Posted on 11/26/2007 1:16:47 PM PST by Moonman62
110: Superb summary.
You don't a situation like this with only one side of the transaction being stupid.
Some of the Ivy's pay the guys who run their investment funds pretty well. Probably still a pittance by the standards of the street, but still. I can imagine that a lot of it is "old school" connections, you know, run a good portfolio, show us what you can do, and "we" will be watching. By the way, I have some really good stuff to sell, AAA rated, high yield, just the sort of stuff that belongs in your portfolio.
Anyone looking for a real life example of reinsurance gone wrong need look no further than 9/11 and Maurice “Chico” Sabah ... Fortress Re. I had a passing acquaintance with the man years ago. Unassuming, frugal, resided with his wife in a small brick ranch house in a middling neighborhood for decades, but amassed quite a fortune. After the collapse, the Japanese came after him personally in court, clamining all manner of malfeasance and misappropriation, eventually attempting to attach the assets of The American Hebrew Academy that Sabah made possible through his largesse. It dragged on for years.
Place holder ping to self...
Come back and visit tomorrow or the next day. The credit market problems haven’t gone away.
I decided that this is starting to change from a correction to something else and on the first market up-turn (which was when the sun rose this AM), I would do just that and see what else develops for awhile... til maybe after Dec. and Jan. are over. Maybe even till Mar., like I did in '03... Dang! That was sure a good bull run from March '03 till last month!!!
I normally try not to read all the doom and gloom and out-right fright, but last night you guys finally got to me!!! (I hate to admit it and I probably shouldn't) But anyway I'm in cash now by and large and on the danged sidelines for awhile...
I would do my heart good to see Brinker blow a timing call just once just to see him eat a crow or two. Don't ask me why, it's just something I have about entertainers and celebrities being so heavily relied upon for personal financial advice when it's nothing but show business for people like him and Suzy Orman and Dave Ramsey.
Financial Professionals who actually give individuals and business owners real personalized advice like a personal coach are far more valuable to people than these celebrities. Just like celebrity governors have NOT proven to be good governmental policy creators and implementators at all!!!
On top of everything else, two Fed governors came out and said today that the credit market problems are one of price discovery and the market needs to work it out, without them lowering interest rates. Why don't they ever say a growing economy and rising wages need to be worked out by the market?
Brinker is good for general advice of a conservative fiscal nature but since he miscalled the QQQ years ago I ignore his specific recommendations.
I always remember that stocks and options can quickly go to zero, but funds pretty much cannot!!!
Yes, and that's a good time for puts and calls. About a year ago I started dabbling with 'em and they just laid there till they expired! Now they're zippin up and down like scalded apes!!! (grin)
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