It’s a slow summer day, with most of the important people out on vacation. It’s just you and I here, playing about the stock market, wasting time on the internets. Feel free to ask me questions, provide me with topics to discuss, or inspire me to write something blasphemous. There are so many interesting topics to discuss. I look forward to your suggestions.
As an aside, I still haven’t purchased anything.
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I still can’t get over your move from NY to NJ right before Sandy hit. What a move.
The PPT told me to do it.
powerful stuff …
how did you meet OA?
Through the internets. He used to have a website that rivaled iBC in popularity, before he took it private.
Capital gains tax , discuss
I have a really good tax attorney.
Do you believe in a God?
Absolutely…not.
lies
The Grand Architect of the Universe.
http://en.wikipedia.org/wiki/Great_Architect_of_the_Universe#mediaviewer/File:God_the_Geometer.jpg
how true was the bible: the fool says in his heart “There is no God”. Here we are. Some of the smartest folks on the planet discussing that God is all lies.
Its amazing how easily people believe in the satan and masonic crap but when it comes to God…”aah God is all lies”. Even Satan worships God.
What are you talking about? I believe in science.
Science- Set of laws and rules? That is ur belief system?
But who made the laws and the science ? God. right? Unless of course u believe in these knuckleheads who think all things just came about by randomness.
Believe in god. I won’t get in your way.
The divinity of any holy scripture has not been proven. Unless you can prove that a specific text came from God you have no argument. Hence, simple logic dictates that the concept of God was constructed by humans.
F_ck the f_king co_ksuckers in the media:
“BBC Warns – Gaza Photos Aren’t Really from Gaza”
http://www.israelnationalnews.com/News/News.aspx/182652#.U7wwTx83WLp
Are options trades reported to the IRS?
Option trades are scrutinized by regulators. If you have inside information, never buy options to profit from it.
Will the Large Hadron Collider find the god particle?
yes
Already did.
-add ‘u’ & ‘c’ as needed.
How does Josh Brown from CNBC / Ritholz WM know you? Did you guys work together back in the day?
I know Barry from the old days. Josh works with Barry, so there’s the connection. I’ve never met Josh.
How are Mrs. Fly’s spending habits these days?
As ridiculous as ever. Discretionary spending is at an all time high, according to my bank statements.
Truth be told, she doesn’t spend a lot on herself. She’s rather frugal with her clothes and shoes. She likes to spend on food, entertainment and for the kids.
What’s your alma mater?
Brooklyn college.
Is Brooklyn “in the house”?
No, I now hate Brooklyn.
In precise terms, how do you handle the “what do you do” question at cocktail parties. I hate saying “trader” to people for some reason. Also, how do you handle the “well what’s the market going to do” question without coming off as a prick?
I like to be ambiguous and say “I have various interests in financial matters.” It leaves a blanket of mysterious polio over their faces, while relieving me from having to answer their stupid questions.
As far as making marker predictions, I always predict it will go higher. Because, eventually, it will.
Are you a buyer of MVIS?
no
Fly, in the old days you seemed to have the inside track on MVIS, do you still? They’re partnering with Sony, UPS, and recently they announced a dev. aggreement with a F100 smartphone maker. Any chance you could get the scoop on them?
I did have some good insight. I do not follow it anymore, however.
Also curious to know about your new coffee habits, now that you have ditched the GMCR.
I only drink freshly ground coffee (Small World Coffee, local Princeton place) out of French Press (black, no sugar, like a man).
Is it still ok to drink Monster Energy?
No.
Red Bull sugar free is my fav
“After all of my selling, Nucor Corporation [[NUE]] is my biggest position left standing, followed by Flotek Industries, Inc. [[FTK]] . It is killing me, just sitting here watching shit fly off the shelves. I am tempted to go “full retard” long this market, while drinking Monster Energy soda out of diamond encrusted chalices—kicking old men in wheelchairs down idle elevator shafts. ” – The Fly, Feb 2010. FTK, then trading at $1 a share, is now 30+.
I had a few million shares at one point.
YELP, back up the truck here?
No
Have you ever been to Nebraska?
No, but I have several clients there.
Will you ever vacation in New Orleans?
