Well, now I feel compelled to offer comment. MS, the lead underwriter for RMBS (I didn't know that, btw) now downgrades. Ho hum.
Boys and girls, this news just doesn't move me....if anything it's designed to give their sizeable sales staff a reason to call all their RMBS holders and get them to churn. I have so low a confidence level in MM pronouncements that I don't even consider them, or better, use them as a basis for an exactly opposite view. I come by this not from any first hand experience, but from simply connecting the dots from where the stock is or was, what was said and when, and what later happened to the stock price. Some of you will take note of this, keep watch, and grow a jaundiced eye to match my own.
These things are self-serving gang. They do not, repeat, do not, reflect on a 3-5 year window. At best, it's rear view mirror magic, as only the MS's of the world can practice it.
The world according to Buckley, Stew, Sir Galahad (congrats, btw) and others is far more valuable to me. |
