Do you build a company for growth with an exit in mind, or for profit? In the whimsical world of the internet, the former reigns supreme. We all see the venture money flowing freely and every programmer with an IQ north of 110 is trying to capture some of it. Personally, I find the whole VC business to be extremely distasteful. The way I see it, if you can’t fund yourself, you shouldn’t be in business.
Now don’t get me wrong. There are some capital intensive projects that requires backers. Without investors, we’d all be riding on fucking horses and living in log cabins. But the internet is more wasteful than you think. It is the embodiment of living above means. These little fuckers all want to be Facebook or Google. The truth is, Facebook is Facebook and you’re just a sales pitch.
From day 1 of iBankCoin, the stated goal was to build a profitable organization by catering to investors, doing so with style and a not give a fuck attitude–but always with grace of course. It’s that simple. We built products that are sold elsewhere for 10x what we retail it for, and do it better. We’re in the midst of building the second iteration of The PPT (our flagship product) and every detail is being thoroughly combed over, making sure it is met with satisfaction.
Some people ask me why I don’t raise money and expand iBankCoin. My answer to them is “how did that work out for the buttfuckers at TheStreet.com?”
The larger a company gets the more stilted it gets. It is my desire to keep iBC small, nimble, yet extraordinarily efficient. One of my appetites for growth is in news. With the elections and the Olympics around the corner, I know news is an area where growth could be had. I am willing to pay a decent salary to a workhorse who is interested in making a name for himself. That person has not been found yet.
The site has grown in traffic and scope since inception. We could be bigger if I would just stop saying “fuck”; but I don’t want to. It’s not what I’m about. Some of you get caught up with my stock picks and like to stick it to me when I lose. But you just don’t get it. Money is not the only thing that drives me. If it was, I’d be out there with my tin cup, begging for some of that ponzi money.
I like to believe this site can remain a home for the individual investor who doesn’t give a shit about what misguided analysts or talking heads say about the market. We are about consensus and how it correlates with making money. Everything I do is designed to find better solutions to making money, some fail, others do well. It’s a process that is being displayed in real time, for better or for worse.
I fuck up. Hell, I fuck up a lot. Sometimes my mistakes are accidental or due to bad luck. Other times I just blow it, sort of like not selling YELP at $32 last week. Moving on, I don’t live in the past, wallowing in the mistakes of yesterday. If I did that, I would have checked out of the business of money management a decade ago.
Do you know how many times I lost a million plus on a single idea?
Often.
So many times I felt like “this loss” was the final straw, the end of Le Fly. So many times I felt defeated, enveloped by doom, brought on by my own gloom. I’ve had draw downs of 50% inside of a few weeks. Last year, my entire book fell almost 30% inside of two weeks. You know what? I made it back every single fucking time. I do it because I have no choice. It is my job to make people money, no matter how hard it may be. My efficiency is the result of 20 years of trial and error. You may think you know everything, sitting there in your bullshit pleather chair from Staples. The majority of you don’t have the scars of war on your chest, the late night horse kicks to the fucking sternum to remind you that money is about to evaporate. That’s okay.
My best mentor once told me “the fastest way to success is to emulate someone who has already done it.” Clearly, I am nowhere near my desired peak in life, as I have mountains to climb and enemies to destroy. Still, “The Fly” is here to accommodate any questions you may have, regarding investments. Don’t let my gun slinging tone stop you from peppering me with serious questions.
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Well stated. Those very reasons are why I enjoy iBC and scoff at ‘investor friendly’ sites that push their own agendas. Jumped in on GLW today after pondering it with your mention a few days back.
GLW is a longer term idea.
what is your allocation % to glw, señor?
8%
grazi.
Getting fleeced on BZH. Hold and hope for seasonality or let the loss die? Thanks.
I’d hold
And for this, we keep coming back. As Jobs stated, “we are organized like a startup”. Bravo good sir. Indeud.
I’d prefer it if The Fly was not anonymous.
In order to retain immortality, Fly will remain anon
I agree. The wizard is way more interesting behind the curtain.
I was a actually goIng to ask you this a couple of days ago but do the people you know in the real world know about iBC? I’m talking about friends, neighbors, and relatives.
I agree though, you must keep yourself anonymous in this realm.
There are a handful of people who know, none of which are my fucking neighbors.
I just saw an interview on the tube with Thom Beers (the king of all reality TV-“Deadliest catch, Ice Road Truckers, Storage Wars”, etc etc etc.).
