It was hot, blistering summer morning, in the year of our Lord 1999. I was dressed in my best navy blue suit, yellow tie, shiny— as tits in water— shoes. I hopped onto my morning train, iced coffee in one hand, Wall Street Journal in another. Life was grande.
After an hour of smelling homeless people stenches, I exited NYC’s underground subway. You see, that morning I was scheduled to meet one of my wealthiest clients. He was a very influential person, who could increase my up and coming business a great deal. I landed his account by referral and was performing better than his expectations, at least until that blistering summer morning.
My cell phone rang: it was my partner. “Dude, we got a problem.” I replied: “what, what the fuck is it?” He shot back: “Our fucking position, RAMP, it got fucked. Get here quick.”
When I got to the office, I asked my assistant if my client called. I reminded her that we had a morning meeting scheduled. She said: “he’s in your office now.” I was like: “WTF, it’s like 8:45am. Is this guy crazy?”
While walking to my office, I was nervous on many levels. For one, I had just been given the office and it was not kept very well. The walls had marks on them and the furniture was very low end. Let me be honest: it was a fucking glorified closet, with no windows and a bullshit office AC piped into the ceiling to keep the temperature under 110 degrees. Also, my partner had just called to tell me our fucking main position just got blown the fuck up. This client was long RAMP in size.
At any rate, I get to my office and I see him standing over my monitor, gawking at stocks. I almost felt bad interrupting his gaze. He turned and noticed my partner and I standing there and said: “hey guys!” I am startled by his size, nearly 6’5, 250lbs. I shook his hand and he tried to crush mine: but I resisted with great vigor, and crushed his.
I said to him: “we have a bit of a situation today. Shall we go to the conference room?”
On the way there, I kept thinking to myself, “what the fuck am I going to tell him” his fucking stock was down from $20 to $10 in premarket trading. Much to my chagrin and most definitely his, we were long 20,000 shares for his account.
To make a long story short, he was as cool as a clam about the whole situation. He was a big boy and knew the market was a diabolical place. In the weeks and months following that pounding, I recovered all of his losses and more, helping me land his other accounts and much desired referrals in the process.
The moral: never let a setback keep you down. It is nothing more than a way station to the ultimate destination of greatness.
So goes the story when I was first Ramp’d.
[youtube:http://www.youtube.com/watch?v=Z50ZveXL-Ps 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter
Well, he just had to know that you’re always winning especially when it looks like you’re losing.
Nice post.
Great story Mr. Fly. I have had a setback or two I need to recover from and just keep plugging.
Thanks for the wisdom. Very timely.
thanks.
The Fly is my fucking hero
Great story, Fly. Brings back memories. Unless you’re ramped you can’t ever be a real trader. Everyone needs one Ramping in their trading life.
I understand Easter in Romania is lovely.
Oh and if we lose our jobs…Ford will make our payments for up to 12 months. So we got that going for us.
thanks for writing these stories like this, I really enjoy them.
Wicked storm here tonight, can’t sleep. Besides the boy has taken my side of the bed to snuggle Mama.
I’ll go out on a limb, Fly. I bet you are up over 100% this year when it is all said and done.
Chivas has been quite the encourager lately. Timely, no? When he comments it rings true. Take heart.
Getting ramped once in awhile is good for the soul.
Yea, I miss Chivas’ wise comments.
I almost got a ramping once: not in losing money so much, but potentially losing one of the biggest whale accounts on the street.
It’s Friday mid-morning New York which is when most currency desks are figuring out which currency broking firm to hit for Smith and Wollensky lunch. Out of the blue we get this order from the sales for the whale to go buy 3 yards of fucking Deutschemark against Drachma. Three yards is 3 billion.
Honestly, we’d never done Drachma and didn’t know how fucking liquid the currency was and shit like that as it was mainly a European focus and usually done by Eurotrash trading desks.
