SIRS —
In between sips of beer and cooking two corned beefs, I clawed out from a -150bps hole to end only -56bps. The reason for this is simple: I am a highly efficient, highly competent, ultra professional manager of money. There is never a trading day that I cannot pull rabbits out from hats and amaze others with astounding feats of magic.
For the week, I made 2%.
As of the banks.
WORST PERFORMING BANK STOCKS FOR THE WEEK$FRC -75%$PACW -53%$WAL -50%$FFWM -43%$CUBI -33%$BKU -32%$MCB -31%$CMA -30%$FHN -29%$HPP -29%$KEY -29%$CS -29%$ZION -29%$UMBF -27%
— The_Real_Fly (@The_Real_Fly) March 17, 2023
They’re gonna bail them all out. But until they do, many more will go under and pain will be felt by equity holders.
Into the weekend, I am hedged with UVIX, TZA and I own a 10% position in BITO — because BTC has been defensive.
It’s nearly impossible for me to justify heading into the weekends without some shorts. There are too many red flags out there now to just sit idle and hope dip buyers show up Monday.
As usual, I’ll see you in Stocklabs on Monday for another weekly allocation into the quant.
To my Irish brethren: enjoy the day and drink merrily and eat fatly — for this is likely to be the last St. Paddy’s Day you’ll enjoy prior to the ultimate and final collapse of Western Finance.
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Happy St. Patricks Day to all.
I too did a corned beef (with cabbage) but only one. Should have probably done two because of shrinkage. You know about shrinkage, right (aplogies to Seinfeld)?
Janet Yellen (of inflation is transitory fame) did not instill any confidence whatsover ( only certain Banks apparently will get the large depositer bailout). In fact just the opposite. She needs to go back to Ukraine, without the USA checkbook this time.
Never a more true statement was said “They’re gonna bail them all out.”
Happy Saint Patrick’s day everyone. Thank you Le Fly
$SRS & $DRV fagcharts wize starting to look like much growth abounds
Watching banks this week and including Credit Suisse one stumbles upon a similarity. The common factor being the increased propensity to bank deposit withdrawls. After the GFC the G20 widely adopted laws based on the Dodd-Frank Wall Street and Consumer Act which goes out of it’s way to ensure depositors get sizable haircuts and or conversion to common shares then haircuts, in a bail-in. Seems this law is back-firing badly and is part of the root cause here and now. That, and getting slack with mark-to-market didn’t serve well except as a trap for bad management to fall into.
They are unable to “bail them all out”.
They shouldn’t “bail them all out”.