You may recall I mentioned a recent trade in Citigroup, and Bank of America, posted under the headline “Buy What You Hate.”
Following the edict that good artists copy and great artists steal, Dilbert creator Scott Adams suggests in the WSJ that you “put your money on the companies that you hate the most.”
“When I heard that BP was destroying a big portion of Earth, with no serious discussion of cutting their dividend, I had two thoughts: 1) I hate them, and 2) This would be an excellent time to buy their stock. And so I did. Although I should have waited a week.
People ask me how it feels to take the side of moral bankruptcy. Answer: Pretty good! Thanks for asking. How’s it feel to be a disgruntled victim?
I have a theory that you should invest in the companies that you hate the most. The usual reason for hating a company is that the company is so powerful it can make you balance your wallet on your nose while you beg for their product. Oil companies such as BP don’t actually make you beg for oil, but I think we all realize that they could. It’s implied in the price of gas.”
The entire article is a hoot, and well worth your time — even if the theme is purloined. I steal enough Dilbert cartoons that I have nothing to say.
Betting on the Bad Guys
WSJ, June 5, 2010