Random Thoughts: The Here is Now

By Todd Harrison  SEP 18, 2008 1:20 PM

Financial wagon continues to wobble.


Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also The Great Expression, Victim or the Crime? and Random Thoughts: Straddling the Great Divide.

Great Moments are Born From Great Opportunities - 11:38 am

Answers I Really Wanna Know... - 12:40 pm

This is Life, This is My House! - 1:09 pm

So how's your day?

As the wheels wobble on the financial wagon, fear has started to permeate throughout the world. It's well warranted--Bank of New York (BK) is off 30%, State Street (STT) is down 50%, Mother Morgan (MS) is taking a 33% haircut and Goldman (GS) is off 24%. Indeed, if we're to sell hope and buy despair, the air is thick with desperation.

So what to do? Through my admittedly tired eyes, there are two potential scenarios:

Price discovery is a process rather than a point and if I knew the way, I would surely take you home. I'm certainly not smart enough to know--and anyone who says, with authority, that they do isn't to be trusted--so I will simply ask Minyans to see both sides and allow for all outcomes as we trudge through these truly trying times.

My grandfather always told me that "this too shall pass" and mark my words, this will as well. The onus is on us to adapt, remain lucid, stick together and find our way through this freaky fray. The greatest opportunities are born from the most profound obstacles and this is where true grit is required.

As always, I truly hope this finds you well.



No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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