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The Buccaneer Smear


They're named 'piggies' for a reason!


Old pirates, yes, they rob I;
Sold I to the merchant ships,
Minutes after they took I
From the bottomless pit.

(Bob Marley)

No, Minyans, the above verse is not a reference to my beloved (2-7) Raiders. The only shot they've got at a Redemption Song is playing spoiler to their division rivals. Investors, however, may have a bigger role in the minxy year-end playoff race. With the daily headlines painting an ugly mutual fund picture, further redemptions will put a serious crimp in the supply/demand equilibrium. Stay tuned...and keep that kicker warmed up on the sidelines.

Alliance Capital (AC:NYSE) is the latest to cough up casualties as two senior executives were booted this morning (amid the improper trading investigation). The shake-up is the second such blemish in as many weeks (Putnam removed their CEO of 18 years) and, if nothing else, it warrants a mention. Psychology is the most subjective (and fragile) metric and if (big if) confidence begins to erode, it'll ripple through still waters like a hot knife through buttah.

Unfortunately, the only way to know (for sure) if it matters will be to gauge the level of impact. While assigning reasons to the hindsight rhyme is the teletubbie way, it does little to help those involved in a real-time dynamic. In and of itself, these situations may not matter (they've been shrugged off thus far). However, with the financials tickling various resistance zones, the specter of higher rates looming and liquidity already in the tank (perhaps), the potential exists that the catalyst tag will be assigned after the fact.

Written in stone? Of course not. But our job is to scan the horizon and identify issues or items that could alter the prevalent tide. The financials have been the horse (fed with stimulus) that's led the minxy cart. Any carrot that could lead her astray is worthy of analysis and discussion. As we're apt to say, you always want to know the information even if you deem it non-consequential.

Good luck on the opening.
positions in assorted financials

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

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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