A better symbol than FMD may just be WMD as this stock has been a weapon of mass wealth destruction of late.

I was stupid enough to pick this as a Wallstrip worthy stock back in February. I was smart enough (lucky) to stay away from it and blog the same at the time . In March I actually blogged about it as a short candidate . In April, after the FIRST 50 percent decline, I revisited it . Thank goodness I passed. Others have not been so lucky.

Few things here…If you buy broken, busted stocks like First Marblehead, you better know the freaking story because even if you THINK you know it, YOU DON’T. I have been poking at Starbucks thinking I understand the broken possibilities. It has poked me back with losses.

As I wrote back in March…

One third of all stocks do the BIG ROUND TRIP to ZERO and that is why I don’t buy falling knives anymore. The few that go to zero that you and your conviction are buying all the way down will leave you broken.

Trends end. Stocks that make all-time highs can be at all-time lows shortly thereafter. Remember that when you are feeling cocky and your stock looks invincible. They are not!

Except Apple of course :) .

The stock market is not a game and not easy.

Disclosure – Long Apple

Idiots are in charge.

They will freak you out at exactly the wrong time.

Every ass in the world is now pulling shit out of their archives about how they predicted this subprime disaster. Everyone was right…ya right! The inmates are running things.

Here is a great post and link from Eddie at Crossing Wall Street .

Read it.

Personally, I would replace the whole shebang with PRICE. You could have been on MARS, returned two months ago and blindly seen the subprime and homebuilder runs were over and still made a fortune. They were already down 50 percent. We are talking two weeks ago.

Screw calling tops and bottoms and being early. Like Eddie said in his reaction – ‘Sometimes smart people do things that aren’t so smart’. Like my idiotic trade in homebuilders a few weeks back. I thought they were overdone. Key word – ‘THOUGHT’. That’s for assholes. I took my loss – thank goodness.

Be late and be right and manage your money. Enter strong trends and don’t stand in front of them. Go with them.

News and opinions are useless.

Today they announced a $26 million financing led by Allen Co. Stock is up 20 percent and has the room to retry and execute.

Should be interesting.

It’s Canada day today so be nice to me. I am a simple ‘hoser’ EH!

I am looking at some interesting opportunities all month in Toronto and hopefully have some great ideas to share soon.