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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Fury on May 29, 2009, 05:01:50 PM
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Stocks: Best 3-month run since '07
Wall Street ends May with solid gains as stocks stage late-session rally at the end of a rocky day. Dow gains 97 points; S&P, Nasdaq up over 1%.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: May 29, 2009: 6:18 PM ET
NEW YORK (CNNMoney.com) -- Stocks ended a choppy session higher Friday after a late-session rally pushed the major indexes to their biggest three-month run since 2007.
The Dow Jones industrial average (INDU) rose 97 points, or 1.1%, according to early tallies. The broader S&P 500 (SPX) gained 12 points, or 1.3%. The Nasdaq composite (COMP) advanced by 12 points, or 1.3%.
Friday's advance caps an upbeat week for Wall Street. The tech-heavy Nasdaq rose 4.6% over the last 5 trading days. The S&P 500 rose 3.4% and the Dow gained 2.5%.
For the month, the Dow jumped 3.8%, while the S&P 500 rose 5.2% and the Nasdaq advanced 3.6%. May's gains mark the first time stocks have risen for three consecutive months since October 2007.
Stocks had seesawed for most of the session but began to move higher in the last hour of trade, with blue-chip stocks like IBM (IBM, Fortune 500) and Coca Cola Inc. (KO, Fortune 500) leading advancers on the Dow.
Strong oil prices lifted energy shares, which helped prop up the broader market.
"On the upside, the market was propelled by higher oil prices lifting the energy sector," said Quincy Krosby, chief investment strategist at The Hartford. But gains were limited by "the dollar weakening and pressure in the bond market," she added.
Rising oil prices have helped lift the markets in recent days. Oil prices have jumped around 30% this month, marking the largest monthly rise since March 1999. Crude closed above $66 a barrel as the dollar fell to a 5-month low. The yield on the 10-year Treasury note slid to 3.46% as its price ticked up.
Stocks rose Thursday after a government debt auction elicited solid demand, tempering fears that borrowing costs would rise. The major gauges all added about 1%.
Meanwhile, Monday brings a new month and a new week. The old adage "sell in May and go away" may be just that...an adage. Stocks do not, in fact, always fare so poorly in the summer months that 'going away' is a good idea. (Full story)
Economy: The government said first-quarter gross domestic product fell at a revised annual rate of 5.7%, narrower than the originally reported 6.1%. Economists expected the revision to result in a 5.5% rate of decline.
A measure of business activity in the Midwest surprisingly fell in May. The ISM-Chicago Purchasing Managers Index dropped to 34.9 in May from 40.1 in April, signaling contraction. Economists had expected it to rise to 42.
0:00 /3:34Slowing the economic slowdown
Companies: After the stock market closed Thursday, Dell (DELL, Fortune 500) reported a drop in sales and earnings. The company said a slowdown in PC sales pressured its bottom line.
Before the opening bell Friday, luxury retailer Tiffany & Co. (TIF) reported first-quarter earnings of 20 cents per share, slightly lower than the 21-cent-per-share profit analysts had expected. But the jewelry maker maintained its full-year earnings forecast.
Activist investor William Ackman's quest to overhaul the board of Target (TGT, Fortune 500) fell flat at the retailer's annual shareholder meeting. None of Ackman's candidates for the board won a seat.
Shares of General Motors (GM, Fortune 500) fell below $1 for the first time since the Great Depression as the troubled automaker appeared set to enter bankruptcy despite winning key concessions from the United Auto Workers.
Bonds: Treasury prices rose, with the yield on the benchmark 10-year note slipping to 3.46% from 3.67% Thursday. Bond prices and yields move in opposite directions.
The yield on the 10-year note jumped to a 6-month high of 3.71% earlier this week, raising fears that higher borrowing costs, particularly mortgage rates, could hinder an economic recovery.
Other markets: Stocks around the world rose on the back of Wall Street's rally. In Japan, the Nikkei added nearly 1%. European markets closed higher.
In currency trading, the dollar plummeted against major international currencies. The dollar index, which measures the greenback's performance against a basket of other currencies, sank to a session low of 79.287, its lowest since mid-December.
NYMEX oil for July delivery rose $1.23 to settle at $66.31 a barrel. It was the highest closing price since Nov. 4, when crude settled at $70.53.