So we gave the order to our London office. The fucking limey fucks of course never told us they had other orders sitting on the bid to buy for their other dopey clients, so we sat there waiting to get a “count”. The screen price wasn’t moving on the electronic dealing system and not a freaking thing was happening. Half and hour goes by and still nothing. So I figure that we’d better take the order back and try to deal it ourselves. The Limey’s had literally gone into “Harry Freeze” mode not knowing what the fuck to do.
We take it back and the cowardly trader that I had watching over “the exotic desk” starts panicking, as he’s never done an order of that size before. So I take it over.
I tell the trader to follow my exact instructions and to under no circumstances start getting creative. He looked relieved more than miffed.
So I start to bid the market and place the bid higher than anything that was there before. We were given around 10 million Deutschmark ag Drach and the offered side disappears. So I bid 50 Dm materially higher and leave bids for 300 underneath in 30’s and 50’s. I get filled and then the market starts to think it may have been a mistake: that I bid so high it was a gift. The market then starts to fill in the bids and we end up with about 600 Dm.
Then it really gets interesting. I begin to bid higher and only get given about 20 DM while there’s no offers. By this time i/we have accumulated perhaps a yard and ½ of DM and the market itself started to bid for Dm as people begin dumping losing positions. So we go higher again and then we finally fine the Central bank of Greece on the other side giving us what we want. We finally get filled, calculate the break even and take about $1 million.
The whale is ecstatic, as he didn’t believe he would have ever got the volume done. Later in the afternoon the bank of Greece informs the market that they were going to devalue against the European basket and widen the band within the European monetary system, which was the precursor to the Euro.
Sometime later we found out that the whale had inside information that the Greeks were going to devalue in the EMS if the currency came under any pressure.
But hey, we took a turn of $1 million we ran a position of about 50 million DM ourselves and all up ended up making $4 million on the trade.
The whale made around $300 million that weekend.
Fly, Great story. Yeah, I also miss Chivas’ posts.
J,
That’s some serious shit!!
excellent story! you did something most money managers normally don’t do: being honest and straight about the situation.
(i don’t remember RAMP, which company was that?)
great story fly-short and not a lot of big words too. the only part not believable is you using the word “dude”.
good attitude you got there-if yo have time this weekend can you answer two questions that seem to come up any time i get ramped?
1) why am i so reluctant to follow reality versus perception? faz should be up big, not down. the banks are zombies, unemployment up, cre bery, bery bad…..i know faz should be up. so i ignore the obvious trend.
2) also whenever i get ramped, there is an immediate rush to try to come up with the best, safest trading scheme. clearly whatever i was suing isn’t cutting up, so i convince myself to find the safest, boring MA crossover thing i can find and make it back like i’m playing at the $2 table in vegas.
so yeah, i got fuckd too this week. and apparently one can’t swear on the rebeltraders.com blog site. and are all the banks really ok? and if the markets are being completey manipulated, i dunno, guess the smoke is getting hazy here, but dang, good time to be a trend trader and simply ignore everything else.
go strong or go home.
Very good moral … very true .. as long as you know it, really believe it.
Now, be careful with TLT next week. I believe its gonna get RAMP’d.
qidrock – pull up 4 year, monthly charts of XLF & IYR. They both could double from here before hitting serious resistance. Which would grind SRS & FAZ into dust. The smart players have gone the other way. Not that they won’t have setbacks along the way and ultimately take another dive, but FAZ & SRS players may be bankrupted by then.
I am surprised at how many people on this site are buying into this rally vs selling into it. People here are actually saying “don’t fight the fed”, “the game is rigged”, “the worst is over”. Are you kidding me?
We have seen massive and lightening fast changes in sentiment and direction so many times over the last 6 months. We have another one coming very soon. Will that be any surprise?
Every headline that is driving the market up seams “fake” to me.
Everything headline drives it down is “feels real”.
I have to continue to trade to what I see is real. That means adding to short positions into this ridiculous positive sentiment, even if it means my gut will be wrenched.
Its sort of like selling because there is no blood in the streets. But there will be.
