The days of buy and hold are yet to come. Get ready for the 1930's bonus armies of the ought 2000's to march soon. I exited C and JPM two trading days ago, taking a loss, but convinced they and other financial names will become wards of the state, wiping out shareholders. As Judge Smails said about sending young men to the gas chamber, "Didn't want to do it, felt that I owed it to them."
Profits these days are like the fabulous angel Moroni appearing to the upstate New Yorker who made his way to Utah believing that Jesus somehow came to these shores from Palestine to live with the Indians. Makes as much sense to me, a man who says a Hail Mary before bed and every golf shot, as anything else.
After all, American car companies have been diligent, in my view, only to be suckered by the globalization cheerleaders and the offshore fellows who have a leg up. Oh well, their central banks buy our debt, so let's not bash those who play with the axe that can wound us all.
No how many Hail Marys I recite, things will will only get worse before they get better, but I'm sticking with F.
JFK said: "I have just received the following wire from my generous daddy: 'Dear Jack -- Don't buy a single vote more than is necessary -- I'll be damned if I'm going to pay for a landslide.' "
Don't pay for a landslide, friends. I have been duly chastened by more than a couple of my own miscalculations. I have made dough in precious metals (SLV) and a few tech names (PALM and S), ans still holding on; and lost in financials (duh! as the kids say) and a sentimental buy (NYT).
Have to get back to the second half of the OU-Texas game. Could life be more unfair still?
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