Dave Portnoy was a hedge fund manager yesterday, after making $90k on a $3m account. Today he tested his hubris and margined his account to $5.5m and bought 40,000 BA at $139. His livestream has since went off and now his down $300k from his basis.
The rally you wanted to have is now over. We’re looking down the barrel of national and global lockdown thru summer, 250k deaths in America, 50% reduction in GDP, 30%+ unemployment. It is fucking over.
The Fed cannot make the virus go away. We had a nice rally, but now it’s over.
I am now directionally defensive and short, via FAZ, SOXS and have virus stocks working higher. I took some losses today and I didn’t feel good taking them. But I can’t turn back the clock and undo a mistake. What I can do is set a course that is likely to succeed now in this environ.
You will get nothing. No bounces. No carbs. Nothing but wooden spoons and gruel and outsized losses, as fuckers capsize into the black sea and drown.If you enjoy the content at iBankCoin, please follow us on Twitter