Go up another 20%, I don’t give a fuck. I will keep shorting. I may even start to go on margin if things get really dreamy around here.
gs to sell several billion $$$s in new shares. Kiss your bullshit XLF bye-bye. My FAZ is set to reverse big time.
trading is a game of common sense.
Thanks for the honesty Fly. It’s rare to find genuine bloggers who admit their loss and keep their head up.
Take that motherfucker Atilla for example — now that charlatan with his “x-trends super advanced secret methodology” bullshit will keep adding and adding to a losing position. The thing is, the Fly calls out his position sizes — the Turkish fraud doesn’t. And because of that he’s able to always add more and more to get his position to always break even. And people love it, because it feels like he’s always winning.
I shook his hand and he tried to crush mine: but I resisted with great vigor, and crushed his.
ROFL!
__________
Sometime later we found out that the whale had inside information that the Greeks were going to devalue in the EMS if the currency came under any pressure.
Naaww! There’s always someone out there looking trade solid German currency for Greek shit, you know, “For the IRA account.”
Can we play anagrams to guess this asshole’s name?
Here’s my bid: “GREGO SROOS.”
Two blinks “yes,” one blink “no.”
________________
J — are the currency markets open today?
_______
“the worst is over”
Who is saying that?? No one.
Go up another 20%, I don’t give a fuck. I will keep shorting. I may even start to go on margin if things get really dreamy around here.
Have you met my friend Atilla? His board — X-trends — is two streets over from this one. You’d better hurry though, as the line is getting thinner, and the last true believer will be over the cliff in no time.
The market loves to grind assuredness. That is the one thing of which I’m assured.
___________
Off to a thing at the kids’ school commemorating this day.
To my believer friends of all faiths, peace unto you.
To the animistic jerkbag with the trick rabbits, we’ll say a prayer.
___________
Yea jake, but only in a very small way. i think Italy and France are open and Tokyo is open in Asia on Monday. Not futures though.
OMG, the Fly is king! I am truely inspired.
Great post
This Mr. Fly is what life and business success is all about.In adversity, there is always opportunity…..Thanks for the timely reminders…
How will the GS news effect the banks on monday
Red, my guess is that the market run so high, so fast, that the entire power feed to the NYSE exchange overloads causing total outage. For the rest of the day, trades will be noted down on dunkin donuts napkins and the Dow will close at 23,000.
Re: The pic. The Devil churning out news for an insolvent newspaper. Perfect.
@DD: bullshit – market won’t even blink on the GS news. FAZ remains fucked for now.
@Carson: trading could not be any less of a game of common sense
@Fly: your grace under fire commends you, sir; I look forward to raising my poor man’s beah to your imminent victory
I remain long this market – mostly tech – with a growing uneasiness in my gut. What are others watching as signs of the next shoe to drop?
Its all an illusion, No?
http://www.flixxy.com/worlds-fastest-magician.htm
A job fair in New Hampshire has a much larger than expected turnout and nearly cripples two interstate highways. Please note this job fair was not for all full time positions. There were some bullshit employers there like Avon, Dunkin Donuts, The National Guard, etc. People are really desperate for work. The unemployment numbers recognized by the govt. are badly underestimating the “real” unemployment rate.
http://www.theunionleader.com/article.aspx?headline=Massive+job+fair+turnout+creates+gridlock&articleId=217cfb15-c086-41ba-9e7b-c0d1e14f75ff
This Mr. Fly is what life and business success is all about. In adversity, there is always opportunity…..Thanks for the timely reminders…
Good point. It’s so much about attitude, this “business success,” “life success,” etc.
The cliches — “One door closes, another opens,” “Keep your eyes up to see new opportunities, rather than down on past failures,” “Lemons into lemonade,” are resonant and time resistant because for the most part, they are true.
Despair is such a plague on our fat, rich developed world. We must fight it above all else. Fight it unto death.
______________
How will the GS news effect the banks on monday.
