Life is good and the market has been very rewarding to those who had the cajones to be a player. However, let’s not forget the homeless guy on the street corner covered in feces. The economy is coming back, but not good—yet.
It’s important to buy stocks when no one else wants them. Equally, it’s vital that you, the internet leech, take profits when Cramer the Clown is fondling stuffed animals (bears) on national tv. Take some profits, have a drink, and do a few hundred lines of coke (just kidding).
Following a glorious two week run, “The Fly” is raising cash, while chuckling at his bearish counterparts for missing the rally. While I am gone (leaving Tuesday morning), I will have no less than a 30% cash position. Believe me, it pains me to sell stocks like OmniVision Technologies, Inc. [[OVTI]] and Corning Incorporated [[GLW]] ; but they’re only stocks. I can always buy others and make money in just about any environment, long or short. I rather book the profits now and chill out with Mickey Mouse, than be a nervous wreck on a potential GLW earnings disappointment, effectively coercing me to punch Goofy in the fucking face.
In other news, the frolicking fondlers at Flotek Industries, Inc. [[FTK]] are gaining forward momentum. Regardless of where the stock trades, I am in the name for the duration, or until it hits $3. Finally, [[ENTR]] looks pretty sweet too. If their “Moca-chips” made any substantial headway into Time Warner’s set top boxes last quarter, the stock will double in price. Last I checked, Verizon Communications Inc. [[VZ]] is gaining 500k Fios subs per quarter, all containing chips from ENTR.
Booyah.
WINSHIP UPDATE: It will come as a relief to many of you basement-dwelling lowlifes to know that THE INVINCIBLE NATIONS OF IBANKCOIN have added an egrgious lifestyle column. Although “The Fly” cannot gain anything from the words of its author (Jason Treu), the vast majority of you stand to benefit a great deal from any advice that might assist you in overcoming your life-long struggle as a piker and/or repeat offender.
If you enjoy the content at iBankCoin, please follow us on Twitter
Hey Fly.
In the previous comment I posted that you might want to take the family over to Cocoa on July 31 to watch the shuttle Endeavor land (if you haven’t seen one before).
It’s an easy drive from Disney.
30% chance of the fireworks show of your life, too.
_______
enjoy the heat…..
I am not made from snow
You will be wishing it were so, come next week.
______
A nice letter from ZeroHedge to CNBC on anonymity and other things:
http://zerohedge.blogspot.com/2009/07/open-letter-to-financial-media.html
Thought “The Fly” may enjoy this, perhaps even “Le Fly”, considering his numerous identities.
Marla Singer writes like I shit. That drivel is female-unreadable.
Indeud, “A man should learn to sail in all winds.”
Italian Proverb
“A man should learn to ski on all snow.”
Eastern Eskimo proverb.
“A man should be able to tell the difference between scotch, bourbon and rye whiskey, blindfolded”
Irish Proverb.
Fookin eh, there are Eastern Eskimos??
Next you will be clownishly telling us to “diworsify” our portfolio through common equity in five different industial sectors.
Thanks for the link Kiwin.
10 industries dipshit
i am out
Your buddy Jim Cramer does the 5 stock thing, sorry you didn’t get the reference.
Punching Goofy in his smug face is good for the blood pressure btw.
I rather book the profits now and chill out with Mickey Mouse, than be a nervous wreck on a potential GLW earnings disappointment, effectively coercing me to punch Goofy in the fucking face.
ROFL.
I hate Goofy too.
____
Life’s a Beach (RealMoney Silver $)
By Doug Kass
I had a miserable week as I misjudged the appetite for stocks in the face of my valuation issues and headwind concerns.
Shredding documents won’t help you. You have to burn them. Also, erasing hard drives isn’t as fool proof as you think. Take a sledge hammer to the drive in question.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6JBOx3PiJf4
In other news, after announcing a return to a five day work week, Mercedes announced it would keep the four day work in place until at least October in light of low demand for its product.
Fly,
Why do you think GLW’s earnings will be a disappointment? Do you mean outlook too?
He’s gone but I think I can speak for him, having had a convo off line about the same concerns.
