18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,010 Blog Posts


After so many accounts have been emblazoned with losses and the margin call telephone festooned with the guts of all of the zeroes out there, I have decided to bulk up long here. I doubled down in all of my positions and even started one in UPST, now trading 2.3x sales — an absurd valuation all things considered.

I am cognizant of the fact that Tiger Global, Ark Funds and many others are getting their brains blown the fuck out — but I am old enough to remember all of the previous fires and how they burned the brightest when they were just about to be extinguished. Shorting here is on par with believing “this time is different.” In many ways the dynamics of the market IS different, with the Fed fixing to screw us. Also, this is merely the opening salvo into what will likely become a depression. That being said, I am not in this for the long term and I am merely trading to and fro. I was up 1% earlier and then after I doubled down my losses accelerated to 1.6%. Right now I am down 40bps, basically a giant nothing burger, with 13% cash.

The temptation is take quick profits is always lurking. However, there are times and places when you must take a shot and seeing so many stocks down more than 10% today (390) has me believing in a capitulation near term bottom trade might be happening today.

With 1 hr left to trade and stocks back to selling down, it looks like we might CRASH THE FUCKING CLOSE. I will reserve the rest of my cash and margin for an opening flush out tomorrow.

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  1. metalleg

    Fly’s next book: Living Life On The Edge
    Followed by: How I Lost It All In Three Weeks
    Followed by: My Wife Hates My Guts
    Followed by: My Ex-Wife Still Hates My Guts
    Followed by: The Moment When My Kids Stopped Talking To Me
    Followed by: The 10 Best Homeless Shelters in The US
    Followed by: Hey Bud, Can You Spare A Dime?
    Followed by: I’ll Do Anything For A Dogecoin

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  2. Orson

    I admire your optimism.
    “Balls must be displayed in order to be admired”.

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  3. soupbone

    Just like 2007, it takes a while to tip into it. Unlike the flash crash 1987. Everybody sits and tries to figure it out, thinking time is theirs and then the market whips it out. Sell and leave the tops for others. In my case oil, gas, shale, refining shares might be best left…probably keep CVE and PEY for the long haul.

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  4. ha85118511

    Haven’t you written some books? What are the tiles and where can they be found? Thanks

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