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
22,010 Blog Posts

Position Update: WB

This is the only bank stock, aside from [[AIZ]], that I am holding. There are a slew of rumors running rampant, ranging from buyout to another big write down. My approach to WB is the following:

It’s a “what if I’m wrong” position. It goes against my market thesis; so it is a bit of a lotto play.

In short, being long WB sort of hedges against being short [[LEH]]. Providing my dire scenario turns out to be inaccurate, WB will trade north of $30, one day. If I’m right, I will be selling this sucker, under $10, while making bus loads of doe in [[SKF]].

In other news, celebrating GM’s abysmal car sales numbers (-32%), via buying stocks, is the most ridiculous thing I’ve seen since Michael Jackson kissed that chick on tv.

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9 comments

  1. Dinosaur Trader

    I feel so bad for GM… good luck selling those used SUVs Jakey!

    -DT

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  2. Scum Bucket Bitchez
    Scum Bucket Bitchez

    Fly likes WB because Steel is doing so well. (Joke, get it?) Gaak! Thieves! Thieves!

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  3. Elvis

    Thanks for bringing that back up, I almost forgot about it.

    Somebody get me a peanut butter and banana sandwich.

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  4. Jakegint

    Reptilian commie, why would I encroach on a profession that puts (however inadequate) food on your family’s table?

    If you are talking about the vehicles I own now, I couldn’t be happier that they will be cheaper tomorrow than they are today. I always have been a bargain shopper.

    As for divesting myself of my current vehicles, you need not worry.

    I don’t “sell” my SUV’s when they get old or out of fashion, but rather I take them on an afternoon of “mudding” in a nearby swamp until the gas tank hovers just below “E,” and then drive to a local hippy neighborhood and park them in a driveway with the most “Stop this Endless War” and “Obama!” placards decorating the front yard.

    Often the hippies will end up driving the damn things, carbon footprint be damned. Free is free after all, and you can only bank so much coin working in the organic bookstore.

    __

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  5. Fly,

    Glad you’re making doe (sic) but

    doe a dear , a female dear

    dough- a drop of golden coin

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  6. TravelinLight

    When is Goldman going to receive the hot blade to the neck?

    From Porter Stansberry:

    “[…] We know Goldman Sachs has a few secrets to share. The giant Wall Street investment bank has had a negative cash flow since 2001. And the cash losses have been enormous – roughly $200 billion. Goldman reported a $68 billion cash loss in 2007. Meanwhile, the firm keeps reporting record earnings, mostly from its trading positions…

    “But no one outside the company really knows how it does it. How do you earn profits but consistently lose cash? And if you’re really making so much money with all of your smart trading, then why do you need to borrow so much money each year? (In 2007, Goldman added $80 billion in debt.) The constant cash losses and additions to debt have taken the firm’s leverage from the mid-teens to the high 20s. And the move has sent Goldman’s interest costs through the roof. It’s now paying over $40 billion a year in interest.”

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  7. Asshat Alert

    And how much did you shell out for his newsletter?

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  8. I examined a graph of the VIX vs. the market Indexes over the past year and it appears that the market may continue a little rally here if the VIX continues to calm down. That is the pattern – VIX down and market rally – the latest was a peak in the market Indexes in May. I think I made some money this week – strange, no?

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  9. WallStreetLurker
    WallStreetLurker

    TravelinLight:

    Congratulations,

    That was truly the dumbest fucking analysis that has been posted here in a long, long time.

    Speaking of GS, though: I have it from an impeccable source that these guys will be laying off an additional 5%-10% of their workforce in short order. This, of course, is in addition to the “bottom 5%” that these guys give the old “homo hammer of death” to every year.

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