Just closed my 2nd (September) short of 7.55 on this one. Yet ANOTHER nice take - but not as big as the first - and the Oracle of Omaha could do nothing. He seldom loses .. but things aren't what they seem these daze.
I remember posting on this site .. always going long on U.s stocks, and for a couple years it was always so difficult .. so nerve wracking, even when (any given issue) was a fundamental screaming buy, somehow, it just never materialized ... But now I see the light. I am generally a long investor but I always believed shorting had its rightful and proper place. But only legitimate shorting - the naked kind is the stuff of robery. (can you say 1%?)
Well bust my buttons. I have made more in a year shorting than I could ever hope to make going long. So here we are .. BAC is in trouble .. and ITS SOOOOO EASY to make money just shorting crap like this ..
Its the old addage.. if you cant beat em ....
P.S. American banks are in for a 50% haircut if Italy folds anything near like Greece. Make no mistake .. Italy is a monster thats been waiting in the wings. Today is just an indecies correction IMO.
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