Friday, March 20, 2009

Stock market sentiment read...

Today, I asked my good friend Barry Mylo what he thought of the stock market and, since he has always been tuned into the capital markets from his perch in midtown Manhattan, did he think it was time to maybe tiptoe back into the stock market.  Here is his missive:

OK, so here it is another Friday, this time at the end of a "winning" week, but we are still flirting with the November lows and assuming that the most recent shitstorm is just short-sellers wreaking havoc when the reality is that nobody is buying into this Ponzi scheme any more.

You want some sentiment? I'll give you some sentiment: I'm pretty much done. The only thing that has worked for months is yellow and white metal that has no inherent value or dividend and is mined to the detriment of helpless indigenous people throughout the world.

I hate go all Hobbes and Malthus here, but the world economy is fucked up beyond all repair with no end in sight. Dow 5000? Shit, try Dow ZERO. Name one company that deserves my investment.

To quote Jon Stewart:
"These Wall Street guys were on a Sherman's March through their companies financed by our 401ks and all the incentives of their companies were for short-term profit. And they burned the fucking house down with our money and walked away rich as hell and you guys knew that that was going on."

Their minions who commentate on CNBC defend the sanctity of the "contracts" that have allowed executives to steal taxpayers' hard-earned money so they can ski Europe and travel the world on their yachts.

You want my portfolio? Here it is: Cash, gold, silver, Spam, firewood and ammo-- not necessarily in that order.
Signed, Barry

Thank you, Barry.  I knew I could count on your unvarnished opinion.  

My question to myself:  Should I fade this, or not?


Eric said...

sure... sucker me

antipundit said...

Sockpuppet alert! Good to hear from the always excellent Barry (Mylo, or even better, Ritholtz). A bit dark for Barry though.