iBankCoin
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
16,213 Blog Posts

Fly Buy: VMW

I bought 2,000 VMW @ $88.53.

Disclaimer: If you buy VMW because of this post, you will run out of money. And, you may lose money.

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Asshat of the Week Award: Tom Brown

 Friday, March 09, 2007

Without a doubt, this week’s “Asshat of the Week Award” goes to Tom Brown from Second Curve Capital, who also writes tons of fucktarded “bank-tardedness” at Bankstocks.com.

I know Cramer likes to polish this guys knob every chance he gets, but he is a one man wrecking ball– with regards to his fund. Tom has been uber bullish on the sub-prime lenders, recommending and owning shares of NEW and LEND, amongst others. In addition to the sub-prime death spirals, Tom is a big fan of high risk financial stocks, such as CCRT, FMD, NTBK, ECPG etc. Furthermore, he owns the fuckers in size.

On 2/28/2007, Tom recommended, with two pumped fists, LEND, exclaiming:

Given the level of investor panic surrounding the sub-prime borrower lately, I’m feeling very greedy regarding sub-prime lenders these days, and am especially greedy over sub-prime mortgage lenders in particular. (One company among them stands out; I’ll get to it in a minute.) This is one of those times in investing, I believe, when it will pay to be very, very aggressive.”

Clearly,Tom has let old age deteriorate his brain, to the point where fucked up bank stocks “appear” to be good investments.

Also, it’s worth noting, his 800 million dollar hedge fund may be in jeopardy, providing his positions stay down.

I am not aware of his funds agreements, with regards to redemptions. However, I will say, if his partners are permitted to withdraw funds on a quarterly basis, Tom’s 800 million will be substantially less– come March 31st.

Trust me, people smell blood out there and will short the fuck out of his positions, if they knew Second Curve needed to liquidate, in order to meet redemptions.

It has been reported, due to Tom’s asshattery, that Second Curve lost over 8% in January alone and more than 18% in smaller funds. Moreover, according to some of the numbers I crunched, he may be down a staggering 16%+ (not including NEW!), inside two short months of the new year.

To clarify the mess, I had a spreadsheet with Tom’s positions, compiled. However, I do not know how many shares of NEW his fund owns.Considering the current state of NEW, I doubt Second Curve will release that information.

Click here for asshattery.
(spreadsheet of Second Curve’s positions)

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The Important Matter of Japanese Barbers

Just in case you were wondering, I fired my Japanese barber yesterday.

First of all, God forbid I am 5 minutes late– the fucker cancels my appointment. While it’s true, he is a Picasso with the scissors, fuck that. “The Fly” is far too busy and callous, than to arrive at a barbershop on time.

Secondly, that fucker raises his prices–every damn time I’m there. Albeit, we are talking small numbers– 5 bucks here, 10 bucks there. Still, it was getting ridiculous.

So, following yesterday’s hair cut, I asked him, despite the fact he doesn’t speak any English, “what are you using light sweet crude to grease those scissors?” I queried why his prices go up 5 bucks– everytime I visit. However, all he did was nod– because he had no fucking idea what I was saying. So, I said fuck it– and paid the man his inflated, oil adjusted, prices.

I’m sure he would make a great business partner for my Chinese food guy. Couple of assholes they are.

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The Important Matter of General Contractors

Trust me when I tell you, nobody despises general contractors more than “The Fly.” Unfortunately, due to my wife’s desire to constantly build stuff and renovate, I am in non-stop “negotiations” with these jerk-offs.

One guy, named Frank, is obviously in the Italian mafia. He looks like Phil Leotardo and sends a 6’5/275 pound gorilla to “collect,” after every 1/4th of the job is complete. I am constantly arguing with him and his fucking prices are absurd.

For example, he charged me $850 to skim coat and prime a small wall. Whenever I ask him to do a job, his initial reply is: “that’s gonna cost ya.” Then he proceeds to mark me up 300%. Everything starts at 1,000 dollars. Everything.

