"Davos" is the epitome of that syndrome. Rich and powerful people meet in a resort to discuss the "world economy", viz., how they can control the common man and bend him to their wishes. Is increasing human freedom a pillar of their goals ? ... No. Is increasing human culture and knowledge a goal ? ... No. They network among each other to exchange thinking on how to maintain and increase their control over ... the rest of us. Every year Davos makes me want to puke.
Then I read in the WSJ that Bill Gates wants to "change capitalism". Hmmm, the world's wealthiest person who become wealthy running a de facto monopoly wants to tell us how to change "capitalism". I don't think he really knows what word the means. That word, "capitalism" is unfortunately a Marxist word for an economic system in contraposition to socialism and communism. "Capitalism" is not simply a system with private capital employed for increasing wealth, but is a label for the entire free private property system where a free man or woman can "own" things and do with them what they please. What people think of as "capitalism" is an effect of this human freedom which developed in the early 19th century as free people found ways to band together and use resources more effectively by sharing and exchanging risks and ideas.
So efforts to "change capitalism" are simply stupid. What does that mean ? If it means anything other than trying to get leaders to "freely" adjust business practices, then it is really a limitation on human freedom. Now some limits on human freedom are fine with me, namely those that prevent the rich & powerful from using their positions to dominate the common man and become new feudal lords. Or to manipulate the dynamics of markets to create fear and intimidate the common man. That's how feudalism began ... good fighting men used their skills to dominate farmers into giving up their own freedom and lands and accepting "protection".
So is Davos about actually helping people .. or is it about using and creating fear so "they" can become new Dukes & Barons ? I think it's a bit of both, but the well-meaning fools seeking the former are being used as cover by those knaves seeking the latter. Are restrictions on the rich and powerful a subject at Davos ? What about regulation of hedge funds ? If they want to discuss how to control themselves, fine, that's an admirable topic. Otherwise, they should shut up and leave us alone.
PS: Futures are up at 5AM ET. MSFT had good earnings. Gold is up. Oil is back over $90. I am about 200% long with some reserves to deploy IF we get another dip. I made a lot of reallocation trades yesterday. My Alpha Fund positions are BAC, WB, GE, JPM, C, GOOG, CVX, DVN, RTP, PCU, AAPL, BHP, RIO, RIG, DO, SU, HDB, IBN, MRO, VLO, BTU, FCX, CCJ, EDU, in rough size order. The largest is over 20x the size of the smaller. I have to sell some gold in the Krypto Fund and buy stocks. Gold is way overweight there. I might do that today, but since it's physical gold, I have to do it in small bits.
PPS: I'm holding a barf bag and puking, seeing Maria, Gates, Dell & Bono blab. Arghhh !
going to do a knife fighting workout ... K-bar & all
ReplyDeletegood workout ... the Kbar felt good in my hand. Got some good combo move work, too.
ReplyDeletethere sure seems like a lot of double counting in this loss estimation game.
ReplyDeletebarf?
ReplyDeletehelping save lives in africa ........the worlds poorest and neediest
i love what they are doing......especially bono....what a hero
of course someone like you will find that disgusting and offensive
i'm sure frosty also thinks helping aids victims in africa is a waste of money.....after all....they are black
Bunkerman I don't see any rails/shippers in the Alpha Fund....have you considered putting such positions into the fund?
ReplyDeletemfl59 ... I had some of those [BNI, YRCW, GNK, DSX] before and took the losses to concentrate more $ in the big fins. So yes, I like them a lot. No room now as I am keeping sopme reserves in case Ben betrays us again.
ReplyDeleteThey've bounced nicely so I have sellers remorse. If they dip I might pick them up again if Ben comes thru next week. I have a bit of room.
You are so naive, Bud. They can do whatever tehy want with their money. But what is the purpose of the publicity ? Aggrandizement ? Or to get more public money ? Or what ?
ReplyDeleteBud ... you should be more suspicious of the rich and powerful. I'm here to help you see behind the propaganda ;-)
ReplyDeleteyou got it Bman......they want publicity for the cause........how do you think i heard about the Red program?
ReplyDeletewho cares if they are doin it for personal publicity..or aggrandizement......who cares!!......all i care about is if even i can maybe change or save 1 life
no one is saying this is the 'best' or 'worst' charity......there are many many many charities..........you are free to pick one of your choice ( or not --- no one is forced to give to charity)....and even if one does not give to charity doesn't make u a bad person....it's a free country
but to bash them...or puke at their efforts....come on?
PS....i know for a fact that a starving and sick child in africa doesn't care what Gates or Dell's motives are......they just want a meal or some medication to improve their lives
sorry Bud, but when the wealthy want me to kiss their butts, I turn away and puke.
ReplyDeleteA wealthy person doing good things with their resources should be humble and not seek adoration.
ReplyDeleteSheesh more wild beefer stomping ... BTU was crushed, now roaring. Ditto RIG, DO.
ReplyDeletebecausue they are black...LMAOOOOO.
ReplyDeleteThe events in South Africa shows waht will happen everywhere if Kyoto crypto-fascism is imposed.
ReplyDeleteMassive job losses, turmoil, rationing of power, etc.
