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
16,862 Blog Posts

Spent the Night in a Bohemian Hotel Lobby Playing Pool

I’m in coastal NJ for ‘vacation’ in a hotel that can only be described as ‘bohemian’. The bartender didn’t have faintest idea how to make a proper French Martini, so I opted for ordinary dirty ones. I was in the lobby all night due to the torrential rains, with my family and also my sister — a rare occasion.

Since we were stormed in, food was ordered into the lobby, a place beset upon by at least 30 people, drinking and playing board games and billiards — an odd pastiche of people ranging from orthodox jew to NJ shore moron. My dog was present, barking at anyone who made odd movements, which I encouraged, much to the chagrin of Mrs. Fly.

I tried my hand at billiards tonight, something I hadn’t done in at least a decade. I approach the table with supreme confidence, having played this game every weekend during most of my teenage years. At first I was impressive, hitting balls at a fast pace with extreme precision, reminiscent of a pool shark you might’ve seen on the teevee or even in person. It wasn’t long before that shine wore off, exposing my amateurish skillset. I imagine this is how many of you feel trading on a daily basis. For that, I am deeply sympathetic.

God damn it, I wasn’t any good. As a matter of fact, it was a disgraceful display of adult athleticism. I looked like a god damned blogger out there, hitting and missing — knocking balls off the fucking table in front of an audience of cynical fucked faces.

All in all, this place should be condemned. No human should have to live in quarters as lowly and valueless as this. Nevertheless, I press on, enduring this personal shame and indignity for the benefit of my family. Some might say this makes me a ‘great man.’ To those people, I say thank you and strongly suggest avoiding hotels with pool tables in the front lobby.

I have a long morning ahead of me tomorrow and I am busy reading old newspapers, so I’ll see you when I see you.

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CNN Snowflake Struck By How Little Empathy President Trump Has Shown For Harvey Victims

If you thought CNN wouldn’t politicize Hurricane Harvey, you’re wrong.

Look at how evil our President is, showing zero empathy of the victims of Hurricane Harvey. Trump is done. Why doesn’t he go back to Moscow to live out his days as an oligarch there with his boy Putin?

And what’s up with Melanie, wearing stilettos and shit as people drown in the water of the gulf?


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Harvey Aftermath to Cost Tens of Billions to a Mostly Uninsured Populous

The damages inflicted upon Houston will cost upwards of $50 billion. The fact that only 10 people have died from the storm is truly amazing, considering the widespread damage. Bear in mind, Houston is not a place where flooding is supposed to happen.

Unlike Katrina, where most citizens in the afflicted areas were insured, only 20% of the people hit by the flooding have flood insurance. This is going to be a GIGANTIC boon for insurance companies in the future, who will descend upon Texas like the wrath of God — scaring them into buying flood insurance. In the meantime, construction related stocks are moving higher, in anticipation of the rebuilding efforts.

You want to own Texas based companies, for obvious reasons. STRL is being gobbled up by greedy investors, up 25% over the past week.

Florida based engineering firm, NVEE, is moving higher — due to their expertise in flood related pollution.

Houston wire and cable (HWCC) has enjoyed a 17% weekly run, thanks to the vast amount of infrastructure damage done to the region.

According to Exodus, there are 193 publicly traded companies based on Texas. Here are today’s top performers.

Having traded through several natural disasters, I can tell you that this hype will soon fade. The infrastructure and sheet rock story gets old fast. But what lasts are the changes made to the region, such as a brand new customer base for insurance outfits.

One should presume PGR will see more flood insurance policies thanks to Harvey, as well as TRV, MET, AIZ and ALL.

Other obvious plays are trucking companies like CVTI, ARCB, KNX and YRCW. Then you have the whole demand for steel, copper and supplies that make up the rebuilding efforts. This is what traders are looking to trade now, even if it’s the stupidest fucking trade on the planet.

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The Mall is Dead (Rainy Day Vacation Edition)

I awoken from my slumber around 11am today, without a care in the world. School will be starting soon, which means that “The Fly’s” morning breakfast eatery and car service, ferrying the kids to and fro school, will be in full effect. This being the last week of August, marking yet another summer gone by without the world ending, I am Sancho Panza of the blogging world — taking siestas and eating large vegan meals whenever I want.

As you could imagine, I was delighted to see both BBY and FINL shot to pieces this morning. The latter offered horrendous earnings and guidance, something I had been warning about since last year.

Releases Q2 preliminary results; sees Q2 sales of $469.4 mln vs. $477.8 mln Capital IQ Consensus Est, sees EPS of $0.08-0.12 vs. $0.38 consensus; lowers comps sales through remainder of FY18 to declining 3-5% versus its prior guidance for an increase in the low-single digit range; lowers FY18 EPS guidance below consensus; guides Q3 EPS below consensus; guides Q4 EPS below consensus

I will reiterate my thesis.

The sneaker trade is dead. The NBA is the greatest generational short of our lifetime. It is the new hockey and the numbers will soon reflect that reality. Incomes aren’t rising enough to justify $300 sneakers. Ergo, FINL, FL, NKE and others will get flushed down the toilet.

BBY is down sharply too and the mall, as we know it, is dead.

