SOROS -
Every time we get a downturn in the market, and we get them with a fair degree of seasonal regularity all the naysayers come out especially on CNBC.
Barton Biggs is one of these regulars. I wonder what would have happened if you had bee none of his clients over the last few years?
I heard Ralph Accompura just around last October I think before the market picked up! His view then was that the market had 'rolled over' or words to that effect and was on its way down. I also remember Ralph on CNBC on fine summers morning changing his mind from a day or so previously and saying " Yes it's a bear call..." to a somehat stunned Mark Haines and his team on Squak Box. I happen to like Ralph Accompura but I happen to think that Voltair has a much better feel for the things that interest me than Ralph does.
Best of all I love those wise old guys that only buy value, that never borrow money, that don't use credit cards, that pay all their bills by close of business on Friday night, that never take any risks, that shun the risky and hedonsitic and spendthrift ways of the young......and that somehow have accumulated $bns without ever having risked anything at all especially in those meshuga tech stocks like CSCO, MSFT, AAPL, INTC, and of course QCOM.
SOROS you have listed a great number of really negative comments...but there are an equally great number of positive comments if one wants to find them.
If osme of the predictions of your quotes came true well even poor old mm with all his money in cash would be in trouble because their would be riots on the streets in the US and a whole slew of hugly medium sized wars going on around the world some of whose particpants have now got nukes and would no doubt be using them. LTCM would be minor to what we would see and banks would be failing wholesale.
MM you might want to get a certain portion of your cash out in a mixture of gold and platinum bars and keep them in a hole in the garden. While you are at it see if you can buy something to defend yourself with as well plus six months canned food and go live near a good doctor and offer to share your hoard with him as a barter. Indded get the book "Bartering in Total Economic Collapses for Dummies".
Now while all that has been going on waht about the following guys, Mr Clinton, Mr Gore and Mr Greenspan. These are the guys to focus on in your scenario. Do you think they will sit back and say ..
" Alan what is that noise of gunfire outside on the street?"
"Well Mr President we sort of had a little collapse of teh stock market and it has sort of gotten worse than I expected. I had thought we were going to only have a 30% correction which I have always thought was long overdue and I let it run andit sort of fed upon itself and now its a 60 % correction and still droppping and the banks just shut this morning after the futures were down over 50 points before trading on Monday morning. So the people can't get food so they are a bit upset"
"Alan this is Al here. This may cost me my election chances you know if the people have just lost all their savings. Oh yes I know it was a bit overvaulued but thats not as bad as having the economy collapse"
"Alan, Bill here, well Al may not get elected and I also have a bit of a problem now since it is really difficult to handle situations like this nicely. My reputation might be in tatters here. Alan please go do something...what do you mean its too late?"
See I sort of think things won't get that far it just isn't worth it.
Best regards,
L
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