Tuesday, October 6, 2009
Mike Mayo gets pasted
Remember uber bank analyst Mike Mayo? Back on April 6, he had a piece entitled the Seven Deadly Sins of Banking. You can read most of it here.
He had this chart:
And these words:
"The seven deadly sins of banking include greedy loan growth, gluttony of real estate, lust for high yields, sloth-like risk management, pride of low capital, envy of exotic fees, and anger of regulators."
Even though it couldn't make you a dime, the bears lapped it up. At that time, it was heralded by the street. It, however, was panned here on this blog.
Today, Mike Mayo put a buy on Goldman Sachs, and a target of $234.
Luckily, being late to the party isn't the eighth deadly sin!
But it was, if you used his research to short those names he panned!
But that's Wall Street research.
Because after all, anything goes with mayonnaise!
And when you need to put it on thick, use the big mouth jar!
Posted by Palmoni at 10:48 AM