COMEX gold for August delivery gained $17.30 an ounce to settle at $978.80. To top of page
http://money.cnn.com/2009/05/29/markets/markets_newyork/index.htm?postversion=2009052915
Muslims suck. (Obligatory reference to ragheads to keep up appearances)
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yes i am a complete noob but i still have doubled my money so far on my (meager) investments over the last 6 months
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There have been many rallies from 1929 to 1933 also but overall it was downhill.
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This is all smoke and fucking mirrors. Mass manipulations and distortions by our awesome media, government, president, Fed....the list goes on.
This economy is in shambles, the worst its been in half a century.....but of course everything is great! Green Shoots!, Mustard Seeds! Hocus-Pocus!
Never mind 6% contractions in GDP, or MASSIVE deficits or housing still tanking to hell, or 650,000 people losing their jobs per month....no, everything is great.
All speculation, inflation, printing presses and positive suggestion.
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yes i am a complete noob but i still have doubled my money so far on my (meager) investments over the last 6 months
On what?
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This is all smoke and fucking mirrors. Mass manipulations and distortions by our awesome media, government, president, Fed....the list goes on.
This economy is in shambles, the worst its been in half a century.....but of course everything is great! Green Shoots!, Mustard Seeds! Hocus-Pocus!
Never mind 6% contractions in GDP, or MASSIVE deficits or housing still tanking to hell, or 650,000 people losing their jobs per month....no, everything is great.
All speculation, inflation, printing presses and positive suggestion.
Damn dude, you're good. Couldn't have said it better. :)
People are actually talking about positive thinking to change the situation. Just close your eyes and click your heels three times. ::)
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just stocks. i dont even know what the other things (bonds, hedge funds etc..)are
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just stocks. i dont even know what the other things (bonds, hedge funds etc..)are
I know but which ones?
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I know but which ones?
Nuke 'em all!
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massive dead cat bounce... :)
I was thinking about starting a getbig arbitrage hedge fund. Anyone want in?
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Damn dude, you're good. Couldn't have said it better. :)
People are actually talking about positive thinking to change the situation. Just close your eyes and click your heels three times. ::)
Our resident google wizard to the rescue. You know, I really thought you would give up trying to act like you had any grasp of economics when Benny showed that you had no formal education in economics or finance. Most people slink off after an embarrassment of that magnitude, but you keep on trucking and copy/pasting.
Bravo for sticking around and challenging Paul Krugman's analysis, though. :D
I reckon that you, with your lack of even an undergraduate education in economics, know better than the 90% of economists who seem to think the economy is going to recover, right?
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I know but which ones?
i bought MDR at 9.78 and is now up around 21-22.00, USU at 3.76 and sold at 5.38, BCON at .48 and sold at .80, RAX at 6.02 and sold at 6.38, FTWR at .18 and sold for .64, another 2 i had losses but it was so small a % that it only amounted to $25 or so bucks.
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Our resident google wizard to the rescue. You know, I really thought you would give up trying to act like you had any grasp of economics when Benny showed that you had no formal education in economics or finance. Most people slink off after an embarrassment of that magnitude, but you keep on trucking and copy/pasting.
Bravo for sticking around and challenging Paul Krugman's analysis, though. :D
I reckon that you, with your lack of even an undergraduate education in economics, know better than the 90% of economists who seem to think the economy is going to recover, right?
Please enlighten us with your wisdom. How should we play the markets for maximum return? What should I buy?
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Please enlighten us with your wisdom? How should we play the markets for maximum return? What should I buy?
I'm sure Roubini, with his great track record of 1 right prediction for every 30 gloom and doom predictions, can help you out. ;)
I mean, you do think you're smarter than 90% of economists, including the likes of Nobel Prize winners like Krugman. Surely you don't need our help, master of the google copy/paste.
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i bought MDR at 9.78 and is now up around 21-22.00, USU at 3.76 and sold at 5.38, BCON at .48 and sold at .80, RAX at 6.02 and sold at 6.38, FTWR at .18 and sold for .64, another 2 i had losses but it was so small a % that it only amounted to $25 or so bucks.
McDermott International, Inc. did you well.
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I'm sure Roubini, with his great track record of 1 right prediction for every 30 gloom and doom predictions, can help you out. ;)
I mean, you do think you're smarter than 90% of economists, including the likes of Nobel Prize winners like Krugman. Surely you don't need our help, master of the google copy/paste.
I'm waiting dickhead. How should we play the markets? Give me some specifics, I have some money I'd like to invest. You try to out do everyone here so now is your chance to put me in my place. I have no problems admitting when I'm wrong and i'll give you mad props, your ego is probably dying to show me up, so go for it. Give us some tips or piss off.
