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To whom? When stock markets go down, wealth is lost. Some is redistributed, but most is just lost (but some is only paper wealth).

About time. And I bet the commodity longs who pyramided are getting crushed by gold today. A lot of wealth being lost recently.

It's getting brutal out there.

I have. Never discount the yield curve. Commodities and stocks also going down. That doesn't bode well for economic growth. Everybody is now predicting an economic slowdown. Not necessarily recession, but slower growth. I'm not predicting recession either (if it sounded that way, sorry)...

Gold is just a commodity like any other. Adam Smith wrote about it 230 years ago. It's no more important than silicon dioxide.

Where did you get this info? Sounds like he is blowing up again. Even if he doesn't lose 100%, why stay in business when you have a high water mark and have to make 40% before you get your performance fees?

Recession because of the inverted yield curve.

This means that the Fed will raise rates in June and the market thinks that will push the economy into recession.

If you want to feel special, get a dog.

I'm curious about PIMCO's position. It seems like they are taking a lot of risk. Can anybody quantify it (or estimate it)? In which accounts are these strangles/spreads/etc taking place? (I assume it's not the mutual funds.) How much does PIMCO manage in those accounts? I am curious...

"that most insignificant object of modern policy, the balance of trade" Adam Smith, Wealth of Nations

Obviously! Dow -46.26 S&P -4.75 Russell -0.15 Nasdaq -3.36

"It was very curious how, after suffering tremendous losses from a break of fifteen or twenty points, people who were still hanging on, welcomed a three-point rally and were certain the bottom had been reached and complete recovery begun." Reminiscences of a Stock Operator

I see that too. May get a short term rally. But the market is still headed lower. It just doesn't feel like a capitulation day (maybe it would have if it just kept dropping all day long...).

Market down because the estate tax repeal was blocked in the Senate. But that's really just the excuse. The market was already dropping. "Most of the time when markets move, no one has any idea why. A man who can tell a good story can make a good living as a broker." Liar's Poker by...

That is hilarious. Thanks.

Exactly. My money market now has 15,000 consecutive winning days, but it only makes about 0.01% per day.

I filled out the forms and even got a card saying they received my information. This was all last year and I haven't heard a thing since. Anybody know what is going on? When will we be getting our share of the settlement?

Bernanke is waiting until the CPI numbers and hoping it will either be low or high and make the decision for him. If we get a moderate number, he is damned either way. Either he'll be too soft on inflation or he'll be killing the economy and stock market.

There are threads already on what books are good. I've posted my opinions on them already.