Wednesday, September 9, 2009

More Bloviating

La Grande Bouche aka The Bloviator will speak to Congress ... again. Perhaps my memory is off, but didn't past Presidents just speak to Congress directly at the State of the Union and at crucial times such as declarations of war ? All Obama ever seems to do is give speeches. It's September and what has he done ? A crappy stimulus plan was passed that now causes the US to lag the world in recovery. Otherwise, zippo zilch. That nickname fits.

I officially drop the name, "Obama Fund" for my speculative investments. No longer do I expect him to succeed and my speculations are now "Obama-free".

The summary of the current bill under consideration for health care reform shows a convoluted mess. Here are some excerpts from WSJ online today:

"Democratic plans call for requiring most Americans to carry health insurance. Failure to comply could cost families as much as $3,800 a year, according to a new Senate proposal. ... The plan includes some of the stiffest penalties Congress has proposed for Americans who don't carry health insurance coverage. ... For taxpayers with incomes above 300% of poverty, the penalty starts at $950 a year and reaches as high as $3,800 for families. Nearly 12 million people fit in this category, according to the National Institute for Health Care Management. The idea behind the penalty is that those who can afford insurance but don't buy it are imposing costs on the entire health system. "

Anyone paying for their own health care insurance knows that it costs a LOT more than $3,800 per year for a family. So where's the penalty for the free-loaders ?

How is that going to work ? How can one collect from cash workers ? What is going to be covered ? What type of plans are suitable for avoiding the penalties ? Does anyone know what's in these bills ?

Even though states require insurance, there is still a big problem of uninsured drivers. How is the health plan to solve that problem?

For the record, I favor some reform. The current system is a mess. No one knows what things cost. No one knows that the capricious insurance system covers. Huge dead-weight loss is incurred from administration and reimbursement games. Legitimate coverages are denied. Getting insurance is hard - why is it so connected to a job? How are pre-existing conditions covered?

Why isn't this part of the debate?

For the record I favor a huge reform that would somehow cover everyone and provide some freedom and flexibility. I've been noodling over the details - what is practical and what is philosophically right.

And for the record: health care is not and cannot be a fundamental right. It's simply a shared benefit of an advanced society. No fundamental right of persons can impose an obligation on others. This is metaphysically certain. Imagine a society of two people. If "health care" was a fundamental right, one person could do nothing and the other would be a slave to take care of him/her. Then what if that person refused to be the slave. No one provides it, hence it does not exist. Obviously that's a contradiction and the proof that health care is not and cannot be a fundamental right of natural persons is complete. QED.

Actions

I bought the call options yesterday as described. Effectively, my speculative fund is about 300% long. I used about 35% of my total equity to fund the calls. This is a very risky strategy, but I'm backing my thinking on (a) a return to normalcy in 2010, and (b) such recovery will be led (now) by Europe, Asia and the emerging markets.

I bought calls in the money by one strike and mostly with November and December expirations, so that I am covered through Q3 earnings. The premiums were quite reasonable. I have calls in UTX, CAT, MMM, BA, ITW, RIMM, GOOG, PG, HBC and MT.
I'll trade around these positions, but not too often.

I also bought a small position in COF for Fido Fund. I think the other banks raising fees and rates will let COF gain market share. I might add on a dip.

Word of the Day

"Coruscating" - a present participle from "Coruscate" - verb, intransitive [$10]
Corsucate means 1. to give off flashing light: sparkle; 2. be showy or brilliant.
Sentence: The speeches of La Grande Bouche may sound like of coruscating gems of intelligence, but in substance they are mere rhinestones, not real diamonds. Nothing valuable or useful arises from them.

Słowo Tygodnia

"Istnieć" - imperfective verb, first conjugation
Istnieć means to exist, to be.
Zdanie: From "O Co Nas Pytają Wielcy Filozofowie" by Leszek Kołakowski, page 131, writing the famous philosophical question of Leibniz in Polish:
"... dlaczego istnieje coś, zamiast by raczej nic nie istniało ...?"
Sentence: Why is there something, rather than nothing ...?
[That is a free translation ... literally it's more complex.]

73 comments:

mfl59 said...

Bunkerman will you watch the USA-Trinidad and Tobago World Cup Qualifying game tonight? Our boys could use your support....

Bunkerman said...

Moi, watch a soccer game?

No, I never watch soccer unless its the World Cup.

Besides, I go to bed around 9PM.

Bud said...

fine piece Bman...............especiually the healtch care is not a right explanation..............i'm so tired of hearing how healthcare is a godgiven american human right

Bud said...

Bman i really wish you'd spend more time explaining your various options strategies.........they seem like money makers


definitely more valuable than benedict's retroactive AIG puts


'bob please stop me from buyin more AIG puts'


F U !

