Quote from Thunderdog:
Glassinc/Kelly,
You are far too decent a human being. There's simply no call for that kind of errant behavior here at ET.
don't worry in due time glassinc will be brought down to the dark side:eek: (of ET)
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don't worry in due time glassinc will be brought down to the dark side:eek: (of ET)
We can only hope, but I don't think so. As you can see, he's been at ET since 2002. It seems he is destined to remain one of the annoying good guys.
ok, we are back flat in the YM.
staying short CROX.
have a great weekend!
surf
staying short CROX.
have a great weekend!
surf
Watch for buying opportunities.
Bill Miller
Chairman and chief investment officer, Legg Mason Capital Management
These sorts of things are what's known to the academics as "endogenous to the system"--that is to say, they're normal. They happen usually every three to five years. So we had a freezing up of the market for corporate credit in the summer of '02. We had an equity bubble just before that. In '98 we had Long-Term Capital. In '94 we had a mortgage collapse like we're having right now. In 1990 we had an S&L collapse. In '87 we had a stock market collapse. These things flow through the system, and they're part of the system. I saw one quant quoted over the weekend saying, "Stuff that's not supposed to happen once in 10,000 years happened three days in a row in August." Well, I would think that you would learn in Quant 101 that the market is not what's known as normally distributed. I'm not sure where he was when all these things happened every three or five years. I think these quant models are structurally flawed and tend to exacerbate this stuff.
But these events represent opportunities. When markets get locked up like this, it's virtually always the case that you'll have opportunities if you have liquidity. Instead of worrying how bad it's going to get, I think people should be thinking about where the opportunities might be.
Bill Miller
Chairman and chief investment officer, Legg Mason Capital Management
These sorts of things are what's known to the academics as "endogenous to the system"--that is to say, they're normal. They happen usually every three to five years. So we had a freezing up of the market for corporate credit in the summer of '02. We had an equity bubble just before that. In '98 we had Long-Term Capital. In '94 we had a mortgage collapse like we're having right now. In 1990 we had an S&L collapse. In '87 we had a stock market collapse. These things flow through the system, and they're part of the system. I saw one quant quoted over the weekend saying, "Stuff that's not supposed to happen once in 10,000 years happened three days in a row in August." Well, I would think that you would learn in Quant 101 that the market is not what's known as normally distributed. I'm not sure where he was when all these things happened every three or five years. I think these quant models are structurally flawed and tend to exacerbate this stuff.
But these events represent opportunities. When markets get locked up like this, it's virtually always the case that you'll have opportunities if you have liquidity. Instead of worrying how bad it's going to get, I think people should be thinking about where the opportunities might be.
CROX +4.9 to $56.13 for a one day gain of 9%
SURF ALERT
information is indicating a big down day today in DJIA.
coming out of UK does not bode well.
surf
information is indicating a big down day today in DJIA.
coming out of UK does not bode well.
surf
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