Peter Bowers

Now Is a Better Time to Assess Earnings, Not Valuations

Amen! The idiots are part and parcel to the current mess. The so called graduates of higher education clubs should be ignored and replaced with others having a real world awareness.


On Nov 30 10:51 AM PrudentMan, CFA wrote:

> All investments are only worth what they earn, especially free cash
> flow. One of the most respected (of course unheralded because he
> wasn't and an "establishment&amp... guy, only cared about sales
> and free cash flow because to manipulate sales is fraud regardless
> of what the clueless nonsense espouse at the FASB.
>
> The NBER will probably say this recession started this year when
> it started in March, 2007 and that great discounting mechanism, the
> stock market, continued to hit new highs like they did in 2000 when
> the recession started in March and the NBER lists the start in 2001,
> when it actually ended. Idiots learning from other idiots and getting
> Phds for it. (See Nobel winners Krugman as well as Merton and Scholes
> of LTCM fame with their "fellow traveler" Arafat and Jimmy Carter.)

>
>
> My friend was so good the management had to replace him with and
> an Ivy Leaguer (son of a friend of Alan Greenspan) as he wasn't one
> of "them", even though he won a Lipper (the only one the firm ever
> earned) and the fund, under its new "prestigious&q... manager
> folded. My friend also stated the truism that a derivative is only
> as good as its underlying security but with more risk. That was
> in 1987.
>
> If you haven't learned in the last ten years, that the smartest guys
> in the room are not on Wall Street, Boston or Washington as their
> P.R. people try to sell you on, you are doomed to continue to rely
> on the same investment statists.
>
> I think the next Secretaries of Treasury and Commerce along with
> the Council of Economic Advisors should be staffed with successful
> farmers and small businessmen - the less "formal" education the better.
> They know the "real world" every day and not by Ivy League syncophants
> who got their positions through networking.
>