RE: Geithner Explains Bank Rescue Plan....

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RE: Geithner Explains Bank Rescue Plan.... - 2/10/2009 3:53:08 PM

ThatDamnedPanda

Posts: 6060
Joined: 1/26/2009
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quote:

ORIGINAL: domiguy

I am truly sorry that you do not like me. I am hurt. I always thought that we could be pals one day. Sorry for upsetting you, I just call'em as as I see'em.

Go with God.

Not to call you a liar, but somehow the fact that the first time you ever addressed me in the forums was to call me a liar and a "disaster", I'm a little reluctant to believe you were attempting to befriend me. You call 'em as you see 'em, I just see 'em as they appear to be.

quote:

ORIGINAL: domiguy

You don't have the ability to prove your case. You might photoshop, steal someone elses account statements, do anything to hide your dishonesty. Let me ask you one question, why post something so ridiculous if you seem to not be able to answer the question as to what stock you sold?

WHY WOULD IT HAVE BEEN SO DIFFICULT TO INCLUDE IN YOUR POST THAT I SOLD "GNW" TODAY?

Because what would be the point? As you say, I could make anything up. What would be proved? OK, fine, here's a cut and paste of my transaction history from the last 3 business days, with the number of shares sold and total value X'd out but the sale price per share left in.

02/10/2009 SLD -XXX PTEN PATTERSON UTI ENERGY $10.2301 $XXXX $0.00 Cash

02/09/2009 SLD -XXX WEL BOOTS & COOTS
INTERNATIONAL WELL CTL
INC NEW $1.1909 $XXX $0.00 Cash

02/06/2009 SLD -XXX MO ALTRIA GROUP INC $16.73 $XXXX $0.00 Cash

02/06/2009 SLD -XXX WEL BOOTS & COOTS
INTERNATIONAL WELL CTL
INC NEW $1.1701 $XXX $0.00 Cash

02/06/2009 SLD -XXX ETP ENERGY TRANSFER PARTNERS
UNIT LTD PARTNERSHIP $35.0201 $XXXX $0.00 Cash

02/06/2009 SLD -XXX EEP ENBRIDGE ENERGY PARTNERS
LTD PARTNERSHIP $30.6056 $3XXX $0.00 Cash

So, what does that prove? Nothing, other than that I just publically confessed to having owned tobacco stock (hey, sorry people, but business is business). Anyway, what's the point? I could have cut and pasted that from anywhere. Do you really know anything more than you did when you first asked the question, or when you first decided to call me a liar? No. Of course not. So what's the point?

My idea was a little more complicated, but nonetheless unequivocal - I've got my laptop here with me in LA, with almost every transaction I've made in the last 90 days and access to my online brokerage account. To win the bet, I'd have been willing to open my books to any local kinksters you'd accept as impartial judges. I wouldn't share my password, of course, but I'd have no problem with sitting down with someone and letting them click through the transactions history on my brokerage account in my presence. I'm not secretive about shit like that; it's just business.

You call me a liar and you're going to get a strong reaction out of me; and while the put-up-or-shut-up wager challenge may have been a little over the top, I don't mind going over the top when someone challenges my integrity for no valid reason whatsoever. The bet's still on the table. You took a position, a bold position, and if you don't have the balls to stand behind it, then I guess you're just going to have to continue trying to slide away from it. I'm willing to do what I need to do to defend my position, and if you're not willing to do the same, why not just have the balls to admit you overspoke?

quote:

ORIGINAL: domiguy
People make investment mistakes all of the time. No one is perfect. You can't stand the thought of being held accountable for a decision without the ability to change that decision down the road without repercussions. It's okay to say you were not honest...A-rod just came clean you should do the same.. Take a cleansing breath and fess up...But not out here. Let's bolster ourselves up with as much crud we can muster....Someone will be dumb enough to be impressed and believe. shit, maybe there is a subbie in Malibu right now gettin' all wet at the prospect of meeting such a financial whiz.

Well, that wouldn't be of much interest to me, seeing as how I'm submissive myself. You really need to do a little more research before shooting your mouth off, you know?

Edit: fucking tables....