He big piece of business advice: “Always do it with your own money, then you own it”
Fly what do you think about all the hype about SZYM. Would you long it?
Hard story to understand. I just don’t have an interest in it.
this is the best site by far- thanks
great post, thanks
I love this rant, go Fly! I look forward to PPT 10.0.
The NEW PPT
Remember when you used to be all hopped up on Monster soda, black coffee, and oatmeal?
That guy would’ve dumped YELP at the highs. Count it.
Fucking Eh ! The fact that the trolls drag your ass out and keel haul you just shows they know nothing of investing. The best traders talk about their losers. Afterall we all can’t be Gartman. Thanks for the site Fly and do not yield.
just like i told altucher last year,”your kicking yourself in the ass”. and i’ll bet the farm he still is. ROFLMFAO.
well said and written
as a member of both 12631 and ppt
both invaluable tools
remember that those who are first will
be last and the last shall be first
When will IBC announce its hostile takeover of ATPG? I will offer my services as VP Operations provided the price is right. I can’t do any worse than the current “window licker” running the store.
ha. As CEO, what would you do at ATPG first?
Too easy. Give the CEO a raise!
Fire every God damn completion engineer associated with the company. Clawback every dime of bonus doled out to the worthless pukes over the last two years. If they don’t like it, fuck ’em.
Take out a $2 bln insurance policy on Titan and pray like hell a hurricane sinks it to the bottom of the Gulf of Mexico. Barring that, torch the fucker. Collect insurance and payout $30 per share prior to liquidating the company.
Go to the JPM analyst’s house and leave a flaming pile of dog shit on his front step.
#BREAKING: The $FED to revise last months minutes
Fly,
I’m currently 10% yelp with you and in the red about 5% now. Are you going to cut losses at some point if we fall through a certain level?
Fly, what are your thoughts on DECK?
http://www.streetinsider.com/Analyst+Comments/Auriga+Reiterates+a+Buy+on+Deckers+Outdoor+(DECK)%3B+Looks+Like+a+Second+Half+12+Story+-+Rewarding+Patient+Investors/7323816.html
Thanks.
I think it’s near a bottom.
You use to like this stock. You don’t have any interest in it now?
Ugh! I just read the jobs numbers report and had a look at futures! It’s not looking rosy for Monday morning at this point!
The jobs report lays an egg, and although brown, we are not talking about a chocolate Easter egg.
Do you expect that the party is over now thanks to this feeble jobs report?
Or are you thinking it could be along the lines of a buyable dip?
Party’s just getting started, PAL.
QE III 4eva
Any potential for share sales? Perhaps a preferred and common private float (I’m not really interested in voting on internal affairs).
I think IBc could go much bigger down the road.
Maybe a free shirt package deal.
Not urgent, just an idea.
Management-
My comment is awaiting moderation for some reason. Please release the first one (I tried re-posting after the first one didn’t work).
Appreciate your insights and colorful commentary. Current thoughts on DECK?
Think BORN will rise again?
Best mentorship may touch a nerve with ‘fastest way to success is to emulate ……..”. Since emulation is essentially imitation I would substitute “best’ for “fastest” and consider a paradigm including: strive to do the right thing, not step on any people, retain personal humility inside the pride of accomplishment, know what the true meaning of being the best means, always get a fair price for a quality product, surround yourself with people who are smarter and better than you are and reward them accordingly. Just getting started……………………………..
Senor Tropicana;
With respect, your anonymity serves you greatly, please retain that condition. Having said that, I would appreciate hearing more from Plutonium Petey, I miss his contributions.
I consider myself somewhat linguistically adept in two fields, the Queens English, and Profanity. My experience with iBankCoin has expanded my abilities on both of these fronts. Please do not change your writing style, verbiage, or grammar.
I am one of those “individual investors” to whom you refer. Before joining the PPT, I grew impatient with main stream, professional money managers handling my investments and struck out on my own. I start each January with $1 million and allocate an hour or two per day to the task, while running the business I started after leaving the corporate world 25 years ago. I’m nearing 164 years old in dog years, and I think the iBankCoin limit is 216 dog years. Is my approach “acceptable” from a portfolio theory perspective, or “intelligent” in terms of TA? Perhaps not, but it’s mine, and $’s come from my pocket, so I don’t give a damn about the judgements of others. I can honestly say that iBankCoin and the PPT have changed my approach to trading and investing and I have banked coin every year since joining. I appreciate your efforts on all fronts – thank-you.
