Other than price targets, there is nothing more asanine than someone declaring on television (without risk of going to prison), that something is the buy or sell of a LIFETIME. If so, why share it with an idiot like me (or you :) ). Go borrow all the money in the world on an IOU on a scrap piece of napkin (that’s how banks lend). Here is what it looks like:
In fact, you just can’t possibly be legally allowed to say shit like this on television.
Ironic obviously, it’s on Fast Money – a trading show. If I am buying something for my lifetime, should it not be on ‘Slow Money’.
As much as I am just generally bullish and optimistic, I took my bullish giveback lumps in January and have been relatively detached from the market mess. Price did it’s job. Sometimes slowly, sometimes fast, but when I honored it (almost all the time), I have been greatly rewarded. I am only disappointed that I have been too busy to switch from trends on the long side to trends on the short side. This market would have rewarded me greatly. That’s life though.
Right now we have the ‘DEER IN THE HEADLIGHT’ stock market investor. Believe one thing – averaging down has busted more smart, professional (what the [email protected]#ck that means I have no idea) traders and investors than any other strategy. CNBC and Cramer are doing that to you now. It’s the outlier event. It turns smart people into poison.
Citibank is no more a BUY of a lifetime than silver coins or Google. There is no Fast Money and NO Buys of a lifetime. That’s hype. There is real pain these days for addicted, unsophisticated traders/investors and for those smart enough, real comedy in the headlines that CNBC is blaring. For the SEC there is real evidence of stock fraud and manipulation.
If I only had the budget….
PS – My friend Soren (found the classic Flickr Photo in this post) is a smart, funny and enthusiastic market and tech dude so you should be following his insights…I do.