Bud said...

trinidad and tobago ?? boys need your support ??? huh ?????


the top 3 teams are goin to the world cup..............USA is a done deal.........they can start bookin flights and hotels in south africa



PS......a road game in trinidad and tobago is about as tough as a road game in rutgers stadium

Bunkerman said...

I might write more about options tactics & strategies as this speculation evolves.

But it's a matter of personality, too.

Some people I know make good money writing puts & calls, but I can't stomach that risk-reward curve.

Bunkerman said...

I like to write in reality, not in abstract.

Thanks re the health care ... I've been noodling over this awhile ... more to come

Bud said...

sorry ace



shall i call off the dogs ????

Bud said...

ummmmmm..............Bman............that was a joke


the chances of me following your options strategies are about the same as me following frosty's stupid 'ops expo open interest spreadsheet'..........and what are those chances?....well to quote someone here


"nil ... zilch ... nihil ... nulle ... rien"



Verstehen Sie mich, Punker ?

Bunkerman said...

sheesh, Bud ... yesterday when you wrote that, I figured it was a joke ... BUT when you repeated it, I believed you.

Frosty said...

Bunky...MCD failed to receive the memo regarding your new investment thesis...McDonald's (MCD) -2% premarket after reporting same-store sales rose just 2.2% in August, with slower growth in the U.S. and Europe and a decline in Asia.

Bud said...

sorry Bman


shall i 'call off the dogs' for you too ?

Bunkerman said...

Bud, did you ever here the parable of the boy who cried "wolf!" ?

Bunkerman said...

hear

Bunkerman said...

MCD never experienced declines, hence not as much ups on recovery.

Frosty said...

GS upgrades XLI Bunky...they read the blog.

Bunkerman said...

yes, they must. I heard on Babblevision while lifting weights that they upgrded a few of my buys yesterday.

And that analyst they had on does, too. He borrowed my S&P 1200 target.

A very, very influential blog ... a great responsibility

;)

Bud said...

Bman how much can u bench press ??


lo reps or hi reps ??

Bud said...

TA


nailed it!!!



danke vielmals jim !!!!!!!!

Bud said...

VVUS


nailed it !!!



danke vielmals jim !!!!!

Bud said...

was that too tedious ???



'sorry ace'

mfl59 said...

no not tedious...a but retroactive though...but really quite helpful...so thanks...

mfl59 said...

How much can your boy Jim bench press?

over under 135...I'll take the under

Bunkerman said...

at my age I stick to moderate reps - sets of 6-10 - for most lifts.

power work such as clean hi-pulls, deadlifts I do triples.

Bunkerman said...

my lifetime high was 325 on the bench

500 deadlift

400 squat.

those are singles.

uh ... that was age 19.

Bunkerman said...

hmm actually age 18, just after HS as I trained all summer.

mfl59 said...

wow those are pretty impressive numbers Bunkerman...that puts you in the 300-400-500 club....the true definition of "strong"

Bunkerman said...

since them, it's been a battle to get back into shape, stay in shape or recover from injuries.

I was doing OK around age 35-40 getting reasonably close again, but it's been downhill since age 40.

Had to change styles to avoid injuries.

Bunkerman said...

I was proud of the 250 clean & jerk. A tough lift.

Snatch was 150 - actually I hit that one at age 35-40. I didn't have good style in it as a teanaager. Later when older I got soem Russian lifting manuals and got much better form.

I no longer have the flexibility to do those well.

Bunkerman said...

but do the clean high pulls & power cleans for overall power.

Bunkerman said...

I lift twice a week: Sunday & Wednesday when healthy.

Bud said...

clean and jerk 250.......wow......that is impressive



PS...........frosty's favorite exercise?.....'jerk and clean'

mfl59 said...

clean and jerk 250...do you have that on video? Im hearing some whispers from some of the readers...

Spin-em said...

Ive found about these tough guy gym rats...no reflection on anyone here.....oh yeah..I goto gym 3/4 times a week..lift a truck..eat lean and mean...but they get a fn sniffle..or have to stand watch a door for 5 hours??..biggest pussies going...lmaooo..Bunk ask your capo...he knows..looool...yeah..you can lift 600lbs..bfd....its not here(pointing at arms...its here9pointing at head).....refuse to quit..mental toughness..gimme that anyday of the week..

maverick said...

uhh Bman we have not been 18 in 35 years...what are you slinging these days?

Spin-em said...

tats all over the place..iron crosses...ridesa HOG.loool..ring...."icantworrkimsick..waaaaaaaaaaaaaahhhhhhh


ROFLLLLLLLLLLLLLLLLLL

mfl59 said...

Look at Rudy...this kid was five foot nothing...weighed one hundred nothing....if O'Hara had 1/10 as much heart he'd be an All American....instead he just went from third string to the scout team...

well said spinny....

