Jay, this is ridiculous. <(a) I have activated and drawn on my Japanese Yen line of credit, and the funds (amounting to 5.2% of today’s NAV) will be available day after tomorrow, credited to my Yen a/c. I do not yet know what I will do with the Yen, but I know I will not be returning it to the Japanese;0)
I will immediately (October 9th) convert most of the sure to be worth-less Japanese currency into soon to be worth-less USD, HKD, AUD, and EURO currencies. I will quickly use the various currencies to buy shares (or sell puts against). I may even buy some Japanese shares.
>
Here's me, hiding behind the moat, [or stuck within it - I will find out which in due course], waiting for the mayhem, having finally [about a year ago] decided that the summation of hope, fear and anger was decidely on the negative side, while you are out there rampaging in the markets.
I thought I was supposed to be the bull and you the bear. Suddenly I find myself the bear and you the impetuous young bull, rampaging out into the bull ring, as the picadors and toreadors clear the way for the coup de grace matador, who will enter the ring to find me outa there and you charging around like crazy.
I haven't even got my yen account lined up and shares are not looking cheap enough yet [though QUALCOMM probably won't fall very far, with demand for cdma2000 cyberphone communications exploding bigger and faster than all the munitions GeorgeW can bring to bear, which is quite a lot].
Meanwhile, the markets continue to circle down around the world. Japan, Hong Kong, Germany ... Dow opening soon. October 19th not all that far away. The angle of the graphs doesn't look as though the bottom is in sight. It looks more like mounting fear.
I'm notably cowardly when it comes to a mob heading in my direction in a highly charged manner. I prefer to get outa the way. So I did. Neither am I all that keen on defending a position just because it's a position I had. Okay, so Dow 16,000 by Feb 2002 isn't likely now. It's possible it could jump tomorrow to 20,000 and if it then stayed up there and continued up with a 10% per year gradient, looking back from 2010 the smoothed line would score a bullseye right through 16,000 in Feb 2002, but I don't really think that's likely.
I'm happy to remain hidden, revving the engine on my little Tonka Truck of cash, ready for a fast getaway depending on whether Uncle Al eye's my load too greedily. A halving of cash would bring US house prices into normal range and position the currency about right. The Yen and Euro would probably do a matching quartering, to maintain harmony and other currencies would also be quartered to maintain parity too [more or less, depending on the individual currency and country positions].
I will check GE's hemline tomorrow to see if there are legs coming into view and whether they are hirsute.
Mqurice |
