selling cokaine laced cigarettes in packages of twenty, they are going to crash into a very sturdy wall and pulverize every bone in their body. Besides Goog and Oracle, there is about 15 companies in the space exclusively.

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  5. Sierra Water

    Trader, I actually like GFI at this price. I have followed GFI for 5 years now. At $1600/oz, GFI’s reserves are worth twice what the stock is trading at using conservative metrics. I understand that the ongoing power supply issues in SA are not going to go away, however that is why you are getting the lowest PE in the industry.

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  6. treepart

    This is true. This market is a cardboard cutout of reality, like the fake Rock Ridge in Blazing Saddles. At some point some kind of shit will stick to the wall and like Slim Pickins kicking down the facade of a fake building in Rock Ridge, the market will finally tumble down. At that point the experts will explaim, like Taggert “It’s a Fake!”.

    Every day some well placed news item manages to work it’s way through the Flotsam and Jetsam of the daily dire economic news and the market rejoices. This is a phony market not representative of where things are or where things are going

    Can I get a Harumph!

    http://www.youtube.com/watch?v=JN99jshaQbY

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  7. JakeGint

    They [auditors) are very nervous, with memories of Anderson Consulting fresh in their minds.

    Why would they have thoughts of a computer consulting outfit on their mind?

    Are you talking about Enron’s accountants?

    (cheesy grin)

    ________________

    This, on the other hand, is correct:

    Finally, the market, yet again, managed to finish green. Understand there is a concerted effort to reflate equity values, in order to absorb bad news.

    You must be attending to Gary’s “Sand on the Beach” blog entry (Hyperinflation).

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  8. Small Titi

    Deckers reports tomorrow. I have a short position at $122. Some of Uggs are produced in China, and the others in Australia/New Zealand. Will be interesting to hear if DECK is experiencing lower margins from problems in China.

    Shoe manufacturer KSWS reported yesterday:

    George Powlick, KSWS Chairman: “And that is to realize that there is the potential for some downside with respect to margin, primarily due to cost pressures in southern China…”

    Steven Nichols, KSWS CFO: “Let me just amplify that a bit more. There is close to turmoil currently in southeast China, in Guangdong area and factories are closing. There is going to be major changes. We are working with some factories to open in other provinces in China. We are looking at moving more of our business outside of China. And one of the things that has us very, very cautious is we are not sure and I don’t know that anyone else is sure where this will all end up, but there are red flags that the manufacturing base of so much of our industry is going to go through a very difficult year, in this year 2008.”

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  9. skateboardingIsNot ACrime
    skateboardingIsNot ACrime

    Harumph! the sherrifs a neee–air and mongo loves him.

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  10. JakeGint

    Trader, I actually like GFI at this price. I have followed GFI for 5 years now. At $1600/oz, GFI’s reserves are worth twice what the stock is trading at using conservative metrics.

    So it sounds like the stock is accurately priced, given the risk, if gold is at $950, and you are talking about a 70% rise from that number?

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  11. calvino

    Titties, I am with you there. Will be waiting for that call after the close. Hopefully, will not get the same cart of bullshit as crm.

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  12. Danny

    I am placing a ghost trade LONG DECK, at the closing price, just for fuck’s sake. As I said at rage’s, girls like em too much. The famed “anecdotal trading strategy”

    sign me up for a hundred at whatever.

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  13. TraderCaddy

    I have followed the South Africans for over twenty-five years. I have bought and sold Val Reefs, Western Deep, Orange Free State, Kloofy etc. over the years and the state of South African mining is just pitiful. It was in better shape when gold was cheaper and the President was de Klerk.
    Look at something like TRE (Tanzanian) if an African miner is appealing but I think there are valid reasons why GFI,HMY,AU (the best of the lot)etc. are trading where they are.
    I personally believe something is going on with all of the gold stocks and it could be related to the physical ETFs getting investment $$ that didn’t exsist several years ago and energy costs for these miners are hurting them also. Ten years ago if gold was going to be at $950/oz all gold stocks would be at least 60-150% higher than what they are trading for today.

    Just an opinion.

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  14. small titi

    Danny, some of the girls I asked I thought were wearing uggs were actually knockoffs sold in target and amazon. Let’s see what happens tomorrow. Told my gf that if DECK sells off I’ll buy her a pair of uggs with the money I made. Best.

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  15. JakeGint

    TC —

    No one trusts them because they are for the most part shit businesses. That’s why you gotta stick to the ones that have some modicum of operating ability.