I agree with Dicey, using some of Carson’s common sense:
Golden Slacks is the king of hedgies (even if they are no longer technically able to get to that kind of leverage).
When one announces a stock sale, one then has to sell the stock at whatever price one can get.
Golden Slacks does not wish to sell its stock at a beat down price, so we can intuit that they believe the market will hold for them here, and that they’ve scanned their institutional constituency well enough to make sure that they can sell new stock here at a minimal discount to current market.
My take? The market will be looking to absorb that supply, and take Golden’s decision to raise capital here as a net positive for the finnies.
Rebuttals?
_________
Confused Says:
Red, my guess is that the market run so high, so fast, that the entire power feed to the NYSE exchange overloads causing total outage. For the rest of the day, trades will be noted down on dunkin donuts napkins and the Dow will close at 23,000.
**********************************************
We don’t need the attempted humor, asshole.
If you can’t say anything intelligent, shut the fuck up.
Now I posted something INTELLIGENT! After being
long since Nov. 20, I went BEARISH Thursday noon
to deal with April Options Expiration Fuckery in
this now (temporarily) overbought market.
Graahn, re: your job fair. The article states that the fair was held at a mall — New Hampshire’s largest. Perhaps this could’ve contributed to the traffic problems? I’ve had trouble getting through the intersection near my town’s largest mall on busy days as well.
Another thing. They said they expected 3000-5000 and got 10,000. That’s not a giant number, especiall given that the fair featured, for the most part, entry level opportunities for high school and perhaps new college graduates. I’m not so sure this is a reflection of massive under-reported unemployment, and perhaps a reflection of fewer opportunities as school career offices, which is sending those traditional job seekers to more fairs as a consequence.
___________
Jake and Dicey,
New downtrend starts on Monday.
gs will sell off. Check your charts. Currently at it’s 50D on the weekly and upper b-band on the daily. Many gaps below with no SHORTS to buy after the wfc bullshit squeeze. Thanks for the cheap FAZ.
Banks reporting next week…toast.
XLF…toast.
Chrysler filing Chapter 22 this month…unemployment reality shock…fear returns…market toast.
All you stupid bulls that are assured that a 50% BEAR market rally from here is a done deal are going to get a big surprise.
JakeGint Says:
Graahn, re: your job fair. The article states that the fair was held at a mall — New Hampshire’s largest. Perhaps this could’ve contributed to the traffic problems? I’ve had trouble getting through the intersection near my town’s largest mall on busy days as well.
Another thing. They said they expected 3000-5000 and got 10,000. That’s not a giant number, especiall given that the fair featured, for the most part, entry level opportunities for high school and perhaps new college graduates. I’m not so sure this is a reflection of massive under-reported unemployment, and perhaps a reflection of fewer opportunities as school career offices, which is sending those traditional job seekers to more fairs as a consequence.
___________
April 10th, 2009 at 12:06 pm Vote: Add rating 0 Subtract rating 0
JAKE, I totally agree with you. Unemployment is really not bad at all. It’s just all made up. I’ll bet they had jobs left over after hiring those 10K.
In light of Jake’s GS offering expose, I fear I will go from my Friday FAZ TAMPing to a Monday FAZ RAMPing.
On the other hand…. we look to be setting up for another classic D-Dog vs. Jake battle royale – this time featuring biblical proportions.
I will pray for the immortal soul of the vanquished, not to mention my account, which may soon not only be TAMPed, but RAMPed, FUDGEd and PACKed.
Dawg, I hope you are correct. I only have about 10% of my FAS position left, and I don’t expect to keep it much longer. Shit, I sold too much of it (2/3rds) too early on Friday morning, and then sold the second 20% at $8.15. I left money on the table twice, even considering the egregious profits I reaped.
That said, you won’t see me losing $62k by dancing naked beneath a falling knife storm like you did on Friday.
I’ll play the market that’s in front of me.
You go on with that crystal ball act, though. It’s eminantly entertaining.
