Well, I picked the right day to sell. I kept a few stocks around to entertain me during the slow, melancholy, days of summer. I had a plan and followed through on it. There is no looking back now.
The PPT nailed the miners, once again– allowing me to book an 8%+ profit in EXK. All in all, the summer of 2012 turned out to be a delightful (no homo) one for me, bucking the seasonal trends in the face of alarming grotesquery.
Now I wouldn’t go short here for a very specific reason. Bonds have been sold, without regard for the retards who own them. Although TLT reversed higher today and is being bought up by miscreants clad in burlap undergarments, the trend is lower. If you look back in time, you will notice that when TLT drops more than 5% in a month, it tends to follow through to the downside the very next month. If that’s the case, stocks will move higher again, ignoring cat calls from the unwashed to sell into the elections.
In my professional opinion, the best course of action is to go to cash, but keep some longs around for sport and leisure.
I intend to press the envelope in my DMND long and will buy more, but only on dips. I am waiting for the Weinsteins of the world to capitulate and fess their unbridled ignorance. At that moment in time, I will sell my DMND position and dance on their fucking graves.
A great man once said “Never fuck with the guy in the time machine or space capsule.” I strongly advise you to learn the lessons of others who’ve made such egregious errors and trade accordingly.
I am 50% cash, looking for opportunity, as always.
If you enjoy the content at iBankCoin, please follow us on Twitter
To put it gingerly, if you bet against him, Horatio Claw Hammer WILL fuck you up.
“his their” should be one word
I edit as I go.
not a fan of the new ibc page format. that’s just my opinion. and research donkey is one of, and sometimes THE, favorite part of the site and it’s very clumsy and difficult to even find it.
by the way, if i just type in “ibankcoin.com” and go to the main site there are tons of things that if I click do nothing. even very important parts of the site are not currently working. like everything in the tool bar on the top.
WHERE THE HECK IS THE DONK?
STFU bitch.
I think the old-school format is awesome. Those of us who have been reading the fly since before iBC will agree I’m sure.
This new format is for the old school.
Fuck all of you new jacks. I am going to kill all of you.
I like it.
Very clean and not cluttered.
In honor of the “old school” orange color I am wearing my Nehru jacket and Beatle boots that my Uncle Leo gave me when I was a nipper.
He sold them out of the trunk of his Ford Galaxie 500. He was the original Overstock guy, he just didn’t know it.
VIZ.
Sham Wow S.A.M.
Amen to that!
Sierra
yeah this design is cool as vxx tits
I’m trying to remember who said great man who said that was… Marty McFly or Abe Lincoln…. whoa..hold it..I hear those African drums again…
BEAS said it in 1899.
“Never fuck with the guy in the time machine or space capsule.” Does this mean that I have to stop prank calling Neil Armstrong?
STFU
Finance is up so energy is up and then some coal BS green bill got shot so…. I think energy might bounce. Fly, I was wondering if you were looking at the energy sector and had any knowledge on the subject? It feels like the red headed step child
It’s MY MONEY, and I want it NOW! (iBC funds)
I guess you can be happy with an 8% gain on EXK for a few days. I am very happy as I have been long since Sept 2010 and will eventually sell when I have a 200% gain instead of my current 100% gain.
September 2010?
Noob.
________
When you are managing money for other people, you have to think in terms of the current year. It’s better to make 6% per year on a consistent basis than to lose 2% 3 years in a row and then make 100%, because you MUST please investors OR ELSE
The best thing about the new format is it comes with a: HELICOPTER!
Why? Who cares it’s a helicopter!
“when TLT drops more than 5% in a month, it tends to follow through to the downside the very next month” -> nice data, TY
New format is ahead of its time. I like the style, clarity, quick and easy choices all right along with the way the StockTwit twits would like go but don’t have the nads.
Nice trade Fly and well done sticking to your algo’s in the PPT.
Never noticed or looked back at the TLT trade you mentioned with follow through to next month but makes sense here. It looks like the great bond trade is unwinding as these things take time and are not an overnight event. Either way this may be the beginning of the downtrend in bonds.