    I like GG, HMY, SLW… maybe LIHR here. Of course there’s always the old mothers, but they’re overowned.

    I grabbed some GFI on the last spike in the Fall, I think it’s a serial underperformer.

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  16. BIG MIKE

    God damn it, I’m shitting bricks, I think DECK numbers are going to be “Ehhh”, but the fuckin stock is going to blow up!

    Seriously, anybody can explain to me why Fannie and Freddie rallied today!? What’s lifting the cap going to do for their profit margin?

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  17. The Fly

    What the fuck is Jake talking about?

    Anyone?

    Fuck Gary.

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  18. alex

    You say these accountants remember Anderson Consulting, while the accountants for Enron were from Arthur Andersen LLP, that’s what Jake is saying I believe.

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  19. Q4

    Whores get fucked. The calm before the storm…

    Ebla

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  20. The Fly

    Right. My bad.

    Hey, I write this stuff on “The Fly.”

    Give me some slack.

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  21. Woodshedder

    “this is all very manipulative, is [sic] you ask me.”

    No slack granted. Did I mention I’ve got a killer buyout play I’m working on a post about?

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  22. The Fly

    asshole.

    You have no juice. Therefore, your buyout play is as good as my worst MVIS source.

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  23. Danny

    ^ZING!

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  24. Woodshedder

    I caught a 7% move in that fucker today. How’s that for juice?

    I’ll accept your apology when you buy it tomorrow.

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  25. nncoco

    DECK has the makings of one of those short plays that continually confounds traders like CROX did in 07.

    Good Luck

    Any reason you guys don’t buy puts to play earnings?

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  26. gappingandyapping

    Asia tanking on Japan news.

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  27. TraderCaddy

    Jake- You are correct. There is only a small universe of decent gold/silver stocks. Among them IMO are GG,AEM,SLW, maybe PAAS,maybe ABX. Crap like GSS reminds me of ECO (Echo Bay Mines). Some of these gold stocks are trading 20-40% lower than their highs in 2003-004 when gold was about 250/oz lower. What’s up with that crap?
    I owned NEM in the mid 1990s when it was at about $70 a share and gold was about $400 lower. I remember thinking at that time that NEM would be about $150/share if gold ever hits $1,000/share.
    Gold stocks don’t lead the metal like they have in the prior 30-40 years; they barely keep up now.

    Part of the problem I believe is that investment $$ tend to flow into the physical ETFs(GLD,etc.) now. Oh for the good old days when gold stocks would lead and that would be the sign the metal would soon follow.
    Right now they are all over extended and need a good pullback to the 50 day mov. average.

    Enough rambling.

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  28. DaddyWarbux

    TI’s main product designer, their picop guy, quit today:
    http://www.prweb.com/releases/home/theater/prweb725573.htm

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  29. Sierra Water

    TC/Jake,
    Looks like the both of you have it all figured out. Good for you guys, however I completely disagree. I understand what ABX will be looking for and it wont be the typical high flyers that I have owned for the past 3-4 years. There is a major shift coming and those who recognize it will be rewarded 4-5xs their investment in the coming years.

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  30. Sierra Water

    You may want to include AUY, KGC,BVN and GOLD, my top four holdings. There have been plenty of big winners!

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  31. TraderCaddy

    Sierra- Yes, KGC and AUY are good ones. GOLD is good too having some great mines in Mali, if I recall.
    If the stock market ever gets trashed over a longer period of time I believe gold stocks will go down with everything else just like it always has in the last 40 years or so. I understand HM (Homestake Mining) was a big exception in the 1930’s ( I am not that old).

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  32. calvino

    I am going to kick this dead horse one more time. CRM gave inline guidance for 09, at top of range. they beat the quarter by 2 pennies. they are fucking dead and they are going to be cut in half by May. they may be cut in three.

    i am going to chant a psalm to put an end to this evil emanating from the heathen empire in the east. may you sink under the weight of your unsold komatsu tractors.

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  33. Woodshedder

    Big head and shoulders top forming their Calvino. Looks juicy. I might bite. It is up big AH though.

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  34. calvino

    I got kicked in the balls off a running start in the AH. When I saw the quarter I was smiling, until it turned into tears. What the fucfk is going on?! I am going to say they are going to be getting a beating tomorrow start to finish. Maybe if you see that, then today was a last gasp of the bullshit artistry.

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  35. Dover

    Anyone know when the Visa IPO debuts?