I'll stick with GRS. I got rid of FSLR and SPIR which did me fine. Now you give me one.
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I'm waiting dickhead. How should we play the markets? Give me some specifics, I have some money I'd like to invest. You try to out do everyone here so now is your chance to put me in my place. I have no problems admitting when I'm wrong and i'll give you mad props, your ego is probably dying to show me up, so go for it. Give us some tips or piss off.
I'll stick with GRS. I got rid of FSLR and SPIR which did me fine. Now you give me one.
Tips
Barclay-treasury inflated securities if you don't want to trade.
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I'm waiting dickhead. How should we play the markets? Give me some specifics, I have some money I'd like to invest. You try to out do everyone here so now is your chance to put me in my place. I have no problems admitting when I'm wrong and i'll give you mad props, your ego is probably dying to show me up, so go for it. Give us some tips or piss off.
I'll stick with GRS. I got rid of FSLR and SPIR which did me fine. Now you give me one.
Piss off out of my own thread? No thanks.
Why do you want my help? You think you know the markets better than 90% of the economists out there. You even think you're smarter than Nobel Prize winners. Surely you should be seeing returns higher than James Simons sees with his Medallion Fund.
After watching Benny systematically dismantle you and expose you for the economics fraud that you are, your credibility has been non-existent.
Anyway, got to head off. Have fun jerking off to Roubini's picture tonight. :D
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i bought MDR at 9.78 and is now up around 21-22.00, USU at 3.76 and sold at 5.38, BCON at .48 and sold at .80, RAX at 6.02 and sold at 6.38, FTWR at .18 and sold for .64, another 2 i had losses but it was so small a % that it only amounted to $25 or so bucks.
ya i you bought pretty much anything around the lows in early March...You would have reaped nice gains
I had some nice gains on ETFC, C, MU, S, AMD, JSDA, and some GS options.
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ya i you bought pretty much anything around the lows in early March...You would have reaped nice gains
Still have lots to learn but it's been allright. :)
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Piss off out of my own thread? No thanks.
Why do you want my help. You think you know the markets better than 90% of the economists out there. You even think you're smarter than Nobel Prize winners. Surely you should be seeing returns higher than James Simons sees with his Medallion Fund.
After watching Benny systematically dismantle you and expose you for the economics fraud that you are, your credibility has been non-existent.
I had a friend that worked at Renaissance Technologies. that's a great operation there, to bad we can't invest any money in those funds. ;D
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I had a friend that worked at Renaissance Technologies. that's a great operation there, to bad we can't invest any money in those funds. ;D
Hahaha, yeah. It's all his and the employees money in there.
Your friend must be one smart mofucker. Simons keeps his hires to mosty Math, Physics, Astrophysics and other science PhDs.
Their Medallion fund is pretty much the closest thing you can get to printing money.
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Level 3 communications is dead in the water.. maybe purchase some Level 3 bonds, as buffet owns a large percentage of the company, and it looks likely the bondholders will own the company very soon
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Hahaha, yeah. It's all his and the employees money in there.
Your friend must be one smart mofucker. Simons keeps his hires to mosty Math, Physics, Astrophysics and other science PhDs.
Their Medallion fund is pretty much the closest thing you can get to printing money.
ya, he had a perfect score on the math part of the SAT's and got a free ride at Yale...Now he works at united health care..he's sick of the fast paced culture of hedge funds
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ya, he had a perfect score on the math part of the SAT's and got a free ride at Yale...Now he works at united health care..he's sick of the fast paced culture of hedge funds
I personally find VC the most interesting of all the big financial endeavors (IB, HF, PE, etc).
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I personally find VC the most interesting of all the big financial endeavors (IB, HF, PE, etc).
Venture capital?
Ya it's the most interesting. Venture capital firms often rape people, and dilute there existence in the company. \
however, the risk reward is also the greatest..
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Why do you want my help? You think you know the markets better than 90% of the economists out there. You even think you're smarter than Nobel Prize winners.
Anyway, got to head off. Have fun jerking off to Roubini's picture tonight. :D
DP, BJ and maybe a little ATM? Sorry, I'm not gay. Give Benny a call. :D
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Venture capital?
Ya it's the most interesting. Venture capital firms often rape people, and dilute there existence in the company. \
however, the risk reward is also the greatest..