Ragin – LSU grad here, but from Youngsville
nice, I’m right around the corner, currently.
Don’t live there anymore – Now in DC metro area – I cut the webbing from my toes and they won’t let me back
lol
probably not.
Is the release of the FOMC minutes more kabuki theater than substance or do people really read into every word?
The media likes to trump it up. It’s all horseshit to me.
Will gold will ever come back to its glory days?
yes
Will JakeGint ever blog again?
Great question. What happened to Jake?
Jake just sort of left. We keep in touch from time to time. I recently asked him to write a piece on gold, but he never submitted one.
Speaking of former bloggers, was Danny gay?
how old is the fly?
how much $ has the fly made in the markets in his life span?
does the fly partake in ganja?
what field does the fly have his educational background in?
38
millions
no
economics
Since you are mostly anonymous, at least to the majority of the subscribers to AOWOA and PPT like myself, if we were interested in learning more about your money mgmt biz where could we look? Or could we?
I keep my two worlds separate.
Why does Rickard Santelli scream?
Because he’s really mad.
How much wood could a wood chuck chuck, if a wood chuck could chuck would?
Will the fly show ever come back?
probably not
Do you still talk to Danny?
As a matter of fact, we are working on a joint project together now. Yes.
Sizzurp or Olde English 40oz?
Never had sizzurp, so OE.
what’s your online broker ?
I don’t have one. I manage my own account through the firm I work for.
I thought you were ‘the firm’?
I am “the firm” in that I am independent. However, it still belongs to a larger entity.
Any advice breaking into the hedge fund industry as an analyst?
Make yourself valuable by building your brand. People will want you when they feel you will generate revenues for them.
If you can’t have both, perfect tits or great ass?
Hard one. I’d have to go with the latter.
Tits all the way !!
it’s not your beauty it’s your booty, and it always will be.
Ever consider holding an iBankCoin get together or would that ruin the internet mystique that we are all good looking genius stock pickers?
I’d have a plane ticket booked in 6 seconds to whereever for this…
We are considering a one day seminar for Option Addict. However, we are unsure of the demand.
The bloggers of iBC get together every year, excluding last year, for a dinner.
I have a theory on the recent troubles Le Fly experienced in the markets recently.
1) The arrival and meteoric rise of OA as a blogger disrupted what was then the usual “flow” of IBC (in a positive way). It took you off your own game subconsciously. It took the pullback to bring your own focus back onto the way you do things.
Ever thought of writing a book?
Yes, but I don’t have the time.
I’ve seen several pics of PPT 2.0 and older version of PPT (dark screen etc). What happened to those, when can we expect PPT 2.0 rollout?
Jeremy is hell bent on having it done before the annual iBC dinner, on 8/2/14. At that point, we will begin beta trials.
Favorite Sport, other than hunting and killing?
I don’t watch sports anymore. When I played, I loved baseball.
If you were an American Gladiator, who would you be?
I don’t know any of the characters.
Should VXX longs be significantly easier to trade profitably during a cyclical bear market in equities?
you need to learn how vxx works
yes
Have you ever traveled outside the US? if so where?
Truth be told, I haven’t traveled much due to my children. I’ve only been a handful of places, never to Europe or Asia.
I’ve never been to Asia but I’m sure you would appreciate Europe, for the history.
How does Professor Fly feel about the medical marijuana biz.. GWPH in particular. Would you ever buy it?
I was on top of GWPH in the 30’s. I’d feel foolish buying up here.
as a mans man of the world – restaurant recommendation for my (family) pending visit to NYC?
Asiate. Best views in the city.
For steak or mutton: Keen’s Steakhouse.
No mutton for me..too gamey
Keens better than Peter Luger or STK or smith and wollensky?
Not like this mutton. Keen’s, hands down.
Im just a bit sheepish about mutton…I will stick with an artery clogging porterhouse…thank you kind sir
Is casual attire proper at Keen’s?? Dont really want to bring a shirt and tie to the city for a long weekend vacation
Casual attire is fine.
thanks for the help…one more question if I may?? corned beef or pastrami?
pastrami. Katz’s deli.
Hey Fly,
Do you ever vacation? Go to the beach? The Caribbean?