However, Frank and I have a certain understanding with one another. He probably thinks I sell crack, being so young and able to pay him 30k in cash on a day’s notice. He, on the other hand, has ample supply of “illegal Mexican’s,” who do everything– soup to nuts.

In short, Frank has probably whacked a lot of people to get where he is today. Who am I to debate his inflationary construction bills?

The way I look at it, it’s good for karma. The more money I give Frank, the higher my stocks go.

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The Important Matter of Milk Cartons

I can’t get these fucktarded thoughts out of my head.

On Friday, Eric “the oil barrel” Bolling said he liked DF, because of the rise in milk prices–even though it’s down 10% from his original recommendation.

Fine, I can deal with bad stock advice.

However, he then went on to say: “Hey, but look at the the companies that make milk containers, CCK and OI. They’re doing great.”

At first, I thought nothing of such fucktarded logic. However, as the weekend progressed, I have been thinking about his ridiculous comments– to the great detriment of my 155 IQ.

Now, “The Oil Barrel” is a smart dude. But, will someone explain how higher milk prices will benefit the companies that make fucking milk cartons?

I mean, wouldn’t sky rocketing milk prices be cost prohibitive and result in lower volume? Let’s all be aware that milk is not gasoline, right?

So, unless there is some giant fucking boom in milk, which “The Fly” is unaware. Higher milk prices do dick for the “milk container shit shovelers,” right?

Please confirm my accurate thinking, unless my IQ will continue to drop 1 point per hour–until this milk container issue is resolved.

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The Important Matter of Barry Minkow

First off, I was more than happy to fire Danny last week, but you fuckers expressed your democratic rights, by voting in his favor. As for this week, Danny emailed “The Fly,” explaining his ridiculous work ethic, or lack thereof.

In short, he promises some silly video, shortly. “Elections” will commence, immediately following his fucking video.

As for Barry Minkow:

This is just about the funniest shit to hit Wall Street, since he was thrown in jail in 1988 for being a major dick and criminal.

Seriously, Barry is the reverse Billy Mayes. Instead of pitching a company’s bullshit products, via infomerical– he trashes them. And, he buy puts before doing it.

Funny stuff.

Barry went to jail, back in 1988, for running a publicly traded scam, called ZZZZ Best Carpet Cleaning, who had mob ties to boot. Read all the background noise here.

Now, following a 7 year prison term, Barry has dedicated his life to “fighting fraud,” and is now a “Senior Pastor” at a Church, naturally.

He is reborn, this time with puts in his brokerage account.

Barry is now trying to destroy a company called Usana (USNA). Usana sells vitamins and a myriad of other hippy bullshit. Basically, Usana is an Avon copycat, where regular idiots attempt to become gagillionaires, via selling crap to their friends and family.

As you know, only lazy fucktards sell Avaon. I suspect lazier fucktards sell Usana.

In short, Barry has gone on a frenzied campaign to destroy shareholder value in USNA. He has a website and regularly uploads reverse sales pitches on Youtube.

In my opinion, Barry’s charges are silly and smells like someone trying to make a bundle on his puts.

He claims that most of the retards who sell USNA products lose money and that Usana is using unethical sales techniques, in order to trick people into selling Vita-shit.

Ha!

That’s capitalism fucker. If Barry thinks the multi level marketing world of business is fucked up, he should visit any brokerage firm in America. I’d say roughly 85% of all registered reps fail, within the first two years.

During a registered reps training period, he is belittled, abused and forced to live in poverty. Does that mean the regulators should shut down MER?

If some of the lazy couch potato’s, who sell USNA, can’t make money, I say fuck’em. Not everyone is cut out to be a salesman.

As you know, “it’s a tough racket.”

So, where is “The Fly” going with all this useless information?

Well, I’m thinking about finding Barry Minkow and throwing some spaghetti at him, or help run USNA back to $60, in order to fuck with Barry’s puts.

Frankly, I do not find USNA to be a very appealing company. Without the prospect of destroying Barry, I’d probably throw a bowl of soup at the company’s CEO, if given the opportunity.

