Ham -n- Eggs served in a chinese food container.
Biggest winners, year to date (min market cap of 5bill)
| No. | Ticker | Market Cap |  YTD Return |
| 1 | NFLX | 5,642,850,521 | 81.47 |
| 2 | RBS | 50,024,825,000 | 77.74 |
| 3 | SII | 11,742,438,313 | 76.41 |
| 4 | MGM | 6,870,069,043 | 73.46 |
| 5 | LVS | 17,300,472,399 | 68.14 |
| 6 | MI | 5,082,420,582 | 65.99 |
| 7 | CMI | 14,578,394,206 | 61.17 |
| 8 | TSN | 5,999,621,183 | 60.87 |
| 9 | RF | 10,072,903,783 | 60.80 |
| 10 | KEY | 7,734,850,482 | 57.22 |
| 11 | GNW | 9,209,247,113 | 53.30 |
| 12 | CLF | 9,268,254,879 | 52.63 |
| 13 | WYNN | 11,358,061,881 | 52.45 |
| 14 | BIDU | 21,550,863,902 | 51.01 |
| 15 | DNDN | 5,370,997,672 | 50.30 |
| 16 | FITB | 11,538,202,184 | 48.67 |
| 17 | PRGO | 5,491,753,637 | 48.42 |
| 18 | VMW | 6,621,366,153 | 47.48 |
| 19 | MIL | 5,951,435,645 | 46.74 |
| 20 | HOT | 14,694,073,419 | 45.67 |
| 21 | SNDK | 9,953,806,577 | 44.36 |
| 22 | HIT | 19,988,189,645 | 44.23 |
| 23 | M | 10,509,928,413 | 43.72 |
| 24 | STI | 13,876,938,279 | 43.59 |
| 25 | SHLD | 13,610,113,495 | 42.91 |
DENNINGER (sans blue blazer)
[youtube:http://www.youtube.com/watch?v=wvx7ws3TtiI&playnext_from=TL&videos=84AkKRbvXDo 616 500]For the record, I completely disagree with DENNINGER, regarding CDO’s. AGAIN, Goldman sells to large banks and institutions, not Mom and Pops. Furthermore, if someone wants BBB exposure, it should not matter if a short seller concocted the CDO or not. It is what it is.
If I want low grade exposure, I know exactly what to buy, as did all of Goldman’s customers.
I would side with DENNINGER, only regarding direct sales of CDO’s, CLO’s and CMO’s to Joe Public aka people not in the know or without sophistication
This is a HUGE difference.
My gut is telling me to buy some mgm
Does anyone else agree
No.
Not here; feel free to touch into some below $15 but closer to $14, and again if it should break through to around the $12 range. However, keep it light, if you must. Fly had a good contact talking about the expected earnings of casinos somewhere. Might have been the PPT.
I’ve been riding MGM for a while and I’m still in it but I wouldn’t start a new position here either.
Hells no. I am out of casinos after a 12 to 13 month run. Not buying here with my drunken neighbors money much less my own.
Kruser
The real crime was done om the retail level, wherr merril, jpm and morgan dumped this shit on 6 fig accounts and wiped them out. I know of horror stories
It’s like the met fans getting pissed at the yankees for winning all of those rings
Skogie
Because aig was sunk to save the entire industry.
Whoa!!
GMCR hammered after hours!!
Good.
WYNN,LVS,MGM no wonder the stock market is treated like a casino.
Fly you are typically on it and I rather enjoy your reading… but oh please, who/what gives them the right to mislead?
It doesn’t matter if they are institution/pension or affluent/accredited. They clearly misrepresented the investors with false info. Clear as reading English in a “see dick run book”. I can read that text and know don’t cross street from cross street at sign.
I do admire the stock list of runners YTD returns. No they won’t finish that strong by end of year. You can count on that, either way you will bank coin on the up or down market. Can’t say that as much with your followers.
Great website, crappy post.
Kruser
I think you misunderstand what took place. Goldman’s opinion was not relevant. They produced a product for wide consumption, just like ETF guys made 3x inverse fuckery that fucking ball and chained ira’s across the country.
They sold to VERY, VERY sophisticated people. Goldman’s short could have gone wrong. The fact that it didn’t is why everyone is so pissed. This is standard practice.
I am not saying their short went wrong, I feel ya because those nasty little 2-3x etfs were stinkers nonetheless. Regardless if they were long or short; with the Abacus, they clearly mislead… investors smart dumb or ignorant. Then again just about 95% of the globe always believed housing prices go up, many sophisticated people in that statistic too.
There is never one cockroach and their never will be, if there was only one then this world would be a boring place as I couldn’t torment others. This is a sliver of the tip of the iceberg and I hate to say that but unless american idol gets more interesting this is going to get very very dicey for the paper shuffling economy as we know it.
ps… the math spam protection above is very difficult as my excel formulas can’t do arithmetic.
“Clearly misled” is by no means a truth in this scenario.
There is a big, BIG question on the table of the amount of disclosure provided here. Under no law that I know of is Goldman required to tell its exposure on the deal unless it is specifically asked, in which case it must tell the truth. There is no proof that Goldman was ever asked about its exposure and lied (which would assuredly constitute fraud).
ACA, IKB, and the like were given the opportunity to review the Paulson-selected portfolio. Of course he selected securities he thought would fail – AS THAT WAS HIS JOB. The sophisticated investors were betting that he was wrong, AS THAT WAS THEIR JOB. They were wrong.
