Monday, March 02, 2009

HSBC - Should Have Stayed Short!

Right now, Euro-Asian banking giant HSBC is trading at 27.85 after announcing a massive dilution and assorted other crap.

Even though, as I wrote last May, that I knew it was going to start the long, slow spiral down the toilet....I covered my short prematurely.

I bought it back at 53.74 in October. See - Stock Markets Crashing.

And I also did quite well on some puts last year.

Note - the graph will look even worse after today's plunge.

Remember, I don't read balance sheets; I don't spend millions on research like Fidelity and Ken Fisher; I don't draw lines on charts; I don't do any of that crap.

I inhale the collective wisdom of the masses. I read blogs!

Here's my prescient prediction from last year - HSBC - A Long Term Disinvestment.

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