Monday, October 26, 2009
No mattter how many times I get to hear Art Cashin it never gets old. I mean here is a cat with 50 years experience. Seriously, this phrase gets tossed around haphazrdly but this dude has truly forgotten more than most on CNBC will ever know.
This recent interview with Mr. Cashin is must viewing. even considering Bob Pisani was conducting it and who would do well to ditch his incessant dining with hedge fund traders and just follow Art Cashin around all day with a pad of foolscap and a pen as he would learn more in an hour with Art than a lifetime with the Canali wearing, cupcakes from Ivy league row.
The classic absolute classic line of this interview is wherer Mr. Cashin's line of;
"people actually risk money not to be thought stupid."
I have often said this but as usual Art Cashin does it in a way that only he can! I want to re-read that quote again and again so it burns into your brain so you can remember that this is the mantra of the guy or gal managing that growth fund in your IRA account or that balanced fund in your 401k. It is the foundation for the mindset of the vast majority of Wall St. and Ivy League MBA programs. You would do well to understand this as then things will start to become clearer, most especially (and I say this yet again), as to why we find ourselves in the pickle we are in.
Monday Oct 19 of last week, I was stopped out of my TWM position at $26.40 for a loss of just over a pt. on 1 unit long. My apologies for not posting that properly at the time.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 1 unit Direxion Small Cap 3X Bear ticker TZA @ $11.35
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $6.05
Long 1 unit Direxion Financial 3X Bear ticker FAZ @ $19.09
Long 1 unit Ultrashort Xinhua China ticker FXP @ $8.32
Long 1 unit Ultrashort Real Estate ticker SRS @ $9.82
Long 1 unit Uranium Energy ticker UEC @ $3.60 stops @ $3.09
Short 1 unit i-shares Russell 2K ticker IWM @ $61.70 stop @ $63.80
Short 1 unit Vornado ticker VNO @ $68.30 stop @ $70.71
Short 1 unit Bed Bath ticker BBBY @ $37.75 stop @ $38.41