yes, we have healed: why bill ackman is bullish on america ... and citigroup: Tech Ticker, Yahoo! Finance: "Truth will out - Friday May 28, 2010 01:26PM EDTThree days ago, Yahoo and Aaron Dick was parading the naysayers who were predicting the collapse of the market. Past two days, they are bringing on these idiots who can see nothing but the rainbow. This is all a scheme to fool the retail investors, confuse them, and wrench the money out of their hold. All this time, Bill Ackerman and his hedgie buddies, are running computerised systems that pick out any trends in any areas of the market, and then use their vast amount of money to trade against it. This is how they wrench the money out of the middle-class retail investor, who does not have the resources,or the finances to beat these scheming bastards. Yahoo finance, CNBC and the SEC are all in this scheme
report"
Showing posts with label ackman. Show all posts
Showing posts with label ackman. Show all posts
Monday, May 31, 2010
yes, we have healed: why bill ackman is bullish on america ... and citigroup: Tech Ticker, Yahoo! Finance
(c) 2010 F. Bruce Abel
An interview with Bill Ackman, a name I have blogged on in late 2008. Read the interview then look as my prior blog. Ackman is consistent, I believe.
yes, we have healed: why bill ackman is bullish on america ... and citigroup: Tech Ticker, Yahoo! Finance: "Of course he is bullish on America. What does he really have to ever worry about? He's set for life. This puke probably has never had to worry about money his whole life, and certainly never will need to. As a hedge fund manager in by far the world's most deregulated economy, he operates in the world's biggest playground for the rich. He can fund more deregulation,he can fund job and industry outsourcing, he can fund taxpayer backed casino gambling, he can fund cowboy oil drilling and coal mining companies, he can fund collusion with authoritarian governments, and take the earnings from this unethical thievery and not only buy more politicians, he can send his blood profits offshore to weasel out of taxes to boot. Things are indeed rosy for him! Things have rarely never been better for a hedge fund manager! We need to see guys like this hanging from trees."
An interview with Bill Ackman, a name I have blogged on in late 2008. Read the interview then look as my prior blog. Ackman is consistent, I believe.
yes, we have healed: why bill ackman is bullish on america ... and citigroup: Tech Ticker, Yahoo! Finance: "Of course he is bullish on America. What does he really have to ever worry about? He's set for life. This puke probably has never had to worry about money his whole life, and certainly never will need to. As a hedge fund manager in by far the world's most deregulated economy, he operates in the world's biggest playground for the rich. He can fund more deregulation,he can fund job and industry outsourcing, he can fund taxpayer backed casino gambling, he can fund cowboy oil drilling and coal mining companies, he can fund collusion with authoritarian governments, and take the earnings from this unethical thievery and not only buy more politicians, he can send his blood profits offshore to weasel out of taxes to boot. Things are indeed rosy for him! Things have rarely never been better for a hedge fund manager! We need to see guys like this hanging from trees."
Wednesday, November 12, 2008
Ackman
4:23 AM 11/12/2008
I was asleep after trying to watch Ball State-Miami lying down on the bed.
"So there was this guy on Charlie Rose just now who was explaining hedge funds and blaming the govenment for disallowing short sales."
"Was it Bill Ackman?"
So I got up to look at it on TIVO:
Bill Ackman, CEO of Pershing Square Capital, on Charlie Rose last night.
created in 2004; $6 billion in mgt; down slightly this year
Describes what hedge funds are: going long and short.
Blossomed last 5-7 years ... when govt shut it down (short selling)
it was a disaster managers got imbalanced. Most of our shorts are done through derivatives such as Credit Default Swaps -- insurance on credit defaulting
imagine you could trade the insur policy on your home. if there was a brush fire in the neighborhood your policy would become more valuable.
spread is wide in over the counter market
credit default swaps are very profitable
more efficient than shorting a stock
dealers made fat profits acting in the middle; spreads were wide
a 50 trillion market but a lot was offsetting
so maybe 10% or 5 trillion of one person betting against the instutuion and the other person taking the other side
I researched "Farmer Mac" operates in the agricultural market
GSC bought a credit default swap
did same with Fannie and Freddie
in 2002 made short bets on them, but ultimately gave up because I concluded too big to fail
looking for other cos with AAA ratings that were not justified
MBIA
bond insurers started out as almost cooperatives; but went public in early 1990's and had demand from their shareholders (short-term gain); took on more risk
100 to one leverage but they still had a AAA rating!??
The world was a world that believed. "Investors outsourced their judgment to the rating agencies" Moodys S&P and _______
You can't outsource credit analysis.
Regulators around the world deferred to the rating agencies.
CDO's and asset-backed securities
in the internet bubble people's riskiest money was put in the dot coms
Now:
the safest money was put in the riskiest assets
Renaissance
James Simonds, Citadel: Ken Griffen, two others
rough sledding when they get to Congress
Congress is looking for a skapegoat
Avg mutual fund has done much worse.
A handful only of hedge fund managers makes $100,000,000.
most opportunistic capital is hedge fund money
short sale prohibition destroyed faith in the market
The focus should not be on the managers, but on the investors.
Investors are the Canegie Halls of the world, the St. Luke Hospitals, the state pension funds.
the single best time of my career to invest. Prices are below values.
