Posted in Economy, General, Market commentaries, rant, tagged apple, credit, crisis, day trading, emotion, fundamentals, gambling, momentum, stock, trading, volatile on October 15, 2008|
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Note that the title of this post is not “It’s the economy, stupid” but rather “it’s the stupid economy” because our economy is now officially for the stupid. I came to this conclusion while watching an analyst’s comments on Apple this morning. He said that Apple represents everything that is right with America. It has the best growth prospects, one of the best balance sheets, and is overall likely the best company we have. He then proceeded to say he bought it at 90 a few days ago and was selling today. These are the people running and ruining our economy.
Here we have a guy that the good people down at network X have deemed to be an ‘expert’ on the economy and market. According to them, his words carry weight. So in one breath he’s saying that Apple is a company worth owning for the long haul because it’s one of the best U.S. companies, if not the best, and in the next breath he casually mentions he’s day trading its stock. And the hosts say nothing about this hypocrisy.
This attitude is now so common-place that we think nothing of it. We no longer invest in companies, we trade on momentum. Instant gratification and the quickest possible buck. That’s what we’re all about. And that’s what our stupid market and stupid economy have come to. It’s the largest legalized gambling operation in history. An economy of the stupid, for the stupid, by the stupid.
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It’s the stupid economy
Posted in Economy, General, Market commentaries, rant, tagged apple, credit, crisis, day trading, emotion, fundamentals, gambling, momentum, stock, trading, volatile on October 15, 2008| Leave a Comment »
Note that the title of this post is not “It’s the economy, stupid” but rather “it’s the stupid economy” because our economy is now officially for the stupid. I came to this conclusion while watching an analyst’s comments on Apple this morning. He said that Apple represents everything that is right with America. It has the best growth prospects, one of the best balance sheets, and is overall likely the best company we have. He then proceeded to say he bought it at 90 a few days ago and was selling today. These are the people running and ruining our economy.
Here we have a guy that the good people down at network X have deemed to be an ‘expert’ on the economy and market. According to them, his words carry weight. So in one breath he’s saying that Apple is a company worth owning for the long haul because it’s one of the best U.S. companies, if not the best, and in the next breath he casually mentions he’s day trading its stock. And the hosts say nothing about this hypocrisy.
This attitude is now so common-place that we think nothing of it. We no longer invest in companies, we trade on momentum. Instant gratification and the quickest possible buck. That’s what we’re all about. And that’s what our stupid market and stupid economy have come to. It’s the largest legalized gambling operation in history. An economy of the stupid, for the stupid, by the stupid.
Read Full Post »