I came across this piece in Bloomberg entitled 'Harvard's Bet on Interest Rate Rise Cost $500 Million to Exit in which the details of the debacle that is the Harvard endowment fund are coming to light.
Back on February 17 in a piece I penned a piece entitled 'It's Sir to You' I took CNBC to task, what else is new right?, over their incessant recycling of the same old guests touting the same old lines. In that piece I said the following:
"Watever you decide over there at CNBC just keep on recycling the same ol' same ol' guests with the same ol' same ol' lines of thinking. You know the crew, Bill Gross, Mohommed El-Erian, Paul McCulley, Bob Doll, Vince Farrell, et al. More importantly, do not dare ask Mr. El- Erian any questions pertaining to the mushroom cloud above the Harvard endowment lest you impair your advertising revenue stream via Pimco, the authority on bonds.
Don't get me wrong the 3 boyz of Pimco are extraordinarily bright, BUT... they are not immune from criticism, they are not immune from having their ideas challenged, they are not immune from talking their book, and above all they are not immune from being wrong. The markets have a nasty habit of doing that to people, making them wrong to the point of embarrassment. The trick is the ability to STOP BEING WRONG before your reputation and account are left in tatters."
And while on the subject, wasn't the purported 'smartest man in the room' Larry Summers over at Harvard when this debacle was being concocted in the lab. Yes, dear reader, the same Larry Summers advising the Commander in Chief all things economic.
Yup, brilliant when I succeed, unpredictable, once in a lifetime, Haley's Comet type excuses when we fail. oh yeah where's the taxpayer when we need em'.
An Ivy League MBA from Harvard can summed up in one easy sentence. Masters in Bullshit and Alchemy. With men like this in charge and orchestrating the band Heaven help us.
It sure looks like Intel is pulling an Alcoa. Remember my comment the other day on Alcoa regarding its gap and crap and is trading right back where it started prior to earnings. Well, don't look now but INTC closed at $20.49 prior to its earnings release, gapped up to $21.26 the next morning and finished the day Friday at $20.18.
Nothing to worry, just more green shoots.
Did you catch the piece by Audit Integrity's list of top candidates for bankruptcy. Well, it seems da boyz over at Hertz are none too pleased with Audit Integrity's work, so much so they have filed suit. As many of the events of the past 18 months have shown us, there is a lot you can do on Wall St. and get away with but the one thing you absolutely unequivocally cannot do under any circumstances is holler sell!
A friend of mine forwarded me this quote from a commenter named SteveNYC over at the Zero Hedge blog regarding the Hertz/Audit Integrity brew ha ha in which he said;
"The Hertz transaction was a classic PE rip-off.
1) Ivy League boys at Carlyle, CDR etc. pickup the asset, leverage the guts out of it, and get it to a point of "performance" in order to sell back to the public.
2) Ivy League boys at Fidelity, Vanguard etc. managing 401k money buy the IPO stock from their mates at Carlyle, CDR etc. as a "solid investment" to add to their portfolios.
3) All of "the boys" cash out on the transaction, while the public is stuck with the swill, without any say (except by ticking the box on their 401k selection paper that says "Growth Fund") at all.
Nice job if you can get it."Beautiful comment SteveNYC, absolutely spot on.
Good speculating and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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