___________
Also, regarding the “booo! Unemployment article.” — I am not arguing that unemployment isn’t up a good 400 basis points since the boom peak, I’m just trying to illustrate that one should never take what one reads in the papers wholesale, and without a jaundiced eye.
For the most part, the articles are written by innumerates.
_________
Flaps —
Not much of a “battle royale” I fear, unless you are talking about the Dawg’s dopey decision to short gold.
I am out of all but a stub of my FAS, sold out the UYG and the TNA on Friday, and have sold calls on everything else. Shoot, I even sold calls on my beloved SLW.
I’m just not stupid enough to buy FAZ “just because it’s gone down” quite a bit.
I’ll wait to see what I see.
____________
Ramp’d ?
Ramp’d Schmamp’d !!!
————————
Why I been…
MSGi’d…
ESPI’d…
JBOH’d…
WCAP’d…
CUSM’d…
VCST’d…
…and the list goes on…
For those that have been doing this for awhile…those symbols will prolly look familiar…for others…maybe not so much.
Suffice it to say they have ALL left an indelible mark on my psyche !
RAMP’d indeed !!!
.
That GS news has been floating around for weeks. I expect it a day or two after earnings.
We need a FLY turnaround in a hurry – i’m kind of missing the arrogance. In the old days (last week), upon hearing comradely sympathy from beyond the internet on his RAMP story, he would have told the complimenter: “Fuck you, Sir, I will recover and move on; you should probably slit your wrist and/or stop trading!”
I think DD (who certainly called the last turn nicely) is making a logical, astute, and wrong call this time. I think institutional ADBs keep buying up weakness with billions of sideline money and the catalysts turn out net positive. Should be an interesting month or so. Hope DD’s right, tho, I’m still half cash.
Thanks, Fly. I needed a story like that.
@Jake:
I’m glad you took the time to read the article but I think you missed something. The career fair was actually held at Southern New Hampshire University which is about 15 mins away from the Mall (I was pissed b/c they cancelled my classes). There were so many people, they had to park at the mall and be bussed to the University.
expecting 5,000 and receiving 10,000+ does not count the people who left after seeing the size of the crowd and traffic. Also, 10,000 is a very large number for a small “city” like Manchester, NH (pop. 100,000).
My point of posting the article was unemployment may be worse than it is being reported in the S. NH area. I’m sure it is better in other parts of the country but in my opinion, I think the “real” unemployment rate in my neck of the woods is above average.
That is all. Happy Easter Everyone!
@DD: Man, I hope your XLF call is correct. Yesterday felt like a swift kick to the grundle.
Great post, Fly.
OT – somebody asked a few days back where Mr. Mortgage went. Here’s where:
http://www.fieldcheckgroup.com/blog/
aZZhat award:
http://market-ticker.org/archives/947-AzzHat-Award-Barney-Frank.html
Asshat, Azzhat, whatever. Denninger ripped off Fly’s concept.
Regretfully I think the market will see the NEW GS supply as positive. And I say regretfully because I am a$$ deep in SRS. Look at Kimco and Prologis they both announced offerings and they are up nicely.
Boeing, Genworth and Chevron will hopefully punch some holes in the BUllship …bullshit
I DEMAND more of these stories… please.
Since everyone here is feeling nostalgic, I’ll offer up my legendary RaMp’D yarn.
It was the night before Christmas 1989; I had about $3 to my name – and was desperate needing to buy a Christmas present for my mother.
So I walk into the finest Eckerds Drug Store & Sundry with piped-in Christmas music blarring (Bing Crosby) and the wondrous smells of packaged chocolate covered cherries and proceed to get to work. A few hours later, I’ve narrowed down my choices to a top 3.
Three number 2 pencils at .20/ea.
A can of dented clam chowder in the half-off bin .99/ea.
A two-pack of a delightful new choco-creation named “WHATCHAMACALLIT” $1.25/two-pack
So I decide on the chocoate bars. $1.25 type action is what I’m talking about – so adjusted for inflation, something on the order of $500,000 in todays dollar – a real nice fucking piece of chocolates is what I’m trying to explain to you fuck-ups and degenerates.
