Friday, April 1, 2011

The Hypocrite Buffett

I had a day now to consider, then re-consider the actions of Buffett and one of his underlings named Sokol regarding the Lubrizol deal. What does one say about this revelation except to say are you really that surprised?

When it looks like front running, when it smells like front running, it usually is front running. I usually take to task the boobs and boobs in chairs on the propaganda network CNBC but yesterday I think Joe Kernan bought or in the least borrowed a pair for the interview with Sokol. Joe 'I went to MIT' Kernan had the nerve to hit Sokol straight on about front running.

Back to the hypocrite Buffett who is in charge over at Berkshire and who Sokol supposedly reports to. I realize many still worship at the alter of the oracle and fight to fawn over him and throw rose petals at his feet but do any of you admirers recall an old Buffett quote, I think from his annual meeting but I cannot be sure, in which he stated;

“Lose money and I will forgive you, but lose even a shred of reputation and I will be ruthless”

Ruthless huh! Maybe ruthless with anyone who messes with his profit and loss statement or ruthless with anyone who messes with his trophy promotional girl Becky' Anna Nicole' Quick. I stand by my previous statement regarding the oracle and his side puppet Munger that:

'I am quite certain when the final curtain falls on this show known as the Great Ponzi, Warren Buffett and his pal Charlie Munger will do down as a couple of the biggest hypocrites ever to grace the planet.'


For those that still believe in the Tooth fairy, Peter Pan and the Easter bunny then surely you still think Wall St. is a level playing field where everyone get a fair shake and the rule of law is enforced. Might I suggest you have ample supply of your daily dose of meds, God forbid you run out and sober up to what is transpiring around you.

Wall St. has become a complete and utter free for all.

A complete sham.

I could like to sit here and opine about the downward spiral of moral fiber and ethics but if you have a clean urine sample you know about that already.

Wall St. has become a breeding ground for maggots infesting from top to bottom. I can only imagine what someone like Charlie Merrill would think if he could see what Wall St. has become today.

Don't even get me started on the eunuchs over at the SEC and the revolving door they have with Wall St. The Dept of Justice is now synonymous with MIA. They're too busy chasing down Barry Bonds. Can't make this stuff up people.

Self regulation on Wall St. many say. Right !
Just like self regulation on congress, whats that word with Rangel's case? Oh yeah, censure, then next is secret censure, then is double secret censure.

Too funny if it all were not so pathetically sad.

Idea time. How about we let MS-13, Hell's Angels, Crips, Bloods, or the Central American drug cartels self regulate themselves.

Yeah, great idea.
Many here crap all over the French, who by the way were the first to step up and recognize our independence from Britain but I digress, had it right when they invented the guillotine.

The guillotine, the ultimate in self regulation bar none !



Housekeeping notes;

I just realized my stop on Darden ticker DRI says 60.11 which should have read $50.11 so my apologies.

I am adjusted my stop on DRI down to just about breakeven at $49.71

I also adjusted my stop down on FCX to breakeven as well at $56.31

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".


Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $96.70
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $98.25
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit U.S. Dollar Bull ticker UUP @ $22.56 stop @ $21.44
Long 1 unit i-shares 20yr bond ticker TLT @ $91.63 stop @ $90.89
Short 1 unit Freeport McMoran ticker FCX @ $56.40 stop @ $56.31
Short 1 unit Darden ticker DRI @ $49.51 stop @ $49.71

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