ACF, being leveraged, I had to take account of short term changes. It's no good being right in the long run and wrong at the bottom of a valley, being kicked out to clear debt.
That happened to one of QUALCOMM's biggest shareholders [from the beginning]. Neil Kadisha got pounded and is now no longer on the board of directors, I assume because of lack of support due to lack of shareholding, but don't really know the circumstances.
I thought there was some risk that Jay and co were right, so over a year ago, started clearing the decks for some turbulence. A good thing that was too, as I would have been looking for a job polishing Jay's gold bars otherwise.
As it is, my nausages are dramatically increased since the bad old days when my debt to equity ratios were extreme in some passing valleys. It is a LOT of fun being on margin. I can't wait to do it again. White knuckles one second, exhilaration the next.
I've always been optimistic in the long-run [while building bomb shelters for MAD, WAT and whatever comes next]. When they see me digging bomb shelters and waving white flags, they mistake that for capitulation. As Jay says, you get them downtrodden but they seem to refuse to stay there. He started life in a chicken run with plastic windows [the height of modernity] and is now swaggering around the artifacts of the vast USSR empire in limousines [albeit armoured and with somebody riding shotgun].
The USA thinks they won the cold war and will brag for 1000 years. But they didn't. The USSR self-destructed. Now, Russia is coming back. My grandfather colonized China nearly 100 years ago but now China is colonizing , me,but I have a nefarious plan to defeat them... hahahahah. I also am colonizing them with CDMA. We defeated Japan and now they graciously buy our products and bed-making services.
Plus ca change,
Mqurice |
