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A Moment Of Awakening . . .


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A tale of the investing professional's current world: friend of mine just got blown out of his job because his boss said he wasn't aggressive enough in deploying the capital entrusted to him. He was cautious and never put more than 25% of it to work at any one time this year. He worked for a decent sized hedge fund and his focus was tech. This happened despite his ytd performance of -0.2%. As you can see, the stakes are high and not in favor of being prudent.

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stutz: With your mention of fdr, you are making my point. It did not work w/ fdr/hoover, in fact they made things much worse than they had to be. Time and liquidation are the only ways out.

I believe in Von Mises too, but I also remember FDR seized the gold, deflated the currency, engaged in the largest war to date, and was elected to four terms as Prez. Power corrupts. Absolute power corrupts absolutely. And absolutely corrupt power can mess up the most successful bear. You could ask E.L. Cord if he wasn't still dead.

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Everyone and their brother:


STX underwriting syndicate led by Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc., who acted as joint book-running managers. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as co-lead managers. Bear, Stearns & Co. Inc., Credit Suisse First Boston Corporation, Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Thomas Weisel Partners LLC acted as co-managers.


For a $870m deal in which management punted and buyers were guaranteed to become bagholders.


Lets see: ($870m*7% comish)/9 monkeys is the band = $6.7m per monkey

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Thanks for those V V symbols PD. I haven't been able to act on it yet. I don't like getting disks in the mail, but I may do it anyway. I remember when the signals kicked in - you had a great run with those.







are pure pieces of dung. They're up nicely today and will sink like stones on next leg down.


Some of these were in the 9/25/02 Stoolie Shortfolio but then the "Idiot's Rally" came along and had to cover 'em all. But now they're back baby!


Doc, nice high call @ noon.

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