Following my recent sales, my largest long position is BAC, based upon a number of things, all to do with valuation. Analysts estimate with “normalized” earnings, the stock is worth $25. However, I don’t give a shit what they think. As long as the long bond comes down, I am a net buyer of BAC. It really is as simple as that. The banks have been bludgeoned and will lead this market higher, providing we sustain the recent rally.
The rationale behind my recent sales has more to do with short term market timing, than longer term macro shit. Longer term, I like the valuations of GLW, BAC, FTK, iBN, GS, GMCR, C, TEVA and SHLD, which is why I still own them.
On a slow Friday afternoon, ahead of a long holiday weekend, THERE IS NO FUCKING WAY I AM SHORTING STOCKS HERE OR BUYING TZA. In my opinion, if you want to short stocks, Tuesday afternoon might represent a very good entry point—not now Lord Fuck Face of the Berkshires.
With today’s sales, I am about 30% cash.
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V.King your calves today…Starting to BUY C. S shares…
My longest large/largest long position is not in the market.
thanks for your meaningless drivel.
Mr. Slim
Why don’t you go watch the view….Or kill yourself…thks
Fly I like your new pitch man…
I thought that had a little humor in it.
I’m 5% net long of REITs, with 20% cashola going into this weekend.
This market, like a deficient KFC bucket of chicken, has no legs.
My focus is on the weekend parties and the plethora of menu items to procure at WFMI.
Good day and give Earl the finger.
Thanks fly for the recent info on the market you did a great job calling the market. I madr a little you made a lot mainly because you are better than I.
Does this change your view that we are going to crater in September before the Wall St. movie – and will that be to new lows?
I will crater this market, because I’m hot like Gucci, and raw like sushi, B.
….and because, yes we (I) can. Wall Street has nothing to do with it.
QUOTE: ..” Lord Fuck Face of the Berkshires”
Think we went to separate schools together
Shooly you nah mean dis guy!
http://warren-buffett-investing.blogspot.com/2009/06/buffetts-funny-quotes.html
Definitely a Williams doofus.
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Turn the fucking screens off, and lets all grab a beer. Let the long weekend begin.
Marsha,Marsha,Marsha
http://www.cnbc.com/id/38991761
The next stop should be around 10500… Shall see…. I will sell my TNA at $45. And VXX should go to $18 as Steve said (not Steve junior) before going back to $30. Meanwhile the SHOW MUST GO ON!!!!
$18 to $30 seems like a long shot. It did something like that in May. Any idea what would it take for VXX to double? Maybe a 20% drop in the market within 1 month?
well put fly. i would also keep an eye on unemployment re: BAC because they are stupid leveraged to the housing market and that shit is gonna burn sooner than most think.
I sold out of my Wendys stock yesterday (on the BK takeover news) and some index funds (after this run up.) Like Fly, I also bought BAC for a medium term investment (on valuation reasons) and it is my only holding right now.
I am confused on how to value a share of BAC stock (or any stock in general.) Recently the government took over some of BAC and diluted the stock, right? So, currently, I see that BAC has a market cap of 135.5 Billion. The stock trades at $13.50. 10 Billion shares are issued. Is the government’s ownership included in the outstanding shares? or is it in debt?
Because I think BAC is worth much more than $135 B. I think thats only 60% of book value.
I think it’s a $25 stock going out a year or two and have bought the warrants which are convertible until 1/16/2019 @ $13.30/sh. (1 wt = 1 share)
The warrants were issued along with preferred stock under the TARP Capital Purchase Program. BAC repurchased the preferred stock late last year, but either couldn’t agree on a price for the warrants or opted to let them go to auction.
There are a little over 150 million “A” warrants. There are also nearly 120 million “B” warrants with an expiration date of Oct 28, 2018. Each warrant entitles the holder to purchase one share of BAC common at a strike price of $30.79.
The warrants trade on the NYSE; symbols are BAC WS A and BAC WS B.
http://www.bloomberg.com/apps/quote?ticker=BAC%2FWS%2FA:US
tea,can you explain how spending 13.30 now,for the “right” to buy a share @30.79 by 2019.43 bucks for a share thats less than 13.50. buy and hold is’nt dead. so why pay,for the obligation,thats no deal.you might as well jump on some leaps.if your gonna hold a warrant,that you will ultimately pay more per share later,as you could now just buy and hold till 2019 for 13.50.
Fly … what’s your timeframe on UCO ?
What are your thoughts on Crude Oil in general ? tia
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Disclosure: I am LONG UCO !!! fwiw
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I sold out today
Gottcha !
Thanks !
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