SCovert

E*Trade: Hindsight with Binoculars

I'm long July $5 calls on speculation.

My thesis is that Etrade did what banks are being handsomely rewarded for in March-April 08, but they did it in Nov 07 when it was grounds for punishment, not reward.

Nobody (not institutional buyers, anyway) has looked back to that time, realized the disconnect, and treated the stock as it would have been treated if it had started aggressively raising capital and writing down assets TODAY.

Efficient market my a--.