Category Archives: Sentiment

Short Palo Alto

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My town has changed. When I first came here, in 1984, it was a pretty standard college town. Sure, the houses were kind of pricey, but the look and feel of the place wasn’t that much different than you’d probably get in any other town next to a big, well-known college.

But things have changed a lot lately. And I’ve got to say, the kinds of changes I’m seeing weren’t really apparent during the Internet bubble. For some reason, the self-importance and money-worship didn’t really take root until recently, after the financial crisis. (more…)

The Market Owes You Nothing

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Note from Tim: My long-time colleague “molecool” did a post on his Evil Speculator blog that I thought was outstanding. Although I am somewhat called on the carpet (and rightly so), his post is written with class and plenty of wisdom. I appreciate mole posting it here………

Yesterday Tim Knight wrote a candid post marking the fifth anniversary of the ongoing bull market. Actually to be more precise he not so surprisingly called it ‘this insane, interminable, agonizing bull market‘. Now given my reputation for dishing out generous servings of tough love you may expect me to post a scathing retort criticizing him for clinging to his bearish stance all through what I believe will be remembered as the most significant bull market in our lifetime. Well, yes and no. (more…)

Pretty Much

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Another day, another lifetime high across the board on almost every index that exists. I’m reminded of page 191 in MIchael Lewis’ The Big Short, in which MIchael Burry (who was massively short credit default swaps that, inexpliciably, refused to decline in value as they “should” have) was recounted as doing the following:

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I don’t shout out obscenities, but I have been exercising my middle finger, aimed squarely at my screens, quite frequently for the past month.