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Baked
1 Comment
Bill Miller on Oil, Silver, Other Commodities: Don't Buy! (DBC, SLV, USO) [view article]
Wow...aside from this being the worst call in the history of all calls, it's just plain WRONG.."And then I recalled that the FT’s sister publication, The Economist, had on its cover in the spring of 1999 the headline “Drowning in oil,” saying that despite the price of crude having fallen in half in two years, “$10 might actually be too optimistic. We may be heading for $5.” What it did not say, as oil was making its lows, was that the price was set to soar, and that you could make six times your money in the next seven years."
Clearly this comes from a guy who has no idea the power of leverage in the commodity markets...
If you bought Oil at 10$, and it went to $60, you did not make 6 times your money...
Your return, on Margin, would be significantly greater than 6 fold... Mar 12 03:23 PM