What a douchebag market. If the market was a real person, it would be a jerk off from Brooklyn, who is burdened with a heavy accent and likes to wear lots of gold chains, just prior to killing his best friend with a metal pipe.
I think it’s important to note the carnage in commercial Re. Names like VNO, SPG, SLG, KIM and MAC are getting obliterated, without much fanfare. As you know, my favorite commercial Re stocks to short are FRT, ESS, MAC and SLG.
On the long side, I like Chinese burritos. Stocks like CHL, FXI JRJC, YZC and even LFC seem to have the support of a billion or two communists.
In short, the market is not a very inviting place to make money right now. On one hand, stocks appear to be oversold. On the other, capitalism as we know is dead.
The million dollar question: When does that get priced in?
My approach is simple: survive this decline and buy the dips. Mind you, I am not talking about buying asshole bank stocks. I am done with them. Instead, I want to position myself for the inevitable bounce. At some point, we will get a 10% rally. Into that rally, I will sell all of my longs and go on vacation.
These are tough times for everyone, not just Wall Street pikers. Try to remember the fuckery and mitigate risk whenever possible.
Now go buy your lady friend some fucking flowers and chocolate.
Comments »