All quarter long, in the face of obvious and easy to read headwinds, long biased managers got their heads handed to them. Frankly, I really do believe they are stupid people. I know a lot of people in the industry and I can tell you with certainty: 90% of money managers should not be running other people’s money.
Being one way all the time, whether bullish or bearish, defines ignorance.
It is not patriotic to be long stocks all the time, no matter what. Do you think the Government gives a fuck if you are long or short? Moreover, do you think someone will help you recover egregious capital losses, due to your “patriotic” long bias?
If you didn’t know by now, as in life, investing is good ol’ fashioned grenade tossing warfare. If you’re not careful, a (SGP: 15.021 +4.24%), (BSC: 10.72 +2.19%) or a (MER: 43.95 +7.88%) grenade will blow off your arms and legs.
Why not pick up that (LEH: 41.83 +11.13%) grenade and toss it back to the dumb fucker who is willing to pick it up?
That’s all the market is, tossing hand grenades back and forth.
-The Fly
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