Fly sell EXK??
I’m printing money in HL right now.. True story. This is the trade of the decade for me..
Pete Thiel > St. Francis of Assisi
________
You’re an infant.
God > Pete Thiel > Mohandus Ghandi
only two of those people are real
Only two are alive.
______
Like integrity at investment banks and VC firms, one never existed.
huzzah
Listen to me children and listen well. I once bet the house against le Fly and here is what happened:
1) I had no money pay my mortgage so I lost my house.
2) My wife said I was ugly and a poor looser (sic) so she met a better looking, richer man than I and left me
3) My children said I was no fun anymore and then disassociated themselves to me.
Now my only access to iBC is through the local library computer (I take the bus there)… So please DO NOT BET AGAINST THE FLY
Hey, look on the bright side. Takin’ the bus sure beats walkin’.
What’s so bad about #2?
Fortunately the library is open late tonight so I was able to log in to their computer and catch your question Mr Po Pimp.
There is an upside to number 2, now every third Saturday of each quarter, I trade in all of my aluminum cans that i have collected, then take the proceeds down to the nearest strip joint (it’s adjacent to the library) and receive two of the best lap dances a poor man could ever receive.
$GSVC was the leading indicator of them all!!!! should have known…..
Pete Thiel knew.
______
he sure did know.
Yes, and I will remind you of this the next time you have a ten bagger that you decide to sell.
VULTURE CAPITALIST!
___________
So then everyone who is up 10x should sell?
You are an apologist and cement head.
It’s worth nothing, I am not on the BOD of any of the companies that I own and was never instrumental in driving the offering price up prior to and at the time of IPO.
And how, exactly, was Peter Thiel “instrumental” in driving up the price of the IPO? By being a VC who got in earlier than the asshats in Boston and New York who are paid to assess deals and invest their institutions’ moneys?
Were the big brains at Fidelity, Putnam, Mass Financial, Babson Equity, Wellington Managment, etc, etc intimidated by Peter Thiel’s protruding frontal lobes?
Or maybe, just maybe, they bought into the same investment thesis Peter Thiel did?
Just later?
BTW– Your calling ME a “cement head” is a laugher. I’ve explained to you how the system works, and how this pricing was effected. There was NO retail “enticement” because there was ZERO retail sold, despite your protestations. Your answer? Crickets.
Moreover, you’ve got no logical answer to my questions regarding the responsibility of the people who invested in this deal at the IPO onset. People who are paid to manage, literally, BILLIONS. The same people who drove the initial range from $24-28 to it’s final $38 offering price.
Your ad hom attacks on some some alleged “Svengali” VC that laid waste to the biggest investment houses in the Northeast holds as much water as a loose pocket of cheesecloth in a hurricane.
__________
BTW — I missed, “So everyone who is up 10x should sell?”
Well, yes, if you are fidiciarily obligated to return capital to your VC limited partners. Which Thiel is/was.
Should he have waited until it was down to a more respectable 5x?
_________
… doesn’t he … as a Board member … have a fiduciary responsibility to the FB shareholders ?
And, as such … shouldn’t he be sensitive to the effect of his “cashin’ out” … might have on the stock price ?
,
… seems at the very least … to be a conflict of interest at play here !
A “VC” … who is also a “Board Member” … Just smacks of conflict to me !
.
That is your opinion. My opinion, which I value much more than yours, says this stinks to high heavens and he should be ousted from the board.
If you don’t like my opinion, I don’t care.
35% participation in the Facebook ipo by retail Jake.
What the fuck are you talking about?
Don’t be so naive to believe Thiel didn’t have anything to do with the valuation of Facebook at ipo and before.
The VC racket is one big circle jerk ponzi scheme.
http://www.cnbc.com/id/47475416/Facebook_IPO_Draws_Highest_Ever_Retail_Demand
The final tally was 35%
I am curious if you just make up your own reality or purposely choose to distort it?
There was ZERO retail participation in the pricing of this stock. No retail investor said “yes, I’ll pay $38 per share.”
That call was made by the institutions who placed their orders.
