I recall the day well. Eleven year old Fly picked up the newspaper and read the NY Daily News headline of market calamity, at the same time a cockroach was crawling up my stomach — a most heinous and memorable moment during young Fly’s pre-pubescent history. This crash headline has since been seared into my memory and I’ve been preparing for it ever since.
I am the foremost expert in market crashes. I got poleaxed in 2000 — because I had been managing money recklessly and knew nothing but champagne and gigantic paychecks. But then after that I was “seasoned” and it prepped me for the fires that came in 2008. Feel free to peruse my archives on iBC and bear witness to Dr. Fly’s 60% 2008 returns.
This time around, earnings and revenues are non-existent, lower than the depths of the 2008 calamity. Certain parts of the global economy are, in fact, non-existent. At every opportunity to ride the wave lower, I am going to take it. Every single time.
Because of this pre-disposition, I’ve been scalded in about 9 out of 10 short calls to the downside. Each time, something saved markets and I was forced to cover and get long. Today I just about cleared out my trading account, amidst 1.2% losses, and parlayed into double sized FNGD and SQQQ positions. My theory is simple: everything will crash. The odds are me being right this time is of course remote. However, I cannot help myself in this regard, and will always take this trade, with earnings TTM down 60%.
We slowly draw into elections and things are certainly bound to get chaotic. Even though I’d love nothing more than to preside over sharply lower prices, I am still 65% cash and I am still 100% long in my Quant, which is 50% of my liquid net worth.
If being honest here, gun to head play, it is Etherum.If you enjoy the content at iBankCoin, please follow us on Twitter