Turnin the pages in this old book
Seems familiar, it might be worth a second look
Wrapping up dope in a paper bag
Talking to yourself taking a drag
Who are ya' kidding is what you say
What does it matter, you'll never hear it anyway,
Gotta get past the negative things
Lawyers and business, you get what you bring
No one's sorry you did it yourself
It's time to relax now and then give it hell
Someday you'll find everything you're looking for
You didn't bet on the Dodgers to beat the Giants
And David came up,
Now you gotta pay up
You didn't count on that
Geez, half the money's gone
The month is still young
Where are you gonna go now?
You gotta trust someone
Someone you trust,
You gotta be careful
Can't go to your friends,
Can't go to your brother
Cause that money's all gone
Someday you'll find everything you're looking for
Made out like a bandit for all these years
What're you working for?
One more big score?
Where you gonna go now?
What're you trying to prove?
Try to get closer but not too close
Trying to get through, but not be through
No one can touch you now
But I can touch you now
I can touch ya.
You're invisible, you've got too many secrets
Bob Dylan said that
Or something like that
Someday you'll find everything you're looking for, yeah -- Neil Young, as prescient as ever, apparently singing about Wall Street...
Looks to me that the Fed's paying JP Morgan $30 billion to take over books and accounts and business at Bear Stearns and give $200 million to Bear Stearns shareholders (of which employees are about 30% btw).
Bear had more $10 billion in shareholder equity not too long ago...as in days ago, or so it seemed. Turns out that's more like -$30 billion.
Take my wife...please. -- Henny Youngman
And thusly it's panicky out there. The gut check thought on the mind of panic on every Wall Street insider, private equity oligarch (er, bigwig), and executive out there is this: Bear's board AGREED TO THIS RIDICULOUS $2 deal?! What?!
I've gotten emails from traders who are looking for a 1000 point hit to the markets tomorrow. Like I said, it's panicky out there.
I just called my mom to tell her that if the markets are down 1000 points tomorrow that she should look to put another 10% of the 30% that we took out of the market back in November back into the market. We'll still have her nicely diversified and not overly exposed to these stock markets, but she'll put some toes into the panicked waters.
I have to say....my adrenalin gets flowing when I picture what it'd be like to be trading this wild action...one of my good buddies, a former biotech hedge fund manager who's a regular on Happy Hour, is wildly short the financials and the markets, and he's been so throughout most of this downturn, calling it a "once in a lifetime trade"...oh, man, can you imagine? ...then again, I can picture me being aggressively long tech already in this environment and then I'd be sick to my stomach over losses and pending losses coming tomorrow....oh, that's the worst ever, can you imagine?....the upshot: like I keep saying, it's easier to be bullish than long. Neither is easy right now, and since the hardest trade is usually the right one...well, we come full circle don't we.
And remember that when anybody tells you that it's 1987 all over again that buying the crash of 1987 was a money making move.
And with that, I'll bid you good night, as I will be up early to make an appearance on Fox News' Fox & Friends tomorrow morning about 6:40am or so to talk about exactly all of this. Like I said, it's panicky out there.