Yeah. It's not that much worse than HFs and what not, though. The turnover at places like Citadel, Shaw and RenTech is pretty damn high. Usually one fuckup and you're out. Something about bringing a company to an IPO like the VC guys do appeals to me.
I was going through some of the brainteasers that my buddy got on a D.E Shaw interview. Ridiculous stuff. Need an advanced math background just to stand any chance of solving most of them.
I would probably feel like I was wasting my intellect if I was a Math PhD or w/e from a top school and spent my time doing financial equations, though.
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Yeah. It's not that much worse than HFs and what not, though. The turnover at places like Citadel, Shaw and RenTech is pretty damn high. Usually one fuckup and you're out. Something about bringing a company to an IPO like the VC guys do appeals to me.
I was going through some of the brainteasers that my buddy got on a D.E Shaw interview. Ridiculous stuff. Need an advanced math background just to stand any chance of solving most of them.
I would probably feel like I was wasting my intellect if I was a Math PhD or w/e from a top school and spent my time doing financial equations, though.
ya, i sent resumes to D.E Shaw, but they wanted SAT scores..i don't know how SAT scores and picking stocks or other instruments are correlated exactly. But they shut me down in the early phases, as i didn't quite meet that criteria
Look at that biggest Hedge fund collapses in history, Amarath Capital, they required a bare Minimum of 1500 at the SAT's on a 1600 point scale..
Also looks at all the Noble Prize winning academics at Long term capital management, and we know how they worked out
I worked at two smaller hedge funds in Greenwich in the past, and i didn't even have to interview at all..that's more my style..
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ya, i sent resumes to D.E Shaw, but they wanted SAT scores..i don't know how SAT scores and picking stocks or other instruments are correlated exactly.
Look at that biggest Hedge fund collapses in history, Amarath Capital, they required a bare Minimum of 1500 at the SAT's on a 1600 point scale..
Also looks at all the Noble Prize winning academics at Long term capital management, and we know how they worked out
Are you saying that a Nobel Memorial Prize in Economic Sciences means dick?
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Are you saying that a Nobel Memorial Prize in Economic Sciences means dick?
Well Long term capital management was saved by the Federal Reserve, as it had great systemic exposure..
They had merton Scholes who invented the black scholes options pricing models,
and noble prize winning economists and mathematicians on board, and they still failed..
i actually heard the audio book about the long term capital management collapse. Supposedly they had all the probabilities calculated and a once in a live time event occurred that caused them to fail, the event like that was only suppose to occur once in every 150 years or so according to these experts tables
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ya, i sent resumes to D.E Shaw, but they wanted SAT scores..i don't know how SAT scores and picking stocks or other instruments are correlated exactly. But they shut me down in the early phases, as i didn't quite meet that criteria
Look at that biggest Hedge fund collapses in history, Amarath Capital, they required a bare Minimum of 1500 at the SAT's on a 1600 point scale..
Also looks at all the Noble Prize winning academics at Long term capital management, and we know how they worked out
I worked at two smaller hedge funds in Greenwich in the past, and i didn't even have to interview at all..that's more my style..
I know a lot of headhunters for PE use SAT scores as a means of separating out candidates because everyone has taken them but I didn't know Shaw uses them. Wonder if they do it for PhD guys and graduate degree holders as well.
Not that it's worth beating yourself up over. 400 or so people interview for every opening at that place. Methinks that if you're not holding a Math PhD from MIT or Harvard with honors then you don't stand much of a chance to begin with. :o
Well Long term capital management was saved by the Federal Reserve, as it had great systemic exposure..
They had merton Scholes who invented the black scholes options pricing models,
and noble prize winning economists and mathematicians on board, and they still failed..
i actually heard the audio book about the long term capital management collapse. Supposedly they had all the probabilities calculated and a once in a live time event occurred that caused them to fail, the event like that was only suppose to occur once in every 150 years or so according to these experts tables
Did a lot of work with Scholes formulas in my classes this year. Interesting stuff.
I've been reading lately that a lot of people think that a lot of problems are stemming from the fact that these guys are coming from non-financial backgrounds.
No HF is invulnerable. Outside of RenTech's medallion fund, their other funds have been doing shitty this year. Citadel was bleeding cash last September too.
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Well Long term capital management was saved by the Federal Reserve, as it had great systemic exposure..