Most people do not have permanent capital...Buffet does. He's the most fully-invested we've ever seen. Where your capital isn't permanent you have to be defensive.
AIG, Freddie Mac, AMBAC, all got us in trouble. Why?
AIG ets. were "AAA" and did not have to post collateral.
AAA firms were given a free pass. did not have to post collateral. like someone writing hurricane insurance but don't have the money.
what should have been done?
bankruptcy, or in case of fannie and freddie, conservatorship
creiditors own the buainess
Ackman supports TARP
Is concerned about GM
Do not lend more money to GM
do prepackaged bankruptcy (on GM)
debt trades at 30 cents to the dollar
you want a GM that can compete
Design an auto co that can compete.
pouring money into GM is a mistake.
AIG is a different animal.
govt is letting 17-18 banks fail
Lehman Bros?
counterparties lost 90 cents on the dollar.
Should have been given notice.
investment banks never were, as now, 30 to 40 to one leveraged
Lazard is a very profitable inv bank.
Goldman Sachs 30:1
when competitors are so leveraged GS had to do the same.
"Too much leverage."
"Too much easy money."
Housing market turns when?
Spring. You've saved. House that was $600,000 is now available for $280,000.
us is a turnaround.
US govt is incredibly solvent. govt has 35% of everybody's assets (taxing power)
Preview of Michael Chrichton retrospective to come:
"Travels" by Michael Chrichton
Mike D'antoni of NY Knicks
I was asleep after trying to watch Ball State-Miami lying down on the bed.
"So there was this guy on Charlie Rose just now who was explaining hedge funds and blaming the govenment for disallowing short sales."
"Was it Bill Ackman?"
So I got up to look at it on TIVO:
Bill Ackman, CEO of Pershing Square Capital, on Charlie Rose last night.
created in 2004; $6 billion in mgt; down slightly this year
Describes what hedge funds are: going long and short.
Blossomed last 5-7 years ... when govt shut it down (short selling)
it was a disaster managers got imbalanced. Most of our shorts are done through derivatives such as Credit Default Swaps -- insurance on credit defaulting
imagine you could trade the insur policy on your home. if there was a brush fire in the neighborhood your policy would become more valuable.
spread is wide in over the counter market
credit default swaps are very profitable
more efficient than shorting a stock
dealers made fat profits acting in the middle; spreads were wide
a 50 trillion market but a lot was offsetting
so maybe 10% or 5 trillion of one person betting against the instutuion and the other person taking the other side
I researched "Farmer Mac" operates in the agricultural market
GSC bought a credit default swap
did same with Fannie and Freddie
in 2002 made short bets on them, but ultimately gave up because I concluded too big to fail
looking for other cos with AAA ratings that were not justified
MBIA
bond insurers started out as almost cooperatives; but went public in early 1990's and had demand from their shareholders (short-term gain); took on more risk
100 to one leverage but they still had a AAA rating!??
The world was a world that believed. "Investors outsourced their judgment to the rating agencies" Moodys S&P and _______
You can't outsource credit analysis.
Regulators around the world deferred to the rating agencies.
CDO's and asset-backed securities
in the internet bubble people's riskiest money was put in the dot coms
Now:
the safest money was put in the riskiest assets
Renaissance
James Simonds, Citadel: Ken Griffen, two others
rough sledding when they get to Congress
Congress is looking for a skapegoat
Avg mutual fund has done much worse.
A handful only of hedge fund managers makes $100,000,000.
most opportunistic capital is hedge fund money
short sale prohibition destroyed faith in the market
The focus should not be on the managers, but on the investors.
Investors are the Canegie Halls of the world, the St. Luke Hospitals, the state pension funds.
the single best time of my career to invest. Prices are below values.
Most people do not have permanent capital...Buffet does. He's the most fully-invested we've ever seen. Where your capital isn't permanent you have to be defensive.
AIG, Freddie Mac, AMBAC, all got us in trouble. Why?
AIG ets. were "AAA" and did not have to post collateral.
AAA firms were given a free pass. did not have to post collateral. like someone writing hurricane insurance but don't have the money.
what should have been done?
bankruptcy, or in case of fannie and freddie, conservatorship
creiditors own the buainess
Ackman supports TARP
Is concerned about GM
Do not lend more money to GM
do prepackaged bankruptcy (on GM)
debt trades at 30 cents to the dollar
you want a GM that can compete
Design an auto co that can compete.
pouring money into GM is a mistake.
AIG is a different animal.
govt is letting 17-18 banks fail
Lehman Bros?
counterparties lost 90 cents on the dollar.
Should have been given notice.
investment banks never were, as now, 30 to 40 to one leveraged
Lazard is a very profitable inv bank.
Goldman Sachs 30:1
when competitors are so leveraged GS had to do the same.
"Too much leverage."
"Too much easy money."
Housing market turns when?
Spring. You've saved. House that was $600,000 is now available for $280,000.
us is a turnaround.
US govt is incredibly solvent. govt has 35% of everybody's assets (taxing power)
Preview of Michael Chrichton retrospective to come:
"Travels" by Michael Chrichton
Mike D'antoni of NY Knicks
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