Anywho- after much internal debate, I decide to take the plunge, and walk up to the counter proudly to purchase this present for my beloved mum. After all, she birthed me and raised, she deserves it, dagnabit.
After taxes, fees and environmental charges – the cashier asks me for $1.88. I hesitate slightly, envisioning what that type of scratch could buy me, or how much money the power of compounding could make with it (almost 6 cents per annum – for those keeping score at home), but then I become embarrased as there has now formed a humongo line behind my deliberating slow-ass that had wrapped almost to the back pharmacy portion of this establishment; with an equal mix of blue-hairs and mullet sporting trucker-men – not good.
So, quickly I rush to pay for it, and after the transaction is complete, and I’m starting to feel buyers remorse walking up out of the store, I notice an Eckerds circular ad that says half-off all chocolate bars – but it had expired the day prior. FUUUUUUUUUUUUUUUUUUUUUCksickle is what people heard from miles around as it echoed into the atmosphere.
Needless to say, major drawdown! But, just when I had thought I was completely down and out – and broker than a three-legged mamba-jamba, I carpe-diem’d like a mofo.
Yes, I took advantage of an opportunity at a local sperm bank clinic.
The rest is stuff legends are made of, only I lived it. Achieved goals and set records that are in Guinness today.
Donor of the month for the next 188 months straight. You just gotta keep plugging along, is my motto.
Shoot for the stars, Fly – anything is possible. Good luck and God Bless home-slice.
The thing that strikes me about Fly’s “Ramp’d” tale is…uhhh…
…it was the CLIENT’S MONEY that was at risk…NOT the “Fly-ster’s” !
———————
So, technically speaking…
… it was the CLIENT…that got…well…Ramp’d (as it were) !
Just a small detail that I felt needed to be uhhh…reiterated !
But, a nice tale nevertheless !!!
.
^^^^^^^^
(Domo’s Satire piece)
LOL! If only you’d taken your meds today (or perhaps gone over it once before hitting “submit”) that would’ve been perfect.
Pretty farking funny in any case.
_______
can faz go to 0? is it possible?
Gran —
Yeah, I was speaking to the “gridlock on the interstate” reference, which was largely around the mall:
A massive turnout at the Project Economy Job Fair sponsored by WMUR triggered gridlock around the Mall of New Hampshire and traffic tie-ups elsewhere yesterday.
__________
MARKETS CAN STAY IRRATIONAL LONGER THAN MOST OF YOU CAN STAY SOLVENT
GrannhWeepNinniBong Says:
“A job fair in New Hampshire has a much larger than expected turnout and nearly cripples two interstate highways. Please note this job fair was not for all full time positions. There were some bullshit employers there like Avon, Dunkin Donuts, The National Guard, etc. People are really desperate for work. The unemployment numbers recognized by the govt. are badly underestimating the “real” unemployment rate.”
I agree 112%. Was doing some work at the local state social services office this week, talking with the director about things in general besides his heating system. He said their inside figures for the 2 counties they serve show unemployment running whisker under 20%. The gubmint lies through its pearly white teeth.
Nice story J
Domo
I’m jealous. That was some kickass creative writing.
FUCK GS…they are the new boiler house…bullshit calls one after the other to work their book…GS issuing stock will hurt all financials, as they now all scurry to sell stock to a limited amount of asshats willing to buy. Oh Lloyd Dickfein…fuck you too.
testing..
Fly, when do we get ramped again? is this rally staying ? the best 5 weeks in 70 years,
Of course I was 70% cash this month a la Roubini, I’m waiting for a 50% correction from this month..S&P at 700 or so..is this going to happen? give us your forecast.
I want to wish the fly happy easter and thanks for kepping us all entertained.
GS will be the first to short their own stock.
