Long Weibo (WB)
Bill Ackman had a famously bad time with Valeant Pharmaceuticals, which crashed from $263 to the single digits. Last March, having suffered terrible losses for his fund, Ackman “threw in the towel” and dumped his position, prompting even Gartman to chime in.
So did the stock instantly soar higher? No, that would be a little too neat, wouldn’t it? The stock did indeed keep falling for a few more weeks, losing another 20% or so of its value, making Ackman looked like he at least salvaged something out of the mess. However, it soon found support on a trendline that I had pointed out went back nearly two decades………
Although I covered my retail stocks early this morning (M, JWN, DDS) I am still cheerfully short a different kind of “retail”, which are casual dining establishments (AKA places I would never, ever want to eat). Here they are………...Fiesta Restaurant Group:
In Cold Mountain, which is a favorite movie of mine, there is a scene fairly early on in which parishioners are singing I’m Going Home in their new-completed church. I had never heard the song before (in spite of years of church-going and being part of severals choirs), and I’d never even seen the style of singing, in which the participants rhythmically moved their open palms up and down to the music.
I was initially going to try to write something about equities (specifically, the ES), but Good Lord, what on earth is there to say except…………endless abortions. What I mean by that is that every time it seems we’re set up to fall (see green tint), voila, we abort the breakdown and Yellen saves the day again. Boring, annoying, and frustrating……….