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Dear David White:
HOG's "enterprise value" (equity AND debt) is running away. Especially in relation to EBITDA. Glad to be out.
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Can't believe how high
HOG has gotten, given worsening fundamentals.
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LNY CEO Tilman Fertitta has liked his stock for some time. Featured in my Graham and Dodd book. Now he gets the whole ball of wax.
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Currency is driving this market, isn' t it?
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CIT: Good money after bad. Need more stringent controls next time.
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Ford would do better to "hide" its earnings power, so the unions don't get it.
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Dear Thomas Pan: I would go for the big equity buffers any day of the week. The higher "price of credit" would just be "insurance."
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Dear Anthony Alfidi: Agree with you that consumer spending weakness this late in the year is problematic for Christmas sales.
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10-year
T-Bill at 3/4% was emblematic of the Great Depression.
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It took awhile. But the market is finally getting what was coming to it. Could November be the new "October"?
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There's been
A LOT of window dressing.
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If only "great" news can push the market up, it will go down.
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Consumer confidence (lack thereof, actually), is the key to this (bear) market. Severely underweight consumers,
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Dear Hedged In: I've long thought that the credit card companies were bad investments. Now I "know."
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Dear David White: The market is "resilient" just about every other day. It is the "off" days that define the market fall.
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Dear David White: We are looking for a Chinese banking crisis to bring about a global "double dip."
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Credit card freeze: Banks determined to "game" the system, Congress determined to stop it (the lesser of two evils), consumers get hurt.
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Gold is just a bit ahead of itself ($1000 in 2010 by our model), and due for a pullback.
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India is withdrawing its fiscal stimulus. Other countries, including the U.S., shortly to follow.