FLY,
I agree with the lesson of the post, but wasn’t this story just months before the dot.com implosion that took you down a notch. I mean you made it all back and then some with your performance recently, but the timing of the lesson is a bit off.
Domo Arigato Mr. Roboto A+
New Apple Metal Case News:
http://industry.bnet.com/technology/10001354/new-apple-technology-to-produce-seamless-metal-iphone-case/
The fly in happier and richer days
http://www.celticcafe.com/archive/People/flatley/Life_of_Luxury/images/George_Hamilton_800.jpg
Epic post Fly. I used to intern for a “big time” money manager while I was attending the Univ. of San Diego and I remember walking into his office one morning in 1998 when the indexes were off 10% and he looked like he had seen a ghost. He had Tony Robins and a bunch of his seminar referrals long egregious amounts of SNDK and that was after the stock had been hitting new lows for 2 months straight. He was concerned the new castle he had just build on the sands of LaJolla was going to have to be sold.. Of course, SNDK skyrocketed later that year so he was spared.
I was Ramp’d once and it was soooooo not what you just described.
http://zerohedge.blogspot.com/2009/04/incredibly-shrinking-market-liquidity.html
Market about to get RAMP’d?
Looks like our friend, Vince Schlomi, took time out from beating ho’s to do a spanish language version of the Sham Wow and Chop Suck:
http://consumerist.com/5206862/vince-tries-to-sell-shamwow-in-spanish
Cash n guns:
GS will suffer this week.
A near 80% run-up on the stock, YTD.
Then GS blasts from from $109 to $125 in two days….on Wells Fargo bogus earnings, no less?
Who out there doesn’t think that Wells Fargo used TARP cash to manipulate their earnings? Any good accountant could have found a way to do that (I guess we have to wait two weeks for the “books” on the “real” numbers they reported).
Can you say S-C-A-M?
And now Goldman is gonna ram a multi-billion dollar secondary down shareholders throats?
Come on, now.
We REALLY, REALLY need a multi-day VORTEX in this market to correct all the Obama-bombs they’ve been dropping as of late.
More than just some Somalian piracy.
The secondary stuff for Goldman is kind of ridiculous. I mean if you’re a fund, you really going to partake on a stock that more than doubled in a matter of weeks, “time to load up now”? I mean the only way I think this gets done is if they do a substantial discount, where the buyers just try to flip it for a quick profit.
Juice,
Great link.
smith and wesson…throu the roof has tripled in no time from 2 to 6 is it done, or is it going to 15.
Wasn’t it Wells Fargo who said that they did not have exposure to the toxic and did not want any gubmint money. I recall that they were forced to take it. So why is a positive earnings report not a given and reason to take it out on me by ramming the report up my FAZ.
I wouldn’t trust a fucking earnings report from the banks at this stage of the game.
Why couldn’t the SEC be told to stand down in order to let the fuckery and jubilation continue.
I have averaged in and out over the last week.
It’s bullshit.
“Donor of the month for the next 188 months straight. You just gotta keep plugging along, is my motto.”
Great story.
I was taken out of the East Orange, NJ sperm donor of the month competition back in ’91. I was gunning for the title held by Roscoe Kwikee.
I was felled by carpal tunnel in both wrists and my left foot.
Had my foot held up, I could have easily taken him.
GS will be the first to short their own stock.
If they are lead book runner on this deal, you’re absolutely correct.
In effect, by “selling shares here” the lead bookrunner is going short the stock, and often (for market making purposes) in excess of the amount of shares being sold.
I used to work in the FIG group when I was working in NY, and not once over that entire period did I see a deal where a big WS wirehouse/bulge bracket IB raised money for its own capital, so I’m not even sure what the ethics of being your own bookrunner in this case are.
On the surface, it strikes me as cagey, however.
___________
fly,
could use some more of your old “back when i fucked my old boss during the tech bubble” stories. my day job sucks a donkey weiner and it’s good to hear of others who dug themselves out of back office shite to bank some coin.
cheers,
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