I spent $99 at Whole Foods yesterday or a half bag of vegetables and some meat for company. All of the shit on sale was non-organic — because they’re gouging the good people of Princeton — a people who raise irreverent children who frantically cycle throughout the streets cursing at gentlemen — making fun of their cool hats.

Copper is collapsing too, as predicted. Shares of FCX are a sell.

The market isn’t any good here. Save yourselves. Hop aboard the ark, via TLT, or get inside the mine, via GLD. Let this phase of the market pass and get back in after the dust settles.

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S&P Futures Dive Lower Amidst Renewed N. Korean Chicanery

It’s just an excuse to head lower — truth be told. All of the ‘global fears’ have turned out to be great big giant nothing-burgers. Remember how scared people were of BREXIT?


The North Koreans are gigantic pussies and they don’t want to taste our nuclear dust. This is merely a ploy for attention — at least that’s what I like to tell myself.

S&P futures are lower by 14, NASDAQ 38. Gold is moving higher again, by 0.5% — which is great for me since I am heavily long.

Asian markets are moderately lower, between -0.5-0.8%.

If I’m being honest with myself, I’d like to see fire and brimstone and then MOAR fire.

I’ve been summoned to partake in MOAR vacation tomorrow, hotel by the beach for a little decadent R&R. Quite frankly, I’m not a big fan of vacationing. It feels like more work. My idea of leisure is sitting in my study, fucking around, listening to my jazz music, reading classic literature. The notion of dragging a hundred pounds of clothes in luggage onto an airplane and then dealing with the fucking logistics of boarding and dining being anything but chaos is fucking ridiculous. You stupid shitheads have been brainwashed into believing that seeing a fucking jungle in Africa is enriching. No it’s not. I never, ever have to see a jungle in Asia or Africa to live a rich life. I like first world living and do not care to partake in the lifestyle of savages.

See you in the AM. I am eating SPICY AS FUCK veggie dumplings now and can’t deal with posting anymore at the moment.

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Get ready for WW3 to pop off. Early reports by NHK indicate that N. Korea fired a missile that flew over Norther Japan. No word on where said missile was heading. Perhaps it’s going to bomb out Santa Claus?

The missile launch prompted Japanese emergency sirens and warnings to its citizens.


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Took the Day Off to Walk About Princeton to Get Cursed at By Youngsters

The market was boring, so I took my aging ass on a fucking walk throughout the genteel streets of Princeton. I was wearing a button down shit, admittedly a tad tight. I’m not fat by any stretch, weighing in at 160lbs, but the shirt was a little neat if you know what I mean. To accompany the shirt, I wore blue jeans and a pinkish hat that I bought in Newport, RI. My beard is grown in and I look like a disheveled hipster in search of crack cocaine — a regular jackass fool in layman’s terms.

I ventured off to the local record shoppe and purchased some old jazz records, an avocation of mine. After that, I went to the bookstore, passed over a 1st edition Hemingway (A Moveable Feast) and bought a book on philosophy. I figure philosophy is a good method to teach my young ones about life — aside from experiencing it.

Then I bought a fucking kale salad, because my new vegan life demanded it — along with an order of fries — otherwise I’d starve to death.

So I’m walking to my overpriced car and a gaggle of 12 year olds, cycling on the sidewalk at frantic speeds approached me, making weird siren sounds with their mouths. One of the red headed brats, looked in my general direction, but avoided eye contact, mouthed off and said ‘FASHION POLICE, WHAT SORT OF FUCKING HAT IS THAT?’

This demonstration of virility in our Princeton youth made my day. I tipped my hat to them and proceeded to jog on, both amused and proud that our future is being secured by a recalcitrant generation filled with prospectively violent thieves and robbers, ready to do battle with the Whores of Babylon wearing funny hats in DC.

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Weasels at MTV Play “Fuck Donald Trump” Song During Commercial Break at VMAs

What’s their fucking problem anyway?

Imagine yourself, a good citizen of America attending one of these events with your Make America Great Again hat, and then this song pops off during the commercial break.

The VMAs, and all of the other award ceremonies, are now beset upon by political activists talking into an echo chamber of like minded malcontents. None of these people protested the grave sins of Obama. Zero confederate statues were attacked during his reign and the anti-war faction was surprisingly silent.

Ever since the Orange Gorilla God has taken residency inside the White House, these people on the fringe left have lost their shit — spearheaded by the drug addled degenerates on Hollywood — all of whom lack grace, dignity, and decorum to call themselves ‘upstanding citizens’ of this fine country.

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Gold, Silver Move Higher, But Still Pale in Comparison to the Booming Crypto-Currency Market

Stop making excuses for Gold. It isn’t money and its main attraction as being an alternative to fiat has been supplanted by crypto-currencies, which is backed by both investment banks and venture capitalists (you’re being played).

I find the spurts in Gold/Silver these days to be mostly random occurrences. However, when they occur while I am heavily long, it makes me happy.

It just so happens I have 10% of my assets in GLD and some more in RGLD — both nicely higher for the session.

Here are some other winners in the sectors:

Food for thought: the entire market cap for all of the publicly traded gold stocks in America is $130b. Silver is around $10b. The cryptocurrency market is now valued at $159b.

Last year today, the total market capitulation of the cryptocurrency market was ~$12b.

Not a bubble.

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