Bunkerman...see the money coming out of retail and fins heading toward the laggers, some you have noted...you know this is a bounce with limits...QQQQ 46.67...IWM 72.07...SPY 137.88...the test might even come next week since everyone thinks we rally into the Fed...trusting Ben has been dead wrong.
ReplyDeleteI have to stick with my thinking on where stocks will be in 12 months. Trading around costs me money LT.
ReplyDeleteI have some reserves ready.
I think a lot of this is beefer stomping with some real buying.
bears are running out of reasons to screech. Weak holders are long gone.
ReplyDeleteMLF59...flipped half that SKF 106.47 for lunch money...a little aggressive yesterday.
ReplyDeletemore seller's remorse on YRCW.
ReplyDeleteMLF59...SKF cut in half again at 107.50...size can be a real issue for me at times and this was one of those times...profit taker anticipation today in the fins had me to jacked up.... little Bunkerman buck fever on my part...hope your ok, I'll do better by you next time :(
ReplyDeletewell played Frosty...I am still holding 1/2....a win is a win sir...
ReplyDeleteMLF 59...RAIL 34.50, back over the 50 day...last time it did that was a great time to short...however, as for now, I think it could do a YRCW type move today perhaps to 36.25...if I get ahead my plan is to size it back so that if the fifty day fails I move on without a scratch.
ReplyDeleteFed minimum rate for next TAF is 3.10% ... suggests a 50 bps cut at least to 3%
ReplyDeleteBunkerman...you seem very trusting of the Fed these days for a defensive minded kinda' guy...how many votes are needed to join poole's pool to slap that beard off ben's mug?...the free cheese this week and you can bet poole is barking at the fence sitters to stop letting the markets push them around.
ReplyDeleteFisher sounded as though he voted yes, while kicking and screaming.
ReplyDeleteouch ... .308 for $325 per thousand. Ten years ago it was $150/K. I guess it's the price of copper and the war making the plants full up on gov't business.
ReplyDeleteSeems to me they won't want the blame if a recession starts, regardless of talk.
ReplyDeleteBen has Humphrey-Hawkins testimony in February.
I do worry, though. All this "Fed was fooled" talk is troublesome.
Poole is non-voting in Jan. But we lose dove Rosengren, too.
ReplyDeleteFisher is 7th inning Fisher ... a real dope.
I think Minn was one of the ones asking for the 75 bps Monday, and he votes. And Cleveland votes, too. With troubles in Cleveland, hard to see him a no. Plosser votes from Philly fed, too - with that number, had to see a no.
There is a core of yes votes - Ben, NY Fed, Kohn, I'd toss in Warsh since he's on the Board of Governors and won't cross Ben.
So I guess we have 7 yes votes ... more than enough to win.
I suppose a market pullback into Wdenesday would help maintain their resolve, too.
ReplyDeleteI admit I'm nervous about them. Can they make fourth major error in six months ?
Errors: August, October, December
thanks Bunkerman...now, those MBI AMBK types...fitch is the only one to really move with debt down grades (least taking minor action)....part of my thesis to short this bounce in the fins is the other three rating agencies would follow suit, as early as today, after the first round last firday...do further rate cuts stop that down grade cycle? I doubt anyone can act fast enough to stop them at this point, ie goverment bail outs or the ambac take over rumors....the rating agencies must move to avoid being sued to death...perhaps that triggers the retest of the lows or worse.
ReplyDeleteI listened to BAC and WB conference calls - those downgrades have little/no effect on them, even if the insurance is worth zero. That's been taken into account.
ReplyDeleteI think there's a lot of double counting going on.
Besides, getting downgraded to A doesn't equate to default. It just means they go into liquidation pahse.
double counting means a loss on the underlying mortgage pool is one, and a loss on the insurance on same is two - there is only one loss, just a Q on who bears it.
ReplyDeleteof course a downgrade or rumor will be s sign for the bears to attack again.
ReplyDeleteMaybe Ambac and Mbia just go into slow liquidation ... the insurance doesn't pay until a real default adn that will take years on some of the securities. The firms don't go into receivership until they can't pay a claim.
Buffet or Ross can buy the existing book of muni business perhaps.
I guess all the credit default swap buyers from them would lose money. Shucks ... must be a lot of beefers in that hedging bonds.
Bunkerman...appreciate your comments and willingness to share the results of all your hard work...your alright.
ReplyDeleteRemember the beefers can make Ms. Market dance to any tune they wish for a few days or more.
ReplyDeleteReal buyers are gunshy .. not brave at all.
Babblevision back to fearmongering ... amazing
ReplyDeleteWhat should I expect, I guess.
LMAO...I resmble that last comment...though I tend to be very brave, and not all that smart, attempitng to game those beefers in large keeps the game interesting for me.
ReplyDeleteHow bout some martini's Bunkerman???...Have a great weekend guys.....
ReplyDeleteah ... yes spin ... it's almost martini time :-))
ReplyDelete5 PM with Louis Armstrong, the WFM and circus dogs party :-)
WFM = World's Finest Martini.
Have a good weekend ... sheep herding Saturday PM will be fun.
ReplyDeleteis this a recession?
ReplyDelete