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Festivus Report


Merry Christmas and Happy Holidays From Us To All

Goooood Mooooorning Minyanville!! Live from the 'Ville's HQ after the Festivus that ends all Festivi - 'till next year of course. Man that was fun . . . and man is it painful right now. (Some are hurting more than others of course since I am typing at Collins' desk and he is writing the Buzz from home). A class act all the way; you could taste the excitement of what's buzzing around our village, as well as the margaritas and the food. A heartfelt thank you to Toddo, Collins, Meehan, the critters (who were working their magic on Collins as I left the post Festivus party earlier this morning) and all the other participants for their super-successful effort and welcome.

The Minx is slinking toward Christmas Eve in "Ground Hog Day" fashion. I wish I could add some useful insight for what happened yesterday and what looks to be happening today, but sometimes it's just better to concede that bull moves happen because . . .they do.

I suspect it was already mentioned, but the fact that a company: (i) without financial statements; (ii) a trillion dollars in debt; (iii) $9 billion in AWOL profits; and (iv) a materially undercapitalized balance sheet (OFHEO's words - not mine) gaps up because its two chiefs get canned, is not rationally explainable outside the context of the liquidity sloshing around the planet, and the "too big to fail" moral hazard permeating the Street.

I know my observations do not break any new trails in the world of finance, but given the unintended consequences that might come from this environment, I humbly submit that this particular item is worth repeating . . .early and often.

With that I am going to hop back in the car and make my way back to our nation's capital, to wrap up the plans for Santa's arrival. 'Cause we all know, and I hope I remind myself of it everyday, that it's in the wondrous smile of a child on Christmas morning that we can find all that is truly important in life.

Merry Christmas, Happy Holidays and thanks to all for allowing me in the 'Ville. Toddo, I hope you do not read this until you come back from your R&R, or else it means you've got your laptop with you. And lastly - as Todd says - lots of "white light" to brother Macke.
Position in FNM
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