Joe Springer's  Instablog

Joe Springer
Send Message
It is very hard or impossible to time the broad market consistently — there are no famous investors that got rich by consistently knowing what the broad market would do next. This only makes sense, as there are just too many variables in the broad market. But there are many famous investors who... More
My company:
My blog:
The Wall Street Exclusive
  • Mikey Forrester...Russian Sailors...Dios Mio 6 comments
    Oct 25, 2013 12:27 PM

    I feel like Mark Renton in Trainspotting when he does not want to do a drug deal:

    "Two kilos. What's that, about ten years? Mikey Forrester, Russian sailors, what the ---- are you boys on, eh?"

    Via John Mason we learn that private equity firm Blackstone has gotten a AAA rating on a new financial product that - unbelievably - bundles foreclosed homes!

    WHAAAAAAAAAAAAAT the ---- are you boys on, eh? From the Financial Times:

    "Blackstone and Deutsche Bank have long been working on the asset-backed security, which bundles together the cash flows generated from a portfolio of rental properties that the private equity group has been snapping up since 2012.

    The bonds, which bankers believe could usher in a whole new asset class, are a way for opportunistic investors, such as private equity firms and hedge funds, to refinance the cheap homes they purchased in the aftermath of the subprime crisis.

    Blackstone's deal has secured credit ratings from agencies including Kroll, Morningstar and Moody's, according to people familiar with the matter. At least one agency had given the top slice of the deal a triple A rating, these people said."

    These will be interesting products, and I am intrigued. But the parallels that are begged by putting a AAA rating on a bundle of cheap real estate that private equity is looking to unload - Dios Mio, my friends. Dios Mio.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: I am long flabbergasity.

Back To Joe Springer's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (6)
Track new comments
  • mark woods
    , contributor
    Comments (191) | Send Message
    No hasta que la luna crecer chips de chocolate y aerosoles para la higiene masculina están prohibidos.
    25 Oct 2013, 12:59 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2650) | Send Message
    Author’s reply » Via Chrome's translator: "Not up to the moon grow chocolate chips and aerosols to the hygiene male are prohibited"


    A parable, very insightful Mark.
    25 Oct 2013, 01:02 PM Reply Like
  • losbronces
    , contributor
    Comments (1038) | Send Message
    Not a good translation. He is saying: not until chocolate chips grow on the moon and men's aerosol hygiene products are prohibited.


    Literal translations often miss the mark.
    25 Oct 2013, 01:39 PM Reply Like
  • Joe Springer
    , contributor
    Comments (2650) | Send Message
    Author’s reply » Thanks losbronces! LOL!
    25 Oct 2013, 01:44 PM Reply Like
  • mark woods
    , contributor
    Comments (191) | Send Message
    Thanks los. Joe's is really funny though.
    25 Oct 2013, 01:49 PM Reply Like
  • vireoman
    , contributor
    Comments (1269) | Send Message
    Yeah, I think I prefer Joe's version.


    So..........not until black stones grow on the moon.
    28 Oct 2013, 09:26 AM Reply Like
Full index of posts »
Latest Followers


  • $AMNF $3.8 million cash at end of Q1: Should be able to fund expansion
    May 27, 2016
  • Look $MIK vs other brick&mortars Retail selloff is buy in Amazonprotected MIK 16.3 PE DivCatlyst C
    May 11, 2016
  • $ADMP Adamis License Agreement with Allergan plc Subsidiary for Epinephrine Pre-Filled Syringe Carlo is a dealmaker
    May 10, 2016
More »

Latest Comments

Most Commented
  1. Fire Away ( Comments)
  2. I Am You See ( Comments)
  3. What Is Tonix Worth? ( Comments)
  4. Hooked On Tonix ( Comments)
  5. Seattle Super-Tonix ( Comments)
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.