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Harry Tuttle

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  • Buffett's PR Disaster [View article]
    He looks out for number one.
    Jun 3 12:44 PM | 33 Likes Like |Link to Comment
  • Bernanke Testimony Indicates Fed Still in Denial [View article]
    Bernanke doesn't understand derivatives. He showed us when he tried to explain away the sub-prime crisis by using the size of the sub-prime market ("small and contained"). By the way, neither do Geithner, Dodd, Frank, or the other policy makers. Summers wishes he knew less.
    Jun 9 01:17 PM | 28 Likes Like |Link to Comment
  • The Economy, And Why It's Taking So Long to Fix It [View article]
    Live by the stock market, die by the stock market.

    As for Bernanke being a "pretty effective soothsayer"...Is this the same guy who said American banks were well-capitalized? How come people who didn't have the access he does KNEW that wasn't the case? When did he finally understood what a CDO was?

    In my opinion, Greenspan, Bernanke, Geithner, and the rest of the very talented people from Wall St. are at the very heart of the problem. Unfortunately, they are still in charge.
    Feb 27 04:27 PM | 24 Likes Like |Link to Comment
  • Who's Blowing This Bubble - And When Will It Pop? [View article]
    According to this plan if the S&P begins to go down you will still be 66% invested. Granted that the relative value of your portfolio will diminish, but I am almost sure that is not what you have in mind. There is no strategy that guarantees "selling at the top"

    On Aug 07 12:15 PM Tom Armistead wrote:

    > What I have been doing about this is every time the S&P 500 goes
    > up 1% I sell 1% of my portfolio, whatever is most in demand. Today
    > that was homebuilders and technology.
    > By now I am 33% in cash and I don't care how far this bubble runs,
    > I will be selling at the top.
    Aug 7 12:49 PM | 22 Likes Like |Link to Comment
  • The Debate About 'Green Shoots' [View article]
    I don't see any debate. One group of people sees that the economy continues to get worse while the other says that it "must" be getting better without any tangible proof.

    As far as I am concerned there is plenty of evidence that nobody in Wall St. can predict anything, so why people react to "better than expected" data defies any logic.

    In summary, the economy may or may not get better, but there is no evidence to support that it is right now. I personally, stop reading the articles once I find the word "hope" (as in "...investors hope that...")
    May 15 04:02 PM | 21 Likes Like |Link to Comment
  • Both big business and big government should be viewed as evils and threatening the real engine of economic growth - small business - Nassim Taleb tells CNBC. "They're both very bad, particularly big government... [It] ends up favoring large corporations that have a lot of employees. That kills growth from small companies who cannot get to Washington; they cannot get lobbyists."  [View news story]
    I agree. By making sure nobody fails on account that they are systemically essential we end up with retirees subsidizing Bank of America executives (that is what zero rates do) and middle America (taxed at income rates) subsidizing private equity managers (taxed at capital gains rates).

    We used to be the country of Capitalism and now we have become the country of bs.

    Dec 17 10:17 AM | 20 Likes Like |Link to Comment
  • Wall Street Analysts Deserve a 'Sell' Rating [View article]
    Wall Street analysts build their careers on having access to management. If you are critical, how could you have access?

    The projections they publish are entirely extrapolated from whatever the company tells them, which is why they routinely miss all important turns.

    The flaw, in my opinion, is on the public perception that they do research. Their job is to SELL companies to the public, not to provide any objective guidance.
    Jan 22 10:46 AM | 19 Likes Like |Link to Comment
  • Stress Test Leaks: Endgame Emerging [View article]
    The first question should be: if they are NOW doing stress-tests, what were they doing before when we all thought that the regulators were checking that the banks were adequately capitalized?

    The second question is: what makes anyone think that the regulators NOW know how much capital the banks need under different conditions? I mean, is not like Bernanke and Geithner did a great job of anticipating this crisis.

    May 4 06:55 PM | 19 Likes Like |Link to Comment
  • 8 More Reasons Why a Double Dip Is Coming [View article]
    Europe is NOT stabilizing (whatever that means). The employment situation is getting worse in Spain, for example. In the near future we will see the other side of "austerity".

    Reality doesn't change just because manic-depressive traders move on to the next fetish.
    Jul 29 09:44 AM | 17 Likes Like |Link to Comment
  • Goldman's Macro-Bulls Out in Full Force [View article]
    Abby Cohen actually retired in the 90's. They guys at GS just kept a tape of her saying she sees 20% upside on the S&P and they play it over and over.
    Aug 7 07:58 AM | 17 Likes Like |Link to Comment
  • Dollar's Purchasing Power Annihilated - The Chart They Don't Want You to See [View article]
    This is not unique to the US dollar. In the 30's, Britain was the first off the gold standard, then the US until everyone went off by the end of the decade. Except for the Chinese, I don't know what large economy can afford to appreciate its currency against the US dollar. As bad as things are here, they are worse in Europe and Japan.
    May 9 09:01 AM | 17 Likes Like |Link to Comment
  • Why Felix Should Walk Away [View article]
    There is something more important. Stop watching CNBC and switch to the Cartoon Network.
    Mar 5 03:02 PM | 17 Likes Like |Link to Comment
  • Bernanke gets an earful from Ron Paul: "Congress and the Fed are symbiotic because the Congress spends and they know there is a moral hazard involved because they know that if interest rates go up, the Fed accommodates them. So the Fed really facilitates this spending... the Fed is involved with our deficit and encourages it as well as the Congress."  [View news story]
    "rigorous economic philosophy" means Bernanke wrote a paper in 1995 and he will stick to his recipe NO MATTER what.

    THE gravest threat to humanity has always come from people with God complex who are not accountable to anyone. That describes Bernanke better than Ron Paul (or any other congressperson)
    Mar 2 07:01 PM | 16 Likes Like |Link to Comment
  • The Economy Now: A 5-Point Summary [View article]
    I do not see any significant progress. In 2007, the world was taken "by surprise". After Lehman failed, everybody scrambled to avert Armageddon. In the name of the greater good, rules were changed, public money was doled out with abandon and many promises of reform were made. Instead we have Wall St. and the mutual fund industry selling the public the idea that this is, yet another, opportunity of a lifetime to profit from the ensuing recovery. So the equity markets are bullish as a result which, in circular fashion, make everyone believe everything is ok. However,

    1) China is growing because they have doubled-down on their invest-to-export strategy.
    2) Brazil feels great because China has stockpiled commodities ready for the new up-cycle
    3) The US, the UK, Spain et al are MORE leveraged than before since most of the debts are still there but the assets are down.
    4) The US government has already used most of its bullets.
    5) Unemployment continues to increase
    6) The toxic-assets are still where they were a year ago. In Europe, they are marked at par
    7) The US consumer is either not credit worthy or unwilling to borrow to spend
    8) Housing prices keep going down
    9) The commercial real estate problem is still ahead.
    10) The supply of treasuries seems to be driving rates up (surprise!?)
    11) Commodity prices are hitting the US consumer again

    In summary, there is no free lunch. We keep trying to postpone the inevitable while promising to behave better. In the end, adjustment will come one way or another.
    Jun 13 11:16 AM | 16 Likes Like |Link to Comment
  • Exclusive: Big Banks' Recent Profitability Due to AIG Scam? [View article]
    Unfortunately, this is like the scandal over Hillary's futures account. It is so far over most people's heads that the bank's will probably get away with it.

    AIG traders have no incentive to trade profitably since they work for the government under retention packages. Who knows, a few of them may be interested in being friendly with potential future employers as well.
    Mar 30 11:35 AM | 15 Likes Like |Link to Comment