File this one under ‘what could go wrong?’
Having dealt with high net worth clients my entire adult life, I can tell you right now that anyone that is a client of this moron cringed while watching this. His clients aren’t to be worried about ‘illiquid’ investments, because ‘they have a lot of cash.’ Really?
In other words, his clients, this CIO of ‘ultra high net worth’ people, not to be confused with ordinary high net worth people (think Sir Larry v Gordon Gekko), has no problem, whatsoever, tossing his clients money into flaming barrels of trash because they’ve got plenty of it.
Way to manage risk, Simon Smiles.
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if ECB ends up going into hy euro space, this guy will bank. us hy will also trade up b/c of rel val
“File this one under ‘what could go wrong?’ ” LOL
In other news, somebody big is liquidating Vanguard funds in a big way. In Vanguard Total Stock Market ETF (VTI), Vanguard 500 ETF (VOO), and Vanguard FTSE Developed Markets ETF (VEA) alone, there have been almost ***half-a-billion*** in net block sell trades (on the down tick/bid).
http://online.wsj.com/mdc/public/page/2_3022-mflppg-moneyflow.html
Strange that they are all ETFs from one company (although Vangurd is a huge player). Not sure if this is about Vanguard (probably one of the more trusted companies sicne they bascially started the passive index ETF market) or just a broad-based bearish strategy.
They’re just fine. They’re at the controls flying the plane… free to pursue a life of religious fulfillment.
Airplane 1980
Reminds me of this cartoon: http://imgur.com/9StS3ht