He doesn’t necessarily think GLW will have a bad report, he just doesn’t want to be on the Dumbo ride worrying about it.
If he gets caught looking from the outside in on a gap up situation, then he’ll deal with buying back in (hopefully on some kind of pullback) upon his return.
Basically, it’s a Tums for his vacation.
_______
Thanks Jake…
That explains everything.
le fly does coke breaking news at 7
Here’s a link to Jon Stewart “discussing” Lenny Dykstra (Jim Cramer). The segment starts at 10:41 and is about 4 minutes. http://www.thedailyshow.com/full-episodes/233117/tue-july-14-2009-peter-mancall You’ll love it.
+1
Don’t forget to check out the very end of the video at 21:10. He details the how to mismanage $10M.
Good Gawd, somebody please put the slopeofhope on suicide watch. Used to be a pretty good / informative site until they all got bitch-slapped by Mother Market. Now they are all railing about conspiracy theories and wearing tin hats.
Yea, I know. It’s hilarious.
Some fucker hit the back of my car in a car park the other day and I’m sure s/he was a Goldman Sachs agent. Lol.
This is Tim Knight’s understanding of the fundamentals;
This is going to sound like another one of my pissy little rants, but it’s not. I truly believe what the world has learned from the past six months is as follows:
Umm okay time, if you say so.
* Investment banks can give away whatever bonuses and compensation suits them;
No, not true. If the I-banks were encumbered with TARP money they would be regulated.
* The same banks can take whatever risks like that without really taking any risk, since the taxpayer will be given the bill;
No true. Banks are the most highly regulated entities in the western world. They ARE NOT allowed to take any risk they like. However the issue of moral hazard these days is a little problematic especially as it applies to depositors and bondholders. Not that Knight would understand.
* At the same time, they will be entitled to keep all the profits (many of them tax-free and offshore);
Not true. Absolute bullshit.
* There is no reason for anyone to get spooked about punitive taxes, as AIG was. The handful of executives that blinked and gave their bonuses back were suckers. The others wisely waited for the American attention to move back to Britney Spears and kept their bonuses;
Has no understanding of the issue
* The United States Government views it as their business to prop up equity markets, since so much of the voting public has a stake in them;
Which is why the government is now proposing the most sweeping regulatory regime we’ve seen.
The SEC and other regulatory agencies will do everything in their power to help the long side and damage the short side of the markets;
Well not true. they also damage the long side too as people familiar with Sarbanes Oxley would attest.
* As long as the average American has a working color television, they’re not going to cause any real trouble, at least not for more than a day or two.
Yep Tim is always the smartest guy in the room.
This is what passes for deep thinking over there. It’s really troofer like swill. This site has it all over his and he has the gall to denigrate people here after he peddles those quasi 911 theories. Fme.
As I said, I really don’t think he knows what the fuck he’s doing.
Put the entire site and the commenters on suicide watch.
j, seriously, I know he can be annoying but some of what he says is absolutely true.
I’m having too much fun tonight to post the specifics…but I-banks???…only holding bank holding companies, able to borrow from us, and leverage it…a tax payer funded hedge fund. And one of them just paid out huge bonuses, with no threat of regulation, since they paid back the TARP.
Knight definitely over-simplifies and generalizes, but then so have you in your response.
Shed:
True it is over simplified. However it’s like people are wishing the banks go under. I don’t know what the fuck is going on in that country since I left. One of things people admired was success, while now they’re getting off on failure. I may need to get the fuck back there and knock some sense into people 🙂 It was one of things I love about America.
Banks need to be profitable and busting arse for the health of the economy.
Knight seems to be pissed about Goldman.. as per fucking usual. It just so happens they were the bank that had the least exposure in troubled assets. TARP was also forced on them. They paid the government or rather about to pay $1 freaking billion for the warrants, so it’s not as though the government isn’t doing well out of them too.
As for the guarantee TALF money… they pay fees to use it.
In other words it’s not a one way street.
Lastly he’s using all this shit as an excuse as to why he lost money. That’s a sign of a shitty trader to be blaming passing cars for losing mullah.