Spin-em said...

pin thru their face/nose......Igottasitdownmylegsarekillinmeeeeee..waaaaaaaaaaaaaaahhhh

FU BINGHAM ROFLLLLLLLLLLLLLLLLLLLLLLL

Spin-em said...

GD RIGHT SKIP...bet you wish you could put the hearts of some of those 128's in the 198's bodies...loool

mfl59 said...

very true....I find the most muscular guys are the biggest softies by far..."I cant practice my leg hurts"..."I cant lift today I have a doctors note"...

what kind of nonsense is that?

Skip will be a measly assistant this year...Go Minutemen!

Frosty said...

Bunky...think you can bench the pigshark...we call it the sausage press.

mfl59 said...

Hey Secada you ever been in the trenches pal? During that rumble in junior high did Biff make you bleed? did he make you want to quit?

Spin-em said...

all skips wants to hear is.."I can can do it coach"....and hes a keeper.....Rudy is life...lol

Spin-em said...

there are no measly assistants mfl.....theyre lucky to have ya indeed

Bud said...

i lifted weights for a few years..........prolly from 18-22

i was never what you call 'strong'..........max bench was prolly 225 i think


speed was always my thing.........i won every fight due to my quick hands and fast feet


'float like a butterfly and sting like a bee'

Spin-em said...

translation......throw sucker punch...run like a paki hyena..

mfl59 said...

show me a man who has never lost a fight and ill show you a liar....

mfl59 said...

lmaooooo spin...

MVP MVP MVP

Bunkerman said...

speed ... Arthur Mercante Sr. said I had a good, slick jab when he saw me box at the AC in a club fight - he was announcer - the guy who referred the Ali-Frazier and many other famous bouts.

Bunkerman said...

well, now I can deadlift 300 once, bench 185 six times with reserves, and squat 200 six times (no reserves).

I don't do singles any more except the deadlift.

I don't try to incease the amounts now - at 55 I'm happy to be on a healthy plateau.

Bunkerman said...

actually it's really stupid to try to "work thru" tendon or joint problems

rest, ice. Wait a week or two.

If you tear it, that means weeks off.

Bunkerman said...

at 18 I weighed 240 - mostly muscle.

Bunkerman said...

at 35-40, ditto.

now ... ugh

mfl59 said...

Jim is about 250 himself....right Sal?

Bud said...

Bman have you ever traded the eminis ??


i opened an account at interactive for that purpose

Bud said...

listen you pricks


my interest in joe torre jr is very specific.............$$$$$$$$$$$.......he is a pure moneymaker........he picks dozens of winners every week........i don't care how much he bench presses or how much he weighs............obviously you guys do..........no surprise.........y'all a bunch of cocksucking jizz swallowing fags ( not that there's anythin wrong with that )



PS.......wait.......there is somethin wrong with suckin cock...........f'ng queers

Bud said...

"hey Sal.............why u gotta be so filthy .....so rude.....so vulgar....so nasty ? "




cuz i'm a nasty motherfucker !!!!

Bunkerman said...

yes, I used to trade them all the time.

mfl59 said...

sir that line is as bad as it gets...

Spin-em said...

you could at least give credit where credit is due

Bud said...

i am very excited and optimistic about trading eminis


my worry is............i have to make my own decisions...........no remote control......no jim to help........which is a concern.......ya'know........since i'm 'not too bright'

Bud said...

DPTR


nailed it !!! holy smokes........sharktank on a rampage today


danke vielmals jim !!!!!!!!!!!!!!!!!

Spin-em said...

"Sal" Bass..hubris tops the market???

I think so

mfl59 said...

Bud's optimism about trading eminis...top of the mkt...

well done pal...

hubris ($10) indeed

Bud said...

trader tax on cnbc...........ugh


boob bait for bubbas my ass...........obama and pelosi hate traders.........they comin after me

Spin-em said...

float like a butterfly quick hand..(I bet you did..lmaooo)and run ur azz off..like in the good ol days

Spin-em said...

.....or sell smokes and rent man whores

mfl59 said...

Bud maybe you go find a job and give back to the community son....instead of sucking on jim's johnson all day....

Spin-em said...

ROFLMAOOOOOOOOOOOOOOOOOOO oh maaan

MVP,MVP,MVP!!!

Bud said...

so lemme get this right

you 2 fags just laugh at each other's lame posts and give each other trophys' and mvp awards

do you also give each other hand jobs ???

Bud said...

holy smokes


back2back shutouts.............frosty didn't even come to the plate today.......what a pussy

mfl59 said...

shutouts? for what????

danke vielmals?
crying about trader tax?
fag jokes?
nasty blah blah line?

check yourself son....

Spin-em said...

thats cuz your playin with yourself...nothing new there.."Mr quick hands"

HIIIIIIYOOOOOOOOOOOOOOOOOOOOOOOO!!!