They had merton Scholes who invented the black scholes options pricing models,
and noble prize winning economists and mathematicians on board, and they still failed..
i actually heard the audio book about the long term capital management collapse. Supposedly they had all the probabilities calculated and a once in a live time event occurred that caused them to fail, the event like that was only suppose to occur once in every 150 years or so according to these experts tables
What book was it? Thanks.
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Level 3 communications is dead in the water.. maybe purchase some Level 3 bonds, as buffet owns a large percentage of the company, and it looks likely the bondholders will own the company very soon
Ugh, I know. They were trading at .30 for the longest time and I was going to buy up a ton of shares....but didn't. Rumors of a Google buy out, nothing.
They own a ton fiber optic/bandwidth, much of which is still dark since the internet bubble burst so many years ago. I was hoping they could hold out but UBS put the sell order on them.
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What book was it? Thanks.
http://www.amazon.com/When-Genius-Failed-Long-Term-Management/dp/0375758259
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There have been many rallies from 1929 to 1933 also but overall it was downhill.
Bezerk, you posted this knowing full well that "Doomsday" - getbig's self-appointed Chief Economic Correspondent - would quickly chime in to tell you that this doesn't mean anything and that the Dow is headed down to 3500. The world is making a mass exodus to other world currencies and dumping the dollar. This is fact...because it came from getbig's Doomsday. ;)
The world is in a state of permanent collapse from which we will never recover, BezerkFury. According to "Doomsday" you should know this. All of Obama's policies are doomed to failure.
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I know a lot of headhunters for PE use SAT scores as a means of separating out candidates because everyone has taken them but I didn't know Shaw uses them. Wonder if they do it for PhD guys and graduate degree holders as well.
Not that it's worth beating yourself up over. 400 or so people interview for every opening at that place. Methinks that if you're not holding a Math PhD from MIT or Harvard with honors then you don't stand much of a chance to begin with. :o
Did a lot of work with Scholes formulas in my classes this year. Interesting stuff.
I've been reading lately that a lot of people think that a lot of problems are stemming from the fact that these guys are coming from non-financial backgrounds.
No HF is invulnerable. Outside of RenTech's medallion fund, their other funds have been doing shitty this year. Citadel was bleeding cash last September too.
yes, the hedge fund industry isn't immune..Partly because account holders had to make redemptions, and hedge funds were forced to sell their most liquid positions to cover those redemptions. However, they performed better than mutual funds as a whole i believe...many smaller players were killed. The firm i used to work for was killed, and my 200 dollar retirement fund invested with the company was liquidated for 45 dollars or so..I never had confidence in the firm..The head of the firm was a Tiger alumni. There strategy was long/short equity ..However, the traders were pure idiots. i wasn't allowed to own any stocks at the time i worked there.
Yes, Private equity firms such as Blackstone, fortress, ceribus, etc are all bleeding cash..the PE market is less liquid than the the NYSE, NASDAQ ..Investment banking and private equity completely stopped..I bought Blackstone stock at around 4, and got out at around 11 for a nice gain..
Bridgewater associates in Westport isn't doing to bad, and it appears they are hiring people as well
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Ugh, I know. They were trading at .30 for the longest time and I was going to buy up a ton of shares....but didn't. Rumors of a Google buy out, nothing.
They own a ton fiber optic/bandwidth, much of which is still dark since the internet bubble burst so many years ago. I was hoping they could hold out but UBS put the sell order on them.
well you could have rode it upwards for a little while for a nice ride. However, i'm pretty sure there going down soon...they have like 7 billion in debt...Look at there balance sheet...It's just a matter of time, before Buffet own the company..he's owns like 37% of the debt
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Bezerk, you posted this knowing full well that "Doomsday" - getbig's self-appointed Chief Economic Correspondent - would quickly chime in to tell you that this doesn't mean anything and that the Dow is headed down to 3500. The world is making a mass exodus to other world currencies and dumping the dollar. This is fact...because it came from getbig's Doomsday. ;)
The world is in a state of permanent collapse from which we will never recover, BezerkFury. According to "Doomsday" you should know this. All of Obama's policies are doomed to failure.
"Doomsday", I like that. I should check if that handle is already taken. :D :P
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well you could have rode it upwards for a little while for a nice ride. However, i'm pretty sure there going down soon...they have like 7 billion in debt...Look at there balance sheet...It's just a matter of time, before Buffet own the company..he's owns like 37% of the debt
I know, but I'm def. not a rich man and have to plan and pay for a wedding so I saw it at .39, was about to put in a market order and then thought better of it. My other investments are doing pretty good. Nothing nuts.