I haven’t vacationed in two years, aside from road trips. I’ve been to Turks a Caicos and loved it.
I don’t venture off to the beach much.
might I suggest Aruba? Great great great vacation spot
I heard the trade winds are ridiculous and baby dinosaurs plague that island. I’ll pass on Aruba.
the trade winds serve as a way to keep you from baking like one of those fancy cupped cakes I read about. Great hotels. Great dining. Fantastic beaches. think you may in fact find it very relaxing
What would you do to the guy who stole your snow globes if you found him?
I’d have no choice but to kill him.
Does your rightful disdain for sugars extend to other simple carbohydrates, such as cheap bread and pasta?
I stay away from pasta, but love frenched fries.
If one is able buy a triplex or single family?
single
Whatever happened to that murderous crab you let loose in your fish tank?
I got rid of the fish tank. I was the only one who cleaned it and got bored of doing that.
I have a theory on the recent troubles you experienced in the markets.
1) The arrival and meteoric rise of OA as a blogger disrupted what was then the usual “flow” of IBC (in a positive way). It took you off your own game subconsciously. It took the pullback to bring your own focus back onto the way you do things.
Le Fly,
A couple of weeks ago, I asked if it was possible to see the price action on a stock over various time intervals after big insider buys as a screen on the ppt. You said you were adding it to the “to do” list. Any progress on this?
Also, I saw just a headline of a rut hilts
First we will finish PPT 2, then add these little tools to it. I should have no problems adding that to system.
Fucking iPhone.
Saw a post from ritholtz to the effect that market tops are marked by a peak in buybacks. Is that true in your experience? Is that worth adding as a screen to the ppt?
Hope your summer is epic.
That is true. People, including insiders, tend to buy when things feel the best.
Iphone, Galaxy or Bbry?
iphone
Do you ever think of quitting the asset mgmt business?
All the time, but the money is too good.
That was what I thought you’d say.
And, since we’re just sitting around talking, whatever happened to my old pal Jake? I was traveling at a near Dubz level and away from this here blog for a time only to see that his tab had joined the choir invisible upon my return.
Please explain.
Jake is a good friend, but a horrible blogger in the sense that he rarely blogs. I took the blog down because he hadn’t updated it in a while, following gold’s collapse.
Please send my regards to his bullion-lined bunker.
Fly, without having a stop how do you position size your entries?
I usually start with 5%, then double it all the way to 20%. I do impose mental stops at -3%, -5%, -10% and last stop -20%.
How much weed do you smoke on a given day? and are you high now?
I haven’t smoked weed in well over a decade. It makes me paranoid and I hated it.
+1
As your neighborhood MMJ distributor, I will share that I hated it until my late 20s. Once a variety is available, it is a matter of preference – some people prefer indicas, sativas, and mostly hybrids. I personally cannot handle sativas as they make me too hyper/paranoid.
Weed is for vagrants and misanthropes.
You would be wrong sir. I know my patient base and I have seen them on local billboards and election ballots. I think the Seattle City attorney feels the same way:
http://www.washingtonpost.com/news/post-nation/wp/2014/07/09/legal-marijuana-is-for-sale-in-washington-seattles-city-attorney-celebrated-by-making-his-own-purchase/
GIMO down huge. Positions soon?
No, they suck.
Oh, they totally sicko.. but making money off things that suck doesn’t suck.
*suck
What is Jack the Ripper’s version of fish heaven?
Small unsuspecting fish out for an innocent swim.
Fly, new PPT member and loving it. I’ve done well in FB, but not sure how to play it going into the fall.
Do you think it’s a momo? How would you approach it?
Fb is a long term hold. I am long from 32
Appreciate the insight as always
Dr. Fly, our friend chessNwine keeps his physical person such a mystery. In my mind’s eye, I picture him as a tall, handsome, white man. Am I in the ballpark?
You are on track unc.
What dod you think of The Wall 2.0 Hockey Grads? Is Keith a friend or foe?
I antagonize him, but do not have any strong feelings one way or another
What is the average account size of your clients?
Over 1 million
Do you have pets, or just children? I’d like a dog, in theory, but the practical issues (tracking in mud, defecating, ruining the hard, and, most importantly, doing that thing where they walk on their two front feet, dragging their ass on the carpet) all ruin it for me.
