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.