Me Media Madness!

This was a crazy weeks. A lot of stuff happened all at once. I ended up appearing everywhere, especially in print — Bloomberg, NYT, and a hat trick in Barrons.

Here’s some press for the past 24 hours:

Citigroup Cashiers Mr. `Large’ Before ’08 Equities in Dallas
Josh Fineman
Bloomberg, Aug. 8 2008

Shares Rally as Oil Continues to Fall
NYT, August 8, 2008

And the Barron’s (subscription only) one week hat trick:

Olympic Fog 
Barron’s, August 11, 2008

Thus, at the end of last month, it agreed to sell $30.6 billion in rather doggy paper for $6.7 billion, or not quite 22 cents on the dollar. However, Merrill is supplying 75% of the purchase price and the only recourse it gets is the dubious paper it’s selling. The estimable Barry Ritholtz figures that, all things considered, the actual sales price works out to around 5.5 cents on the dollar.

The Dow Posts Its Best Week Since April
Barron’s, August 11, 2008

Analyzing their financial peers may also require a thorough probing of the assumptions and valuations made by the analyst’s own firm, and "no one wants to admit that their own models or basic assumptions also may be flawed," says Barry Ritholtz, CEO and equity-research director at Fusion IQ.

Then there is the market — or is it human? — tendency to hope for the best. "Many traders would still rather fail conventionally" — in clinging to a loss suffered with the market — "than risk succeeding unconventionally," Ritholtz says, referring to the pervasive reluctance to stray from the pack to criticize or bet against a stock.

That still-optimistic bent may also explain the violent flip-flopping of indexes last week, itself a sign that buyers lack conviction. "The bigger fear out there still isn’t losing money, but missing a rally," he says. In fact, the stock market may not hit a true bottom "until all the bottom calls dry up."

In Deep Dark Woods, Bears on the Prowl
Jim McTague   
Barron’s, August 11, 2008

"The silver lining is that inflation likely peaked in the second quarter and now we will see a deflationary cycle," said Barry Ritholtz, director of equity research for Fusion IQ, a quant shop. Ritholtz says that investors should focus on export-based companies or anything else that will profit from a weaker dollar.

Note: As to the dollar, I called this a counter-trend rally, and said the greenback can run a while, but ultimately goes lower. Also, over the course of the weekend, I discussed infrastructure, defense, biotech and staples.  Regardless, Jim got the quote right, and I did say that.

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:
  1. VennData commented on Aug 9

    …fired for promoting a money spinner for injured US troops. I’m about ready to pull my Citibank account.

  2. Big Jim commented on Aug 9

    Who the hell is your PR agent?

  3. Barry commented on Aug 9

    Don’t have one — never used one, nor saw the need

  4. Mike in NOLa commented on Aug 9


    Your hats soon won’t fit :)

    I sold out our BEGBX a couple of weeks ago after finding that some of it’s bonds were in Euro mortgages and not comfortable about that. Was serendipitous with the Euro falling. Since I’m not wild about the longer term prospects of the dollar, I have been looking for a foreign bond fund we can buy in my wife’s PCRA.

    It’s amazing how hard it is to find a foreign bond fund that’s not emerging markets and that doesn’t have a lot of Fannie’s or Freddie’s, I suppose to boost return.

    What do you think of the yen? One of the funds I found had over 50% of bonds in yen. Don’t have the name handy.

  5. Bad Home Cook commented on Aug 9

    It’s official. You’re a source. Congrats and very well-deserved. Keep speaking the truth!

  6. KOTW commented on Aug 9

    You’re the BEST!!!

    (Pride goeth before the fall)

    King of the World

  7. Eric Davis commented on Aug 9

    I wonder if there is a Contrarian Trade off of B.R. popularity.

  8. zell commented on Aug 9

    B.R.- I was hoping you would do this post. Instead of a hat tip Barron’s owes you a pay check! You knock out better analysis everyday than does their whole crew!

  9. Mark commented on Aug 9

    we’re not worthy,we’re not worthy.

  10. Stuart commented on Aug 9

    A helluva pace, and from a somewhat selfish point of view, I have to say keep up the great work. It’s needed now more than ever. Cheers.

  11. JustinTheSkeptic commented on Aug 10

    No wonder BR, that your never on Kudlow’s show anymore, how can you go against “Kind Dollar!” What a republican cheerleader that guy is.

    I’m an independent.

  12. Mr. Beach commented on Aug 11

    Barry — just catching up on my weekend reading and saw the Bloomberg piece.

    Now you’re the big man.


Posted Under