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  36. Breakfast Meat

    Hi Fly, How’s that AAPL workin’ out? Bwahaha!

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  37. JakeGint

    Calvin,

    If it doesnt’ get much past $58, you’re fine, brothah. Just filling out that last gasparino right shoulder. Fuckers like to juice the dogs in AH, so they can get out on the backs of the ROBO’s in the morning.

    _____________

    Q4 —

    I am in awe of your selections. No shit, Fly should give you a tab just so you can hit us with this stuff.

    I feel like I’m listening to WLIR (Long Island) in seventh grade again. You never know what you’re going to get, but it’s usually good.

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  38. JakeGint

    Sierra, I own AUY and GOLD.

    RGLD, CEF, SLV, SLW, GG, GLD, and SA off and on for a trade.

    Someone keeps barking at me about EGI so I may have to take a look at that one too…

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  39. Pinto and beans

    Hey Fly,
    Why is Alexander Tokman hanging out with that girl from JUNO?

    http://www.imdb.com/media/rm3792934912/nm0148418

    did he get her pregnant?

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  40. Zeus

    http://www.foxnews.com/story/0,2933,333350,00.html

    We’ve had a lot of school shootings, mall shootings, apartment type shootings lately. People at the bottom of the pyramid are losing their jobs and their houses, and the youth of America is outraged and depressed. The savings rate in this country is the worst it’s been, ever, and it is (roughly) inversely correlated to the rate at which credit grew after the dollar was unpegged from gold.

    George Soros believes we are at the end of a “super cycle” of inappropriate growth which began 60 years ago, and which has contained smaller bubbles/busts.

    Oh, and the cost of food is about to go up. FUCK. More civil unrest to come.

    Oh, and Dubai/China sure seem happy to invest. The white man has been the asshole of the world for centuries. Revenge is a dish best served when you have them bent over. We’re bending.

    We have a bunch of people becoming old. Old people require expensive life extending medical care. What the fuck is going to pay for this?

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  41. anonII

    Jake,

    IVN owns a stake in EGI along with their properties in Mongolia and Australia

    It’s a copper, gold, moly & coal play all in one.

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  42. Dogwood

    What the fuck is going to pay for this?

    Your taxes because I’m spending my trading profits as fast as I can, so I’ll need some help later in life.

    Thanks in advance.

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  43. JakeGint

    IVN is doing well in Cajun’s Tourney.

    I wonder if he’ll let me switch to “long Detroit hovels?”

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  44. Zeus

    Ok I had 3 more beers and a sandwich… revised brainspew:

    http://www.foxnews.com/story/0,2933,333350,00.html

    We’ve had a lot of school shootings, mall shootings, apartment type shootings lately. People at the bottom of the pyramid are losing their jobs and their houses, and the youth of America is outraged and depressed. Small business owners and professionals I know are having slow 2008’s. The savings rate in this country is the worst it’s been, ever, and it is (roughly) inversely correlated to the rate at which credit grew after the dollar was unpegged from gold.

    George Soros believes we are at the end of a “super cycle” of inappropriate growth which began 60 years ago, and which has contained smaller bubbles/busts. He’s been wrong about a lot of shit, but his thesis is solid. http://209.85.173.104/search?q=cache:Hne-mTiz5SkJ:money.ninemsn.com.au/article.aspx?id=371697 soros supercycle&hl=en&ct=clnk&cd=4&gl=us&client=firefox-a (Recently (re)moved but cached MSN article)

    Oh, and the cost of food is about to go up. FUCK. More civil unrest to come.

    Oh, and Dubai/China sure seem happy to invest. The white man has been the asshole of the world for centuries. If all that karma shit is true, that’s not good for whitey.

    We have a bunch of people becoming old. Old people require expensive life extending medical care. What the fuck is going to pay for this?

    Oh, and a shitload of religions around the world believe that we are either in the end of days, or about to fight some big ass biblical Christians/Zionists vs. Islam” war. (Bushy’s fundamentalist christian homies vs. islamic fundamentalist homies). Bush said that God told him to invade Iraq. http://www.independent.co.uk/news/world/americas/bush-god-told-me-to-invade-iraq-509925.html

    Why did God put the most of the most important resource to the modern world underneath the third world? (if you believe in the biblical shit) That’s irony.

    Technology has been parabolic. What has been accomplished in the last 200 years is more than what had been accomplished in the preceding 20,000 years. That includes war technology.

    Suit up baby!

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