< Message edited by ThatDamnedPanda -- 2/10/2009 3:54:42 PM >

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RE: Geithner Explains Bank Rescue Plan.... - 2/10/2009 4:23:18 PM

ThatDamnedPanda

Posts: 6060
Joined: 1/26/2009
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quote:

Furthermore as is the obvious implication in domiguys post and is well known by experienced investors is that you don't lose on a stock...until you sell it. There is no way in hell even at my not-so-advanced age...I am selling anything. Do you all not understand...we are in down market ? This is simply one of the worst times to sell. I think I'll sell my $500,000 house now for $200,000 so I can blame Obama.

People...kinkroids, get a grip. This is no depression when enployment is 90% +. Most everybody's cash is still there. Our houses are still there. Friends in business report revenue up in Jan. which will go futher up in the spring.

No, it's probably not a depression, at least not yet. But the possibility is still there, and there are a hell of a lot of good reasons to believe that the stock market is becoming a much less attractive investment choice at this particular time.

And while Domiguy's point about locking in your losses did have some validity to it, it's a simplistic bromide that is not at all a universal truth and is utterly meaningless without context. First, (in this case) his assumption that I was selling at a loss was in error. I took about a 30 dollar loss on one stock, but averaged over 500 shares, that wasn't even pocket change. I'd rather throw away 30 bucks to free up the money for other investments than spend a year sitting on that stock hoping to get my 30 bucks back. Everything else, I took a profit - just not as much as I'd hoped when I bought them, or as much as I'd have gotten if I'd dumped them a few weeks ago. But again, this was just a matter of a few hundred dollars less profit than I would have gotten had I sold earlier, and it was worth it to free up the cash.

The point is, you can't call someone a fool for selling a stock at a low price unless you know what they paid for it. There are a lot of us out here who've been riding these waves of volatility over the past few months and got some of these equities at much lower prices than what they're going for now. And, it's also helpful to know a little bit about someone's overall investment strategy and background before condemning their investment choices. In my case, one enormous factor driving my decision is that I'm just not a good enough or experienced enough investor to feel confident investing in individual equities at this point. I've done well, but I'm the first to admit that there's been a huge amount of luck involved, and you can't count on luck. I freely admit that I just do not understand enough about the market right now, or this crazed economy as a whole, to be able to accurately and objectively assess the risks involved with individual companies, and I don't have enough money to diversify my portfolio to the degree that I would need to do in order to even out those risks. So I'm out. I played the daredevil for a few months, recouped my losses and made a litle extra, but when you're playing a game where you know you're in over your head, you need to know when to throw in your cards and walk away. For me, this is that point. I'm out, for the most part. It's time to look at other investment options. Simple as thyat.

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Post #: 22

RE: Geithner Explains Bank Rescue Plan.... - 2/10/2009 4:57:46 PM

popeye1250

Posts: 18104
Joined: 1/27/2006
From: New Hampshire
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I was at the gym this afternoon on the treadmill watching Geithner talking and everytime he did the dow went down.

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Post #: 23

RE: Geithner Explains Bank Rescue Plan.... - 2/10/2009 5:32:36 PM

corysub

Posts: 1492
Joined: 1/1/2004
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quote:

ORIGINAL: Mercnbeth

quote:

I've cleaned out half my portfolio the last week

Panda,
"Half"? That's the most positive position I've heard from anyone still in the market since August!

I'm heading to Vegas on Thursday using the money I didn't loss when I didn't follow my broker's advise and buy the week of the inaugural. Good thing that last week I joined into a little investment group and put a couple of dollars into a group who will be buying short every time President Obama speaks. Down 297 so far today! Thanks Mr. President and your tax evading appointment, Mr Geither! I think this will fund our planned May trip to Italy.

Take the other half and get some gold. It will be $1000 by Monday and $2000 by year end.

As I said to you Saturday afternoon - Spend it before the government comes and takes it!

It was great meeting you - Have fun on the rest of your trip!

I have said here many times that gold is the place to put a big bet...and agree with you. Although $2,000 by year end might be a stretch, it will get to that level before Gitmo is closed. Just a minor comment ... when you go "short" you "sell short"...But who cares...as long as your short!

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Post #: 24

RE: Geithner Explains Bank Rescue Plan.... - 2/10/2009 5:41:36 PM

subtex