In the Abacus deal, one party must be short, the other long. ACA was long and lost. It could have gone the other way. Paulson was short and won.
If it had been Goldman long and ACA short, would anyone be weeping for Goldman? Hell no. This is a case where Congress and “the people” are just pissed that Goldman keeps being right while they’re wrong, so they fired at anything they thought was a chink in the armor.
People don’t understand this complicated shit. But GS always seems to win, so they must be doing some nasty thing that screws the little guy, who is getting fucked, and generates GS big profits. Congress wants votes, so they put GS on TV and rake them over the coals. They should go after the guys who really screwed up the economy, but it’s too complicated to figure that out. Congress would have to admit it was themselves as much as any other. They can’t do that with their outsized egos.
One thing we know, Lloyd B. will not get confirmed to be Treasury Secretary any time in the future.
Fly,
re, “Goldman sells to large banks and institutions, not Mom and Pops…”
another take… http://knowledge.wharton.upenn.edu/article.cfm?articleid=2481
Take it easy on karl
I’d look permanently constipated too, if i had been shorting from SPX 850
I say “sue the bastards”! with the U.S. gov. on your side, you can’t loose. (me thinks)
First of all, this has been bugging me. Can we get an easier spam protection quiz? Thanks.
FLY, you’re the guy to ask this question: is there a trade on the oil spill?
I was looking at CLH.
Goldman assembled BBB and worse into these products, shopped for ratings, and then sold the steaming piles of crap. As the guy in your video said, they were not just market makers (as they tried to imply in their over-rehearsed testimonies), and so they had additional disclosure obligations – obligations that they clearly did not meet.
Separately, while i understand what you are saying about big v small institutional buyers, I wish our nanny state would remove that distinction and allow any institution or individual adult to buy whatever the fuck they want to buy – – leaving government to require only truth in advertising and full disclosure from sellers.
Now, I wouldn’t give a much of a shit about Goldman screwing their customers if they hadn’t stolen from me and my kids by getting us to pay off their AIG insurance and if they hadn’t become a bank so that they could steal more from me and my children by getting free loans from the FED, then loaning it back to us.
So now I want these pricks to be prosecuted for fraud under laws that have existed for years and I want clawbacks on all the fees that they collected (triple damages if they can be made to apply) on all the crap that they sold …and I want all these smile and nod, donation-accepting, Geithner-appointing, Bernanke-reappointing, pols that went along with this shit out of office.
I want the AIG doe back that former GS CEO/Treasury Sec. Hank Paulson gave to GS that was a non-negotiated payoff according to Lloyd Blankfein during his testimony.
WTF! AIG was bankrupt … why did Paulson have to pay them anything especially when Blankfein claims they didn’t ask for it nor need it?
GS would have the same amount of cash,(from other insurance coverage) it’s just that AIG would be banko and a lot of good people who bot regular insurance policies from AIG would be uninsured and banko as well. AIG was destroyed by the chain of events and their own errors anyways.
So you’re OK with GS getting the $ and paying it out as bonuses at taxpayer expense …. ?????
I’m with Purdy. And crucify the ratings agencies too.
I got a question: what am I missing here? A big part of the lost money came from CDS payouts right? When the gov stepped in and saw what the kids were up to, why didn’t they just announce that all bets were off, and order the premiums paid back on the CDS’s and be done with that abomination? Fuck, pay it back with interest and move on. I must be missing something. Yeah yeah I know that there were contracts… apply enough pressure and a contract breaks.
Okay, but that doesn’t answer the question of the CDS’s specifically. Why pay someone else’s bet when you could just have the counter party return the premium’s? I understand the logic behind covering the CDO’s. Those had real investments underneath. But the swaps?
It was determined the destruction of AIG would have created too much pain because of all their other insurance business and policies in place.
Also, the U.S. government has the obligation to enforce contracts, and absolutely no right to break them.
The FUCK they don’t! Ever hear of RICO? Or the Air Controllers Union?
I never said they don’t break them. I said they have no right to.
Who cares if ACA & IKB got squid jizzed? I don’t care about that but the fed must die.
Fly, you hear anything on TWI … up 23% AH and I don’t see anything?
Hey all,
what is everyones take on AMEL? Lithium scientifically does have a lot of uses and i see it briniging great profit in the future. Which is why i am placing money on SQM here as well. But Amel as a small cap has a large upside. I recently see it more and more in the news so want to know what you all have to say about it.
thanks…
1. Prohibit bundling or sale of mortgages by banks. If Bank A makes a loan, they KEEP the loan till it matures.
2. Declare the value of all derivative contracts, long and short, held by brokers, banks, pension funds and whoever to be ZERO, and prohibit all lawsuits related to derivatives.
Banking and brokering is a simple game if it has the right rules.
The bundling of mortgages is not a problem. Giving subprime bundles AAA ratings is. (even BBB) Then, when you don’t have enough bundles you create ‘”synthetics” in order to sell more junk and get more commissions. The synthetics syphon off investment capital for bullshit. The capital put into synthetics would otherwise be directed to other investment in productive uses.
Trivial solution. That’s like saying the housing market wouldn’t have collapsed if there were no houses. Awesome, thanks for helping out. Derivatives are perfectly legitimate, when used appropriately. They just need to be disclosed and out of the money situations need to be put under restraint.
Just make mortgage-related derivatives ILLEGITIMATE. There is no need for them.
Problem solved – the bqanks must make PRUDENT loans because they are stuck with them.