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For Heaven’s Sake, Somebody Tell This Guy About Short Selling!

Posted by timothysykes on Tue 8th of Jul, 2008 11:46:43 AM
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When I read articles like THIS, my blood boils over. Here’s a guy, Jack Silady, with a $400 million fund that’s tanking and he can’t do anything about it cuz his asset class is financial services, a category with $8 billion in assets. This blatant waste of capital is perfectly representative of the dumbasses–really no other word for it–in this joke of an industry.

Probly, nay, hopefully–nothing better/more American than dumb money getting redistributed to those smart enough to snatch it–gonna be a $4-6 billion asset class within a few weeks/months (never fight the trend, especially when leverage is involved), not through withdrawals, but through pain. Shareholder pain.

The solution is simple: learn Short Selling.

But most finance freaks are prohibited from making such changes, necessary as they might be. Especially mutual funds…which is why they’re dinosaurs. Many of their shareholders are dinosaurs too. Large institutions that have to convene board meetings and go through waaaay too many hoops to ever consider a “risky” strategy like Short Selling. Hell, they can’t even get out of such garbage mutual funds, at least not until they realize they’re down 25%+.

Also, you gotta love this guy’s quote: “Everyone wants to own oil and commodities and everything else, and don’t want to hold financials.” But “I have no choice.”

Investors and traders: this is why you don’t have to–nay, shouldn’t–manage your assets like a friggin dinosaur mutual fund. You don’t have to become extinct. You do have a choice. You can enter and exit quickly. You can short sell. You can do–and say–whatever the hell you want.

Financial media outlets: stop featuring these dinosaur schmucks, they don’t deserve it and their narrow-mindedness makes all of finance/business look bad.

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  • NCEY taking off again, at 0.74 now
  • YngvaiMalmsteve
    I got out of UVSE this morning before it severely tanked with an $1800 profit
  • Wes
    Does the $29.95 monthly TimAlerts renew automatically each month or do I have to keep renewing manually each month?
  • YngvaiMalmsteve
    Hey, Ben, I hope you got out of UVSE this morning with a profit before it tanked
  • bestdeception
    Schwab has no shares available to short of NCEY FWIW.
  • YngvaiMalmsteve
    Wow, all the energy plays are tanking today. Looks like the party is over for a lot of those plays.
  • yah i couldnt find shares either, sucks...maybe some TIMalert subscribers will
  • studentofthegame
    I was thinking GETG would go up again today. Just kinda sitting there... boring as hell...
  • manny the trader from cancun
    guys u gotta watch n play the abk is up 41% i made 15% in rdn today. Tomorrows abk gap (pre-market is gonna be a killing. good buuy Ill kee trading and having original margaritas
  • getshorty
    You just made me $310 this morning, bought 200 shares of ERII at 11.08, sold 100 at 12.79 and another hundred (few seconds after) at 12.48. Decided not to sold when you did because willing to hold for longer given superman record and that I didn't want to use my 1 daytrade left, now I won't to use my IB acct until Thursday, but was kind of worth it.

    Thanks Again, Please Activate my timalert user, Registered 4 hours ago.
  • getshorty
    No ncey shares here, trying to short uomo, none of those neither, nor myec. This is getting hard, Tim, quit getting more popular !!!!
  • lmsmith
    In the prior post- I alerted everyone about ABK Long- PDO SHort--- still had ample time to get in..... both stocks together I am up over 4k--- I will hold both until tomorrow
  • getshorty
    Well, if this guy from the post can't short can at least somebody tell him he can hold cash for the meantime?
  • Reaper
    Oy, took a loss on ERII. I suck at longing, just like Tim. I think it is more natural for things to fall. Anyway, I got Tim's DVD & book today (FAST SHIP, ITEM AS DESCRIBED, A+++++++++++++ in ebay-speak). I'll read the book this evening.
  • MARC
    INSMITH, Do you still feel PDO is going to 7ish?
    Thanks in advance.
  • lmsmith
    Marc-- I am covering my PDO short before the end of the day--- it might bounce tomorrow- so I am going to take profit now... I am horrible at calling the numbers- don't take 7 as my word..I don't know....

    I am also out of ABK....... it's been a great day..... stay way up while I can
  • Ryan
    Ben_Bien, how is your GIGM rocking?
  • Ryan, i never said i had sights on GIGM, you must have me confused with someone else.
  • Yng/Steve,

    I foolishly held my UVSE and got smoked today, but my double-digit IQ was enough to lead me to sell off half of the position yesterday at $0.034 for a $1500 gain, so technically I'm only half-fucked for holding after this morning's drop. I don't know why the hell I still held on after UVSE tanked heavily, my anti-retardation medication must not have kicked in by 6:30 yet, but yes, I was awake by then and crying by 8:30 A.M. No worries, I daytraded the hell out of TGC and recovered some gains there, but not worth it considering I missed the ABK run up. SON OF A BITCH!

    But hey, ABK might be a good SHORT tomorrow since all those assholes who held on at the $2 level will want to get out and cut their losses since they've been oh so patient throughout ABK's multi-month gradual fade. A key lesson I've learned is that if you missed something on the long side, be sure to think about whether or not you can flip to the short side immediately or soon.
  • These guys with 8 billion in assets take their yearly maintenance fee and call it a year. They mostly suck at what they do on a yearly basis and only do well if the market treats everybody right. They become good at brown nosing and keeping clients in the dark as to why the market is doing what its doing, but they have as much clue as anyone here as to why its moving one way or another. The managers of this fund could have gone to Harvard biz school, but they still don't understand how to read a frickn chart.
  • exactly SR! disgusting
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TIM Trades

View All
Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)