You guys know me by now, I hope. Therefore, you are well aware that I am about as conservative a person as you are going to meet, this side of the ossified gentlemen mouldering away in the leather chairs of the University Club, NYC. And with some quirkly exceptions, I’d say that conservatism marries both economic and social philosophies. I am pro-life for instance (both ways).
Despite all that, and despite my pro-life advocacy, I must join the growing multitudes calling for the resignation of this confused individual, Todd Akin. Truth be told, I was not really following this Missouri race until the bizarre controversy stemming from this man’s odd analysis of rape (“legitimate” or otherwise!) and pregnancy bubbled up this past Monday evening. You can read more about it in the attached article.
What I do know about Missouri is that Clair McCaskill was/is not well loved, as I’ve friends in various parts of Missouri, including St. Louis and some of the more rural areas. As far as the recent well contested primary (11 bidders!), however, I knew nothing.
I’ve since learned that Akin rose above the horde to win narrowly in the primaries, with the help of statist religous Huckster Mike Huckabee. There are few “Republicans” I loathe more than Huckster, who mingles self-righteous smarm with typical statist RINO “do gooding,” courtesy of the taxpayer’s dime. The fact that Akin is associated with Huckster immediately puts him in the negative column for me, no matter what his dopey views on pregnancy via rape. Moreover, his views, whether misstated or not, do nothing but cast a very serious position off the moral high ground. For that alone he should be interred in the “foot in mouth” Hall of Fame, and summarily dumped. Missouri deserves better than McCaskill for sure, but they do not deserve this dope.
On the matter of Peter Thiel, the FaceBook Sour Grapes and the Cramer Clown Show… I will say merely this:
Peter Thiel took considerable risk by pledging a substantial amount of his (then) small VC fund to the then little-known idea of “the Facebook,” which was at the time being dwarfed by MySpace and other rivals. He waited some five years to get liquid on that investment, which for a VC is typical-to-lengthy. Almost 100% of VC’s have a business model that states “sell at the IPO” as a matter of fiduciuary duty (they are not in the stock asset managment business but the new venture business). That Thiel did what he told his investors he would do when he raised his funds, thereby fulfilling his duty to them is quotidian. That Facebook was valued at a very high multiple of current (and future!) earnings was a combination of cultural knowledge and market hype. There is no arguing these facts, this side of logic and sanguinity.
There has been some talk that perhaps Thiel should give up his board seat as he has released his investors from their Facebook venture investment (they are of course free to buy the company on the open market, but that’s not venture investing). I might agree with this, given Thiel’s only remaining investment is his own, at 5.6 million shares (oh, you missed that piece in all the invective, did you?). That said, he was an original investor in the company, so the board may value his perspective and advice at this point. Whatever the end, however, it is certainly a board decision as to whether Thiel remains or not. Thus far, he has conducted himself rationally and like a gentleman, all noxious statements by Daytrade Cramer aside.
This temporary pullback in the miners is a mere bag of shells. I am carrying on with my trades as described.
Good day, sirs.
18 Responses to This Clown Show Must End
There wouldn’t be a market for such over priced IPOs if the public didn’t buy up irrespective of price. It is not as if anyone is putting a gun to their head telling them to buy facebook. Many of the people crucifying GS and the “vulture” capitalists are often those that touted Facebook and hyped it up, or whoh’s network they work for had many shows touting it up so they can’t blame themselves, and must throw stones at someone else and use a hyped up goof to do it.
Thank you. A vulture capitalist buys turnaround companies. To call a venture guy who sells when a stock goes public (which has been the VC exit strategy since that asset class’s inception) a “vulture capitalist” is just plain ignorant.
GDX pullback to lower $45s would be nice.
Nice post Jake I concur with every single point, rare for me.
Ah, you’re no fun!
Jake, I don’t care one wit for Thiel. I think his idiocy about bribing kids to give up their higher education to become entrepreneurs is just short of criminal. When he hires for his organization he requires advanced degrees from Ivy league schools.
HOWEVER, he’s spot on for taking some or all of his $FB bet off. Good for him for risking his $500K, and good for him that he’s got more now to invest somewhere else.
Wow, I was watching GLD fade and thinking, dammit, this is a big shakeout right here. Then BOOM! Unreal and so nice if you bot that pullback.
I’m dying to buy TBT, too chicken.
I’m buying and holding.
Price be damned.
if you think about it, anybody who keeps a stock after the pull back fb had would be dumb. right? all this desention over taking a profit when thats what you yourself do is a hypocrite.
You must have some secret way of getting past the Political Correctness Checkpoint when you visit Fairfax!
Fairfax, VA? Has it gotten that bad??
Like what AVL is doing. Still holding a few legacy shares. It might get interesting again soon.
Still own some AVL.
Still own some QRM.
BRA, being PST, does value these underwriting discussions as I remain locus-remote to their undertakings.
jake,just saw an article titled,”repubs returning to gold standard”. @ info wars. now it’s clicking on why bad press about mitt doing away with the clam. wow,the tide is turning.now’s time to see whose worth their salt over on the hill.
Yeah, I don’t see us returning to a gold standard or commodity basket until we get a nice inflation scare.’
Sure would take the stick out of Benji’s hands though, wouldn’t it?