Monday, September 29, 2008
On Bailing Out Morons...
So I am at the park today (for about 3.5 hours) with my kids and I get text-messaged:
"Time to buy yet???",
...by a cash rich friend.
Now I saw the market down early this morning a hundred points plus before the open but had intentionally averted my eyes all day after that. I am short the financials and have been getting killed with SKF and Wells Fargo in particular. I can't short any more; and won't cover them unless they pry the short shares from my cold dead (broke) fingers!
So why should I even torture myself with the daily gyrations of this schizophrenic, INFLATED market? As far as I am concerned, I am a passive, long-term disinvestor; I am confident in the long term pain of the financial sector, attempted government bailout or not!
So I responded to my buddy with, "How much is the mkt down?", but didn't get a response. I assumed it was down because he always asks me if it's "time to buy" when the market is getting particularly ripped. Coincidentally, this afternoon I was cleaning out my *93% full* text message inbox on my cell phone and came across at least three other "is it time to buy yet?" texts from my buddy this year. Haha.
Yes, this is the guy I got in Google at $440 and tried, unsuccessfully, to get him to dump at $600.
Today, Google closed at $381!!!
Point of fact, Google's PE ratio is currently lower than Wells Fargo's. Last week I sold my Google at $448. I will wait some 30 days (tax reasons) and hopefully buy it back at a good price.
My buddy eventually texts me back, telling me the Dow was down 770 points. He called it another "Black Monday". I scoffed. The market was UP 318 points the past two sessions - for crying out loud.
Then I get a text from another friend about the market. And then another.
Then my wife calls me.
I am so glad to be the person y'all think of when stocks tank.
Yeah, I made some paper profits today; but not nearly enough.
Now watch all the scumbag politicians will blame the *crash* on the rejected $700 billion bailout.
What a mythomanic joke!
It's so much more relaxing to push my daughter on the swings; and chat up the Desperate Housewives on the playground...
Fear not Morons, the market will bounce and give you another chance to SELL EVERYTHING YOU OWN.
Which of course you'll forget to do, again.