As I sit here amazed at what I just witnessed, I began to reminisce about this business and my experiences in the market. I remember, working as an intern, back in 1997 when the market broke 7,000. Everyone in the office was elated, high fiving each other, then going to the stairwell to do an 8-ball of blow.
Being young and rough around the edges, the significance of that moment went over my head. The only thing I could think about was how rich I was going to be and how much better I was than all of the old dudes around me.
All of those guys survived the crash of ’87 and knew a thing or two about bear markets. They embraced the window of market upside, as if it was their first blow job. Unfortunately, for them, they are probably readying to let off howitzer shells to their fucking faces right now.
I look at this tape and almost feel sorry for all of the people in the money management field. Almost.
Since 1997, the market has been one big fuck job after another. We’ve been through scandal after scandal, forcing investor attitude to deteriorate to the point of madness.
Almost 12 years later, shockingly enough, the Dow Jones is about to break 7,000 again— this time on the downside. For the regular Joe, relying on his mutual fund manager to build his nest egg, 2008 has been horrifically tragic.
People ask me “what now, what will happen next”? My answer is always the same: “who the fuck knows.”
Back in 1997, the internet was first being introduced to America and stocks were as hot as a pistol. Even after the Asian contagion and the LTCM crisis, deep down, everyone knew the market would rebound, because—fuck— we’re America, that’s what we do.
This time around, people are overlooking their staggered portfolios and wondering if they will have a job in three months. Confidence is nil.
One thing is certain: whatever these fucking imbeciles have been doing, over the past 12 years, is 100% wrong. Hopefully, despite what your political leanings are, Obama can offer better leadership and put a bottom in this market.
As for the market:
I sold out all of my National-Oilwell Varco, Inc. [[NOV]] and 50% of [[UYM]] for a massive loss. I don’t even want to think about it. I am still holding everything else, despite rumors of coked out brokers shooting their faces off with howitzers.