British Petroleum $BP is worthless. It may trade for 2-3 more years and even rally now that I have blogged my opinion (no position), but stop the insanity.
The American taxpayer owns it. Figures. No upside, all the downside.
My dog likes to dig holes and I am running around my backyard of my rental home filling them in. I have also set up a $40 cleanup fund for all the restaurants whose toilet seats I have peed on. You just can’t be too careful now that there is a small hole in the center of the earth. Protect your balance sheet people.
Back to $BP…for 99.9 percent of investors, there is no reason to do involve yourself with the company other than to send money to the clean-up efforts. If you have a 401k, your shitty mutual fund manager already owns the stock and is buying more. The good news is he did the same thing with homebuilding stocks.
My pal ‘The Fly ‘ sums it up well:
If you’re buying BP, you might as well cop some “jumbo” with that and smoke it up while you invest. That fucking stock is heading “Titanic” in a matter of 1 months time, no floating door included. Sure, you can “take a gamble” and hope that the news doesn’t hit when you are long. However, more often than not, plans such as that fail in spectacular fashion.
Folks, BP is destroying the entire Southern coastline of the Unites Steaks of America. ROFL. And you want to go long? That stock is going to $20, then $10, in my estimation. I will buy it then, as a form of BRITISH LOTTERY.
We are a charitable nation…Fannie Mae $FNM (delisted and worthless), Freddie Mac $FRE (same) and Shittyank $C (oh so close) have pledged millions to the cleanup effort. That’s wierd seeing they are worth less than my dog’s turds. I too hereby pledge $1 bazillion to Green Peace. I shall tweet it and it will be fact.