Whether intended or not, I sense a tone of catharsis in your missive, without notes of vindication or justification. Speaking from personal experience that is often a good thing. I believe it to be a sign of self confidence and depth of character, attributes that I value greatly.
amen.
i’ll say it once and i’ll say it again.
all the street experience in the world makes a trader not.
dealing with your own pot requires a mindful disposition. one must dogma (even one’s own).
being in the virtual presence of st, pp, and the rest of the crew who generously share thought flow is invaluable.
thanks to all on this good friday.
**reject dogma — -fuck A GAME!
This.
I’m another one of those “individual investors” – having seen The Fly pick himself up and dust himself off after each horsekick to the sternum, and having seen others in here, in the PPT, and in 12631 do it, repeatedly, has been an inspiration.
After a few interruptions *cough2008* and *hiccup2011*, I’m closing in on a level that will permit me to retire from the day job. I wouldn’t be there without what I’ve learned here.
Thanks, Fly et al. for helping teach a man to fish.
So you take profits out of the account and keep a flat 1 mill balance?
Only a good idea if you need the money for cash flow.
No it’s my self imposed limit. I possess neither the space alien attributes, nor the the professional money management skills/experience to reasonably allocate a higher percentage of wealth to what is principally self indulgence. If I was able to spend more time at the enterprise, I might consider a deeper commitment to the endeavour(sic). That said, it is with voyeuristic enthrallment that I watch Senor; the Senator; RC; Chess and others who are “nuts deep” in the game. My only expectation is to learn from the experience and of course, the shits and giggles matter greatly.
Never stop saying ‘Fuck’!
Note to the Nancies that are offended by the spicy language around here…this site is where you come for tip-top investing/trading/education/innovation, not fucking show and tell.
Good thing we have a long weekend to digest this jobs #.
I guess we all now know why the labor dept didn’t just release the numbers on Thursday.
Fly, what do you think of buying some $vxx after the report? Holding time :5 days.
Since Le Fly is hosting Q&A day, here’s one:
REEs close to production. Hmmm. Are they part of the “sell (two weeks before everyone else) in May and go away”, or is the end of the rainbow close at hand, meriting a hold-with-white-knuckles strategy? PMs are headed down but REEs that are coming on line have bucked the trend. Specifically, MCP is doing well, but I have more concerns (and potentially more gain) with LYSCF, which is at the bottom of its trading range and set to go into production as long as the powers that control foreign companies are smiling in Malaysia.
So who are you trying to emulate?
If the market continues to drop like a rock on Monday, then the news stories will say “Employment dropped. Market Falls Because We Are in the Next Great Depression.” But if the market gets jammed back upwards next week, then the news stories will say “Market Rises on Hopes of More Crack Cocaine from Ben real soon.”
Must be fun to be a news reporter.
Fly is absolutely right on this. I watched my old buy-side shop expand from boutique to behemoth in under 10yrs, under the banner of ‘grow or die’. They didn’t die; they’re now just relying on dialysis and prescription meds to keep on going. There are now committees that oversee the other committees, ad nauseum. It’s a shame, really, because it was a pretty great place.
I agree with your sentiment regarding Stocktwits as a resource. However, how does such a business/service profit?
I can honestly say that I didn’t like your blog at first , but after reading your story is similar to mine on the giving up part . I like the honesty and you can admit you fuck up like we all do . So much RESPECT , YELP is not a mistake. I didn’t sell cause its not in my plan to sell I dont want to catch a measly Three day run up . It might not work this time but the ones we let run will double or triple from our entry point. So don’t let them little pussies talk shit on you being wrong not taking profits . They are always the one on the sidelines when a stock doubles and says “o man if I would of just held on “
Posts like this are why iBankcoin is the billboard of the eyes of TJ Eckleburg, staring into the soulless wandering investors of the internet who clamor for many multiples of their wealth. Perspective is the keeper of reason. It’s the visionaries, the protectors of truth, that are able to see potential in a block of granite or see vertical lines and circles within the horizontal bars of sheet music and breathe life into ideas. Proper investing is not different than these processes and iBC is the rotating beacon of light on the dark horizon that gleans light upon our moments of humility and sweeps the valleys of ashes to shine upon exquisite moments of clarity.
