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EnigmaDude (82.91)

Irene

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2

August 26, 2011 – Comments (4) | RELATED TICKERS: IRE , NE

Looks like Hurricane Irene could be the big news of this year for about 65 million people on the east coast of the US.  Many people look like they will be affected by this huge storm, which was estimated as of this morning to be approx 700 miles across!  As I write this blog from the comfort of my desk in warm, sunny Colorado, the coast of North Carolina is getting hammered and New Yorkers are evacuating.  It is looking like this will be the big news story for the next several days or weeks at least.

As far as investing goes, I would not be looking to buy shares of insurance companies right now.

4 Comments – Post Your Own

#1) On August 26, 2011 at 3:53 PM, outoffocus (23.24) wrote:

As we speak its only a Cat 2.  So the damage shouldnt be that bad.

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#2) On August 26, 2011 at 4:16 PM, EnigmaDude (82.91) wrote:

According to an article in Forbes, there could be $20B or more in damages.  And some forecasts say it could grow to a Category 3 hurricane by this time tomorrow.  Of course, it could also turn eastward and fizzle out, but that is the least likely scenario right now.

Let's hope for the best but meanwhile I am shorting Allstate and Travelers (in CAPS).

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#3) On August 26, 2011 at 5:03 PM, ikkyu2 (99.22) wrote:

I am ashamed to say that I have been thinking the same think as in your title, about Irene, all week. 

 

("What do you call a Chinese deer with only three legs standing in the forest?")

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#4) On August 26, 2011 at 5:37 PM, EnigmaDude (82.91) wrote:

ikkyu - my guess is Dorene but I don't think that's right.

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