Am I a sucker like Buffet and Lampert in going long the banks/financials?

I love watching these idiots from the big banks and ibanks talk about how Joe six pack in trouble. Actually the jokes on you because your business model is finished.
 
I am sortof in a similar boat but I just started adding small positions at these levels. Yesterday I bought some 200 shares in UYG Ultra Financials ETF and I also bought some 2010 calls in the XLF. I acknowledge I am buying a falling knife but Its about 25% of the full position I want to have and so I think if I start averaging long term holds at these levels it may not be a total catastrophe.

I think that some smart money has definitely started rummaging through the garbage bin that is financials. But I do not profess above average stock picking skills so I am playing the whole sector.
 
Quote from Port1385:

Nah. Im just one of the suckers who started buying in in the 3s like Blue Ridge Capital. They upped their position 500%

Its more of a gamble then a trade. Will large companies like BAC or FMD simply close their doors? Who will give out loans to the populace? They all are trading at multiyear lows.

By the end of the year, I think I will have doubled my position in all for a long term hold.
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doh...i am dumb...when you said FMD for some reason my brain thought CFC. :eek:
 
Following Warren is never a bad idea but you better be prepared to hold for his trading time frame!

He uses a FOREVER chart !!!

:D
 
Warren is long BAC at 54!!! I am long BAC at 34 and 29 respectively...

Quote from Joab:

Following Warren is never a bad idea but you better be prepared to hold for his trading time frame!

He uses a FOREVER chart !!!

:D
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Quote from Port1385:

Warren is long BAC at 54!!! I am long BAC at 34 and 29 respectively...
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In 7 years from now when BAC is trading over 100 he will look like a genius.

:cool:
 
Quote from Joab:

In 7 years from now when BAC is trading over 100 he will look like a genius.

:cool:
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Doubling your money in 7 years is not such a good deal.
 
Let me see if I have this right. You are buying what EVERYONE else is selling and you are calling the two of the greatest investors in history "suckers?" Oh gee, I really wish I could pull 80 Billion out of my ass so someone can call me a sucker LOL


Quote from Port1385:

I will admit it. I have small long term positions in BAC/FNM/FMD and keep averaging down. Am I a sucker like Buffet and Lampert in owning these names?
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