Posts like this are why this site is the billboard of the eyes of TJ Eckleburg, staring into the soulless wandering investors of the internet who clamor for many multiples of their wealth. Perspective is the keeper of reason. It’s the visionaries, the protectors of truth, that are able to see potential in a block of granite or see vertical lines and circles within the horizontal bars of sheet music and breathe life into ideas. Proper investing is not different than these processes and iBC is the rotating beacon of light on the dark horizon that gleans light upon our moments of humility and sweeps the valleys of ashes to shine upon exquisite moments of clarity.
this is the best site on the internet HANDS DOWN. I like it that the FLY is anon and I also like it that none of the authors on here every have to explain themselves to anyone. Keep up the great work.
re: anonymity
its a must. i can’t stand “the biz” in “real life because its a big circle jerk of social capital. your address, your spouse, your car, your clothes, your weekend activities all become every so scrutinized by the fuckers in the game. your ideas are less important than your image. fuck that!
and fuck being pc! fuck fuck fuck fuck fuck! fucking love saying fuck.
Great post Dr. It’s great that you can grow the business without outside capital. Been through three start ups and a couple of mergers/reorgs the ones that needed outside capital ended up being a pain in the ass. Of course sometimes it’s a necessary evil, but at the size I was at every outside investor thought they knew more about the business than they did, and were first class asshats.
Are you a girl?
Serious question …
You are mentally Ill. Seek help.
I’m hooked
I would love to read more of your past experiences. I know that in doing so you run the risk of divulging too much information that people might figure out who you are. Perhaps you might consider penning some of the tales you have been told/seen through the years?
Also, I know some of your calls are purely intestinal in nature, and therefore hard to quantify, but I would like to better understand how you do it….is it just enough time in the game to be able to see things differently?
Carry on good Sir. Thanks for all you and Vincenzo do for us pikers.
You got the best ‘recette’ in the business. Being anon makes it even better. I connect to IBC errday, joint top pick with Twitter (follow IBC crew as well). Long live IBC. PS: shoutout to RC & Che$$
Fly I will work for you digging up any and all relevant news.I will work tirelessly, hunched over computer for hours at a time eating adderal pills and drinking coffee. All you need to pay me is the wage of a migrant tomato picker. Its not the money I truly seek but the feeling that comes to be able to rub shoulders with a great titan.
100% serious
All of you little wadds crying about the jobs number and sucking up to the FLY need to stop shittin like a dog who ate peach pits and get your buy list ready for MON> this is a bull mkt jack wadds
Don’t listen to all the bullshit artists above when you can have someone like me vastly expand your audience, profits, insight and stock universe. Yes, it’s time to go International! And, the best way to get started is with a combination of reporting from the Olympics (to spice things up, maybe have some bets on some of the races) and PPT picking British stocks. This is sure to make winners of all of us, altho you and I are already way ahead.
Jobs disappointing? Yes! But not a game changer!http://www.marketwatch.com/story/jobs-disappointing-yes-but-not-a-game-changer-2012-04-06
Thank you Fly. This site is not only helpful to us “small timers” but your posts offer a unique mix of market knowledge and comic relief. Your style is unmatched. Keep up the good work Senor Tropicana!
Fly
The honesty is refreshing.
What I am trying to get my hands around right now is how much pain do we need to see before Ben pulls the QE lever again.
With the election coming it’s going to get tougher for him to do it. My guess is equities and oil would need to pull back 20% or so before he would have the cover to do a QE3.
Looks to me like we could see a repeat of 2011 this year.
I was under the impression that the FED’s hands are tied from making any new policy changes 6 months out from a presidential election…
The Fed doesn’t have to do anything. They can just say words about QE or the lack of it, and the market rises or falls.
I don’t think it would take a 20% pullback to have cover to do QE3. But there’s no reason to do anything but talk in order to move the markets, LOL. Do you realize how many times the markets moved up since October, on mentions of vague discussions about solutions to Euro debt problems?
LTRO. money was printed. talk is fucking worthless. no cocaine no more highs. simple.
thomas kinkade dead.
Lots of cocaine is left. The supply is unlimited.
Disagree
It’s unlimited until gas hits $5-6 a gallon.
If that happens it’s “lights out” just like 2008.
If oil doesn’t drop the Bernanke is in deep shit.
What is sleep ?
Should I go on a real vacation to someplace cultural like Britain or should I head out to Brazil and just get laid?
Indonesia has some of the most underrated poonanny in the world.
Fly, how do you feel about real estate..I know you are looking for a new crib but do you think US RE has bottomed? And what’s your opinion about Canada’s RE situation that we missed the 2008 crash completely? Be honest now…
Fly – Best post ever!
@Fly: How’s the house hunting going?