However, because of this Minkow, every jackass in America has sold short USNA. The fucking short interest is through the roof and the sentiment is gloomy.

Furthermore, the company is in the midst of a stock buyback program. Should these “pyramid players” beat the lowered numbers on the street, Barry and his friends may go back to jail or lose lots of money.

Either scenario is fine with me.

A short squeeze gentleman. A short squeeze.

Developing…

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The Important Matter of Shopping Mall Barbers

As you know, “The Fly” fired his last Japanese barber, due to insane price gouging. So, in the spirit of not giving a fuck and acting “low IQish,” I decided to get my hair cut by some weird old Italian dude, at my local mall.

Mistake number one.

The place was a complete pigsty, with about 100 barber chairs, filled with “shopping mall fucktards,” and middle aged hatfuckers.

Frankly, under normal high IQ conditions, “The Fly” wouldn’t spit at this barber shop, let alone get his fucking hair cut inside it.

Anyway, I sat down and the man who was assigned to me asked if I wanted a “number 2 or number 3,” referring to his chopping machine, which he readily destroys perfectly good hair with.

I replied: “I don’t want my hair to be cut with razor clippers, instead use a pair of scissors.”

Mistake number 2.

To summarize a fucking nightmare experience, this guy left me looking like I have down syndrome or some shit.

Not only did he trim my side burns; he eliminated them. The back of my head has been mangled– and the top resembles a pineapple.

After sitting in his disgusting chair for 15 minutes, I had enough and asked for mercy.

For 12 bucks, minus the tip, I had my hair destroyed by some shopping mall misfit.

I’m sure under different circumstances, I would have raised hell and left that old fucker with the shakes. However, on this day, “The Fly” was to leave the shopping mall, tame, looking like a fucking pineapple– minus the delicious fruity part.

Shortly thereafter, I buzzed my hair down to fuzz.

Now, I look like a fucking skin head, minus the Nazi bullshit.

UPDATE: Danny’s fired, mainly due to poor work ethic. It was a long time coming. Come on.

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The Important Matter of Rib Eye Steaks at Outback Steakhouse

So, after today’s miserable tape, coupled with NTRI‘s cardiac arrest trading in the AH’s, I decided to eat amongst the poor and destitute. In other words, I took $100 out of my wallet and went to Outback Steakhouse.

Normally, I’d rather be found dead outside of Palm, than alive inside an Outback. However, I was feeling kind of proletariat, considering the market had been executed by a few “sub-prime lenders.”

After arriving at this jerk off steakhouse, the fuckers seated me near the bathroom. Being irritated, I decided to ignore my “shit filled” surroundings and focus on the “cuisine.” After all, I was with my family.

The waitress came over and took my order. I ordered some seared Ahi tuna for an appetizer, and a fucking rib eye steak for my entree.

To my surprise, the seared tuna wasn’t half bad, despite the bullshit sauces that came with it.

So, I’m sitting there, sipping on my coke, waiting for my God damned rib eye. In the meantime, my kids are going banana’s, throwing crayons at the fuckers next to me.

To make a long story short, those asshats served me a well done rib eye. I had asked for it to be cooked medium rare. How else should steak be cooked?

I told the manager: “I’d rather eat microwaved meat loaf, than battle this fucker into my stomach.” (true story)

He graciously accepted my crude behavior and told me he’d send over a properly cooked rib eye, to my table– in short order.

Well, you know how the story ends.

I sat in a filthy booth and waited for another 45 motherfucking minutes, while my kids were busy throwing their shoes around the table, for a flimsy, poorly cooked, 1 inch rib eye. Can you believe it? 1 inch.

As you know, “The Fly” was not pleased with this rib eye and made sure the manager was well aware of his inadequate “cuisine.” Trust me, I’m fucked up like that.

Needless to say, I left a paltry 12% tip.

Those guys fucking suck goat balls.

NOTE: Sucking goat balls is worse than moose balls.

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