I’ve got nothing to say because Todd Harrison said it freaking all. I have only had the pleasure of meeting Todd a few times, but I am a fan. He seems humble and he is such a great writer on the markets, whether he is right or wrong.
Here is his piece on the Fortress (FIG). Here are two absolute gems about Fortress and investing in general:
If Fortress is the first of many hedge funds to tap the public appetite for risk–and more follow suit–the capital raised by these funds can then be leveraged, creating even more liquidity in the global marketplace. It could build to the point of exhaustion, but not before befuddling the bears who can’t fathom the price action.
This is one of the reasons the ‘smart people’ are being but buttblocked into poverty :) . The second:
Somewhere in the back of my mind, nestled between unspoken jealousy and worn wisdom, I can’t help but sense that we’ve all seen this movie before.
Good, honest financial poetry. Be a pig, but not a hog because ‘this time’ is NEVER different.