Last night, when I first learned about the horrible, disgusting tragedy that took place in Nice, I instantly had this thought (which I tweeted out):
Well, these days, I’ve got to say, it feels satisfying to get at least ONE prediction right:
Some of you will rest assured that no charts were involved in my speculative analysis.
Bears have been frustrated, and I am among them, that bear markets are allowed to go no longer than one, maybe one-and-a-half, days. This week brought another example. Monday was a market holiday, but on Tuesday, we had a nice tumble. The fall was continuing overnight, but our old pal Dennis “the commodity king” Gartman decided to go bearish on crude, and, well, the result was predictable.
We begin with this photograph of Lucas Duplan, entrepreneur extraordinaire:
Permabull equity shills MarketWatch ask the world this question:
To which my response is: you bet your SPF-30 moisturizing cream I’m ready, Simon. I’ve got 55 shorts, and by the time the market opens next week, I plan to have plenty more. So thanks for asking.
I haven’t done many real estate posts lately, although, as an update to this one (in which an empty dirt lot was being offered for $10 million) I’ll mention that although the For Sale sign seemed to linger longer than usual, it was supplemented with a SOLD sign yesterday. So I guess the Chinese are still buying.
I’ve become quite inured to the lunacy of Silicon Valley real estate, so not much surprises me anymore, but I saw a full page color ad this morning in Gentry magazine (which is a free magazine they distribute around here, packed with a combination of real estate ads, for the tech zillionaires, and plastic surgery ads, for their vain spouses) that demands a post. So I’m writing it, you lucky so-and-so.
The color photographs of this nearly $5 million property featured the most blase, ordinary, McMansion style place you could imagine, but the headline was……. (more…)
This is actually kind of comic. Anyway, a bit of background…..
A good friend of mine is a senior executive at SolarCity. A couple of months ago, he asked me what his prospects were with respect to making money on his sizeable options grant. I asked them the strike price, and it was something like $75.
I kind of winced, because the stock had been beaten down into the 20s. I looked at the graph anyway, and I told him (with a reminder that I’m a permabear) that the chances of making money were slim to none, and Slim left town already. So he wasn’t happy to hear that, and every time he saw me, he’d tell me (in a friendly way) how I was wrong.