I have 3 kids and one dog–and one battle axe.
Been following the blog for years … Whats the lowest portfolio amount you’d accept for a new client?
I do not have a minimum. But I’d find it to be hard to invest less than 250k.
I personally would love you to publish some sort of code of edicit or guide to behaving like a gentleman, specifically with regards to online interaction.
By taking the human element out of interaction so many of us sucumb to our base desires and impulses and spew crap online – publish a tomb that we may use to avoid said behavior.
Good idea, especially for the many ‘Original Don’s” out there.
I’d love the read, and a lot of people here could use it.
Do you day-trade?
Why not?
Did you ever?
Never.
I don’t like the feeling of being on the clock. Day trading is for psychopaths.
what ever happened to The Devil? He was gone pretty quick
The Devil felt uneasy about putting his ideas out due to compliance issues. He works for a big bank.
Are you as entertaining in person as you are to read on IBC?
Hard to say. I do enjoy a good laugh or two.
I enjoy the eclectic music taste, how is the Box Chevy?
Box Chevy is in the garage.
He is more entertaining in real life.
Very kind Gap, but probably untrue.
One more:
What is the biggest problem with index?
(any big index like SPX, IWM, QQQ)
Indexes do not tell the whole story. That’s why I make up my own.
How (if you don’t mind)?
Equal weight, market cap, av trading volume or something else?
Can you imagine any scenario in which a mid-30s lawyer in a big law firm (successful in a technology-focused practice, but more interested in finance/investing than law) could transition to the finance/investing world? Let’s say he’s smart and has some decent credentials overall (law degree from top-10 school) but no real finance credentials.
Seems most direct path could be a mere “stockbroker,” but also seems like most of the opportunities there are glorified sales jobs with few barriers to entry and cutthroat competition.
Fractal
You’d be better served passing a series 65 and starting your own advisory service, tapping into your contacts to raise capital.
Has there ever been a female tabbed blogger?
What is your ethnic background?
Irish/Italian, but I consider myself to be American.
Seema Moody or Trish Regan?
Tie
Seema, easily. But that’s my taste.
Trish but from behind.
I would not complain from the front either.
I pick Amanda Drury from any which way.
Not bad.
Lil shorty got a fatty.
Does Mrs. Fly let you ride out to Rozzay on family outings?
She never allows rap music, ever.
Open-line Wednesday?
Anyone have a favorite Wall Street (1987) scene
Let me show you my charts.
Man, this reminds me of ‘Police Squad’ when Lt. drebin asks the ‘informant’ questions that are completely random – and he answers ALL of them!
I have enjoyed visiting the site and interacting with you. Thank you!
This was awesome! Thanks Dr. Fly!
Tell us about how you really feel of the stockwits pumpers and morons.
I own shares in Stocktwits and am currently working on a new/awesome project with them. Like all finance sites, charlatans and miscreants are present there. They need to do a better job banning people.
Do you still talk to the chart addict? We became friends once and he seems to have moved to another planet. He was an interesting guy.
Do you ever buy from door to door salesman? I’m spending this summer selling pest control in Sacramento.
I haven’t spoken to him in ages. Nice person.
And I never buy anything from salesmen.
any thoughts on Israel /Palestine?
I side with the winner, as always.
Can you do a piece on CYNK – I am struggling to comprehend this company.
Not a chance.
Ok better question: Is it the complete time-bomb it appears to be?
I’ll need to have a look.
When did you know you had made it as a broker? Also did you find it easier to acquire new clients in a bear market or bull market?
Bear markets are best time to get new clients, because their brokers are hiding out.
I knew I was successful when I made in a month what my mother makes in a year.
Thank you Dr. Any materials you would recommend on the subject of growing a book of clients? Lastly do you still plan on firing them all at some point in the future? Thank you again for the awesome work you guys do on IBC!
Yes, eventually, I will fire all of my clients.
I do not have any materials that could help Google is your friend.
How do you make your own indexes (if you don’t mind)?
Equal weight, market cap, av trading volume or something else?
Equal
Thank you for taking time to answer all of our questions.
