To: Dip Buyers
From: Tim Knight
Date: October 7, 2014
Over the past five years of government-manipulated markets, you have had great success in making money simply by purchasing equities whenever weakness appeared. The weaker the market, the greater the opportunity. Bernanke, Yellen, Fischer, and others “chosen” (heh) for this role have had your back.
I put it to you that, unbeknownst to your ilk, the firmament beneath you has shifted, and you are in for a surprise if you persist in this simple-minded investment method.
Of course, your personal fortune means nothing to me. On the contrary, I want you to suffer. But I offer this memo principally because the vestiges of your philosophy are causing intraday pops in the market which I find annoying.
It’s time to let this market drop. You’ve had your day in the sun (with “day” being synonymous with half a decade), but it’s really time you step aside and make room for your betters.
Timothy Knight (Mrs.)