I don’t think it is wishing the banks to go under. I think Americans would be much happier with bank profits and bonuses if the bankers getting them were not still the same people who caused the crisis in the first place. We want accountability, and there seems to be none. When companies are not allowed to fail, there is a measure of justice that is unable to be meted on those most deserving. Granted, Goldman is not the best example of such a zombie institution, as Tim insinuates it is.
As an excuse as to why he lost money, you are right, it is very poor. However, having been short all last week, I can tell you that it has been very very difficult and I understand if he is not in his best frame of mind.
Shed:
here’s the thing…the problem with our current banking system, both in the US and the entire West.. the world for that matter …is that we have very loosely capitalized banks overlaid with moral hazard through government support.
The problem is that banks are highly leveraged as a result with a gearing of around 13:1
This means that banks need only to lose 7.5% of their assets and they’re done, Finished. The truth is that nearly ever firm in the world will at some stage lose 3 to 7% of their assets. So we must be prepared to accept that if we’re going to run such a highly leveraged banking system all the banks or nearly all that run with this leverage will at some stage of their lives go broke or in this enlightened will need to recap.
it’s next to impossible not to lose say 3% of their assets which is where most banks are forced to call it a day as the markets or the FDIC will call it a day for them.
Now we can demand much lower leverage, however the effect of that will be deflationary for a period of time while we adjust to that. That’s why you keep hearing from the government these days double speech or rather contradictory swill. On the one hand they’re telling the banks to go out and lend while on the other hand their telling them they need to reign in risk. You can’t have both.
I would prefer a free banking model where anyone is allowed to set up a bank and the market would decide the level of fractional reserve to set aside which would obviously be much higher than it it now. However, for that to happen we also need the rest of the economy to be as flexible as possible with almost no government interference in the economic backdrop so as to allow the economy/market to adjust to lighter leverage.
That of course isn’t going to happen so we’re stuck with the present system, which to be honest hasn’t been at all that bad when you think that over the past 30 GDP has gone up around approx. 3 times.
My concern now is that there’s real moral hazard being created as depositors and bondholders are perceived to be risk free and therefore won’t distinguish all that much between risky and safe banks.
I don’t much blame banks, as they aren’t God and can’t really predict freight trains heading their way… or black swan events.
In this case the problem was that there was a sudden changed in the perceived level of inflation going forward and they were too vulnerable to change course in time.
If we’re essentially running a socialistic banking system then we shouldn’t be at all surprised that it fucks up especially when the central bank creates further problems as a result of short term and or inappropriate changes to monetary policy. in other words they shouldn’t have been running with a expansionary monetary policy in the earlier part of the decade.
Here’s the thing… if the Fed wants to run an inflation target as it mostly has been and should, then it ought to pick zero inflation for the target and react to that. The inflation target should the year on year rate rather than the quarterly or monthly rate as it would make them think about the long term rather than month to month swings.
Getting back to things… the banks shouldn’t be the only ones blamed for this mess and if we want to run a socialist banking system then the government … the taxpayer also is responsible.
That’s my rant.
Oh and shed, I sorry you lost money. I hope you make millions a day.
Thanks j. It isn’t so bad, just a drawdown, which is to be expected in this game.
Thanks for your thoughts on the banks.
Enjoying my egregious gains selling puts with the vigor of a white robed Le Fly with a baguette.
Plenty of trades this week, more next week.
Like Le Fly with a condom. One always needs protection.
TA:
Honestly, be careful selling puts. It’s a skewered risk reward.
No more risk vs stocks about unless of course you have no idea what risk management is.
Most fuckers no clue what a cash secured short put is.
Lifestyle blog…you jumped the shark with that one. Talk about some real douchebag shit.. Sure your not already in Disneyland . Posers ..make sure you wear the watch.
Yeah fly. Give thisLifestyle faggotry a pass. Puh-lease- pocket squares?
You are all afraid of the Treuth. Hilarious stuff. I outdo myself all the time, I really do.
What does this have to do with stocks. Need to look good while putting in your buy/sell orders?
Cebu’s Rich Cousin
Buffy, sweetums, I just purchased this silk ascot. Please direct me to the polo field.
mrkcbill’s parents are patsies