Best post ever!
You’ve been anticipating a market dumpage in August. Can you estimate a percent range for the carnage?
From August through December, I am expecting a dump out of 10-20%.
How would you fix the murders in Chicago?
I would triple the police force and put the high risk areas under martial law.
Putting the high risk areas under martial law would fix it. Curfews fix it. Cold weather implemented curfews in a natural way and there were no murders.
THEY would call you a Racist. The truth doesn’t always work.
I’d also arrest and lock people up for small crimes, a la Boston and NYC. It worked.
10 year mandatory for gun crimes would fix it.
Fly,
As a 20 year old, , with longer term time horizon and not actively trading the market due to a full time job; what would you say is the best strategy for investing ones discretionary money? Indexing with annual rebalance as so many are taught, or any other suggestion?
Thanks,
Bruce
I suggest picking some high growth names, like TWTR, YELP or FB and dollar cost averaging into them over years. You have time to be aggressive.
What came first, the chicken or the egg?
the egg
Cp’n Fly, Jiff or Skippy?
Interesting question. I actually eat a lot of peanut butter, since I am into fitness now. Hands down, Skippy, creamy.
If you could live your life a second time what would you do differently?
Yes. I’d do so many things differently. I try to pass my wisdom onto my kids now.
Would you buy a house as an investment, or put your money in the stock market, or both?
Real estate only within 50 miles of a major city.
Do you own any nice men’s watches? Rolex? Breitling, etc? If so which ones?
I own several. My favorite is Breitling.
hmm. I’m getting into watches. just picked up a Baume & Mercier. love the olde fashioned look
i own one
Have you seen the occult message from Ms. #7 Christine Lagarde?
no
other than PPT what tools or resources do you use to pick stocks?
Honestly, nothing else.
You still lifting? mornings of afternoons?
Does Steve the neighbor still comment on your blogs? I haven’t read up lately but I always enjoyed his insight into your life.
no
what is the name of the firm you work for ?
Nice try
I’m lifting 3-4 days per week, afternoons.
Still have a pulse?
Hey Fly,
Started following recently, but have never posted. Something though just got my attention.
Twice now in the last two days I’ve had someone mention a startup semiconductor play named Poet Technologies (PTK on the Vulture). Consolidating today. Anyway, did some DD. Apparently breaking on news of bringing on CEO from semiconductor giant Global Foundries, and completion of the final development nail before monetization. One of the few green in past couple days (+9% each day – up over 400% in past year, yet still appears bargain basement cheap). Termed ‘disruptive’ as apparently it’s the new alternative to Silicon and has demonstrated 100X clock speed improvement, with lower power consumption of 10X, all at a fraction of the cost. Buddy-mad-scientist Dr Geoff Taylor has been working it for the past 30 years! (huh?!) Also can be manufactured on existing CMOS silicon foundries with no retrofitting required. Claim to have capability that can be applied to virtually any technical application, including memory, digital/mobile, sensor/laser and electro-optical, among many others. Seriously?! In fact I started panting when I read that apparently I’ll only have to recharge my cell phone once every ten days vs every day, with potentially a whole lot more functionality, and to be had at a substantially lower cost (unless the dogs keep the profit for themselves).
Question – is it possible that a CEO with the second largest semiconductor co in the world would make this kind of jump to a startup without it being the real deal?!
Fyi, http://www.poet-technologies.com and a worthwhile PP overview from earlier this year http://poet-technologies.com/wp-content/uploads/2014/02/POET-Technologies-Corporate-Overview.pdf (since, seems to have been BoD changes and completion of their tech milestones).
Thanks for what you do Fly.
Lol at these poet posts? Too long winded for me to read.
Just thinkin of you Fly – someone’s gotta do the DD while you’re busy entertaining the lemmings. Respect.
What happened to the pelican?
He’s in 12631
Thoughts on pipe smoking?
I smoke a pipe.
Favorite Scotch?
Maccallen
Fly, when you say build a brand, are you referring to posting ideas online (stocktwits, sum zero, SA, etc), or something else? Just curious how one builds a brand working for a private co in the securities industry where it’s very difficult/frowned upon to share much work publicly.