Over the last year I have changed my attitude toward Clowns. I used to reach my hand out, suggest maybe they read a book on 1929 and try to have an open mind and see the parallels with todays market. Or just try to get them to be a little more conservative, let them know things like tbills weren't just for schmucks. Not anymore. And it's not like I don't have any compassion. This morning I was talking with a co-worker who has 8 and 10 year old boys, trying to save for college. He admits he doesn't know the market. There's nothing wrong with this. The market is not for everyone. It's better to claim to know nothing than to claim to be a guru when you're full of shit. I feel bad for the guy, his mufu's are down 25% or so. I look at him as more of a victum than a Clown, even though he's still long this market.
The real perpatrators of this crime are the Clowns themselves. And I'm not only speaking of the ANALyst and Wall Street Clowns. Investors such as the Clowns on SI are just as much a part of the problem. In great bull markets, anything works as long as you're betting up. Every one of these Clowns thinks they're a guru, whether their style is buy and hold to speculative option plays. What they don't understand is that in a bull market you don't have to have brains or even understand what's going on, as the maxim goes, a bull market does not equal brains. In fact, I believe it's almost inverted, the bigger the Clown you are, the more money you'll make in a bull market. Intelligent investors probably started getting defensive back in '95 and missed on much of the gains. As the losses have mounted, it seems like the Clown mentality is to "press". Instead of getting out of the way and cutting losses, they insist on getting even more Clownish and using margin or options. Ultimately, they will get destroyed and I could give a shit.
Scanning the bull boards, I see the new hot excuse is Greenspan is to blame. Before it was Bush. Before that it was Gore. Before that it was the Election. Before that it was something else, etc. Frankly, I'm tired of listening to this shit. Over the weekend I saw a lot of the bull boards hyping up how Bill O'Reilly had "irrefutable proof" of how Greenspan and Clinton knew the market was in trouble and was going to interview some economist Monday. The Clowns were all lathered up, here's their proof. I watched the interview and do you know what the economists "proof" was? It was that any JUNIOR economist could have seen for some time the market was overvalued by at least 2 fold. He said certainly the head of the federal reserve should know this. He pointed out the irrational exuberance speech and where the market was then. He said the real crime was ever letting the bubble get this big in the first place. I haven't seen any of the Clowns talking about this since the interview. They can't handle the truth. They don't want to hear the truth. When Clowns finally go through the 12 step program required to leave Clowndum, the final step will be to face the mirror and say "You are looking at the idiot. Greenspan, the Election, the ANALysts, etc are not to blame. I am." The only conclusion I can make is that we must be no where near a bottom if these Clowns are this much in denial.
end rant. -ggg- |
