November 08, 2007
– Comments (6)
Listen for the moron who says that the Euro was "overinflated" back in August! Nice call!
Housing Panic with the find...
Great snipet... amazing that the "experts" were so supportive of the financials back then, and de-emphasizing the subprime / credit issues (except for Peter, w/ his crazy eyes).
Well, depending on your time frame, buying financials in August may well prove out. If you were in it for gains in the next 6-12 months, then you are likely big time out of luck - but for those with 5 year timeframes, adding to financials while they are so punished could well be prudent.
I think better prices may be ahead - but 5 years from now I doubt that an August buy will look all that foolish (small f).
You *may* be right, HZZ, but here's my worry. It's not that they can't recover from the current balance sheet troubles because of crappy bets on subprime and related CDOs, etc. It's that so much of how they made their bread over the past few years (SIVs, crummy CDO trading, etc.) may be biz that won't ever come back. In other words, take away 10%, 15%, 20%, whatever, of the earnings growth engine from the past few years, and where do ya go for something that replaces it, much less improves upon it?
Among a lot of great things in that clip what I loved the most was the dude talking about the "long term" as defined by 3-14 months. I'm glad the rest of us don't have to subscribe to that kind of definition of the long term...
I can't believe how wrong they all are expect Peter.
Amazingly Bear Stream say it is a buyer oportunity. I heard this sound before, in 2006, all real estate agent were saying, it is a buyer maket (Since the price were flat). When somebody tell you it is a buyer market, it means he knows that things can get worth.
Let's wait 5 or 6 months and maybe buy some financial when their books will be clear out...
Oh yeah, the Euro is overvalued. Having just moved to Europe, it is crushing me. Oh...so...heavy...the burden.