it's the insurers--$23 billion loss on CRE.
Yesterday it was Delong's Great Depression.
And on and on it goes. Heck I've covered headlines. Remember back in May? When Reuters warned us of the double dip? Did that make you any money?
How about in June. How's our bear market doing? Did that make you any money?
How about all the bogus headlines of fear spread by the WSJ? They are all written out here--in one post. And at every time, I called them on it.
Did it make you any money listening to them?
Don't buy Wall Street math!
Since the bears are the black swan, they think that headline risk increases as stocks steadily march higher. But they don't realize, it is the risk of all those underinvested, all those (like the PIMCO seers) who continually warn us of doom to come, all the bloggers that take out their bearish anecdotes and think that they are actionable--none of this will pay you.
And that's the headline risk they don't talk about!
What pays you--- is to be bullish. To be reckless. And that's not after the fact. That was at 700! In fact, you probably won't read the links, so I'll just go back to May, and post what I said then:
That headline makes as much sense as those who now say we are now heading into the 5th and final leg down of this market. It's just Poppycock. This economy, and this stock market, will reward the most outlandish bull, and the most bullish economic forecasts. It's not a market, or an economy for the timid.This market will give no quarter to the bears, no quarter for the pessimists, and no quarter for the professors and their statistics of gloom.
It will also give no quarter to the deflationistas, and no quarter to anyone who thinks our Government paper is worthwhile holding.
So short PIMCO, Peter Schiff, Whitney Tilson, Nourel Roubini, and Blackrock Bob Doll's conservatism and any other money manager of the same ilk, and go long Pollyanna.
Because that's how you are going to make money. Today, this stategy will be known as reckless. Next year, it will be deemed prescient.
So bring out the headlines. Bring out Brian Belski to tell us gold was overpriced $80 ago. Bring out every pimp in their suit on CNBC--That my friends, is just another costume, covering those who don't trade, or who don't understand markets--and you have to dismiss their folly.
And use your quarters to take my fifty cent play below!
Because the real story, is never as interesting as the one spun!