Freaky Friday Potpourri: Six in the City!
Classic game of hoops at the Garden paves the way into the weekend
As the leader of Minyanville, you do your subscribers a disservice by being distracted by your various commitments. Just as you refrain from trading under these circumstances, you should refrain from commenting on [ the Buzz & Banter]. Your ego is getting in the way.
The knee-jerk response was easy enough. It flowed from my fingers as many things do, with more empathy than acrimony.
Ego has never gotten in the way, not on the upside, not on the downside. So it's said, what I was doing, rather than trading to profit in my own account, was writing for the benefit of Minyanville. The "other" activities are all consistent with building our platform and extending the brand shadow, so lest there is any confusion, I hope this addresses it.
Have a great night.
Now, I get a lot of emails from all kinds of folks. I take them all with a grain of salt and each one is duly noted at some level. It would be easy to lose patience or fire back, but that’s not a solution. That is, by definition, part of the problem.
I share this with one purpose in mind and that is through the lens of social mood. It’s one thing to offer views and be held to task. It’s another thing to put it out there -- correctly, mind you -- and catch heat for what you didn’t do.
The populous opinion is rarely the profitable one. In this case, it was neither.
Seems Like Old Times
Fast forward to an early dinner I had last night with my friend who is a well-known fund manager. I hadn’t seen him in 6 months and he chose a midtown haunt to catch up. The place was filled with hedge fund folks incessantly focused on the next best trade. I couldn’t help but think that the more things change, the more they stay the same.
Every one of them -- every single one -- was obsessed with the quarter-end letters they must write to their anxious investors. That reinforced our sense of performance anxiety and the notion that buyers are higher and sellers are lower. Each conversation was the same, every question intense. They were holding on too tight, but they couldn’t see it.
They were on the aggregate still quite bearish, citing fundamental downticks, Eastern European risk and “sandbagging” by the banks. While I agree that these issues are real (we’ve been talking about all of them in the ‘Ville), I couldn’t help wonder how many of them were pressing - and how many are getting the pulp squeezed out of them.
When they asked me my take on the tape, I communicated what I’ve written on Minyanville these last few weeks. I’ve traded from the long side and kept my risk leash tight while leaning against S&P 600 with a longer-term lens. The bungee, I told them, was the easy trade (with the benefit of hindsight) and while there’s room to S&P 800, I’m wary of bears on either side of the weekend.
I’ll pick this up on the Buzz -- as we do each day -- so lemme cut myself off and grab another cup of Jo. Before I do, please make sure you catch this article citing concerns by the Chinese Premier regarding the safety of their assets in the US -- food for thought into the final fifth of this freaky week.
Good luck, Minyans.
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 firstname.lastname@example.org.
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.