All jokes aside, this market scares me. I have a lot to lose and for a moment, back in early August, I thought I lost control. I went from +16% to -8% in a few short weeks. I was on edge, even while in Turks and Caicos. Sleep was virtually impossible, since I needed to monitor Europe. When the shit is hitting the fan, I find it necessary to watch how all world markets trade to “get a feel.”
I can honestly say, while at the lows, I had a feeling that everything I had built over the years was in jeopardy. My saving grace was two fold: I didn’t have margin. Instead, I had about 30% net cash. And, I had confidence that I would be able to pick the right pivot points to make my money back, like I have done so many times in the past, from 1997 to date.
Believe me when I tell you, many of my peers are out of business. You might find it humorous to hear of hedge fund managers blowing up. But, in reality, the hedge fund manager will be fine. It’s his partners that get fucked. Regular millionaires with only one or two summers homes, wrecked to pieces by some dicksucker with a cocaine addiction. The shame.
This market is a destroyer. It is not something to get all jovial about, with your camel fucking humor. Don’t you see what is at stake here? From my vantage point, we are in the beginning stages of the grind to the bottom. It’s easy for some to take this lightly, trading at some bullshit Staples desk, whilst making bubbles in a retarded glass of chocolate milk. That’s because these people manage anywhere from $00.00 to $500,000. Look, if you’re not managing at least $10 million, you’re not managing real money. When you have $200 million to invest, understand the difficulty in getting in and out of stocks due to liquidity, then shut the fuck up.
I am real close to just shutting it down for awhile, due to my belief that we haven’t seen the worst of the crisis. Italian 10 yr bonds are closing in on 6%. I guaran-fucking-tee you this will be headline news inside of one week. The higher yields go, the further Italy goes into the abyss of no return. However, policy makers are constant interventionists, making playing the short side close to impossible. With year to date gains of about 15%, I’d be stupid to risk much here, in the face of all of this bullshit.
Off to drink a glass of chocolate milk from a “non-retarded” glass.[youtube:http://www.youtube.com/watch?v=NRpm3lWbc08 603 500] If you enjoy the content at iBankCoin, please follow us on Twitter