The retail investor is a PRICE TAKER, not a price maker.
It’s like trying to convince a cement wall.
Thiel, as an early investor and a board member wants to maximize exit value, but he has ZERO control over the initial pricing of the IPO, that is 100% demand driven by the bidders on the stock.
Those bidders? Fidelity, Putnam, Wellington, and probably those guys you used to work for as well.
I guess the “VC racket” that backed Amazon, Ebay, Genentech, NFLX, Starbeast, Apple, Digital Equipment, Google, etc, etc, etc, was just a big fat Ponzi scheme?
Accept Responsibility for getting caught up by the hype. Be comforted by the fact that a lot of Mass Avenue stock geniuses got caught up in the same fervor.
__________________
Seriously, a ten minute call to your equity capital markets desk will get this straightened out for you.
Yes, they have to take into account retail demand, but that demand is figured into the “support environment.” The people who agree to the stock pricing are the institutions who are placing the big block orders.
The MS capital markets desk, on the phone with Putnam’s portfolio chief, says “what if we go higher than $28?”
Putnam Equity desk must say “Good to go at X”
That price talk continues until Putnam Equity says “I’m done at X+”
If he hits that ask, he thinks there’s demand above him. Putnam is not buying thinking “I think this stock is going to flatline here, I sure hope the dividends start flowing soon.”
He thinks there’s greater fools out there! Bad on ya, Putnam!
____________________
BS!!!
Etrade had investors apply for the number of shares they were willing to take and the highest bid they were willing to offer ….
My initial bid was $25-28 and they came back a few days before the offering indicating the price had been raised asking me to raise my bid which I did to $32.
I read their IPO comments section and others there were putting in crazy bids in order to assure getting a few shares … bids as high as $42-50!!!
I wasn’t about to take part in that nonsense and lo & behold got no shares … LUCKY ME!!!
Too bad for the imbeciles that bid for five times more than the shares they really wanted and at the top of the opening price ….
So yes, there was retail activity and it was crazy …. ask anyone who read the IPO blogs at E-Brokers.
Good freaking point. Now, remind me sir, why did you have to make it, again?
Mr Fly please have the italian guy disable the scrolling ticker tape at the top!
Almost as bad as the nonstop flashing adverts at other sites, way beneath you.
Great job otherwise on your empire.
Ridiculous, the rolling ticker is aces.
_____
A ticker that rolls from bottom to top says something about the designer. I’m not saying what, I’m just say’n. So, the trader says to the ticker, “are you a top or a bottom”?
You’ve had numerous spot on opinions Jake, this isn’t one of them.
Normal
You are a fucking ape.
Shut up.
I have to agree about the ticker at the top. It can be very distracting at times. The perfect solution would be to add a little minus sign next to the plus sign in the upper right hand corner, so it could be minimized or disabled.
Love the new/old design Mr. Fly. My only question is did you ban the V.king again?
Nicely done Jake
Enter at your own risk. When you jump into an IPO you have agreed to swim with the sharks on the street.
I personally love seeing the big firms get their asses handed to them. They can dish it out but can’t take it when it’s their turn to bend over.
Thiel was a slime ball but why is this a surprise?? This POS launched with a 99XPE at $38 which any fool could see from a mile away.
Goldman Sachs sold 50% of their position before the IPO even hit.
it just so happened that 35% of the IPO was absorbed by shmucks at E-Trade.
The revenge of Thiel upon the investment banks didn’t happen the way you think it did.
They got out and you got in.
Which is why those price taking schmucks deserve what they got.
Would you rather they be barred (you be barred) from participating in IPO’s?
Keep bitching about your purchase at 100x cash flow, and soon those good Dems in Congress will decide you are much too stupid to ever get IPO shares.
On the other hand, if you think the price is too high, then just WAIT a bit for the price to come to you.
No?
____________________
As a self-proclaimed newb, jus’ asking a question: Is a vulture-capitalist an entity that acts as an 80s-style, virtual hostile takeover, but instead of the eighties’ way of actually buying out a company with solid money, a vulture capitalist aggressively takes it over by making it ‘public’, as an IPO?