Tuesday, Mar 18, 2008
Rats - Sinking Ship & Official Vindication
Telegraph: A sobering spectacle for a market optimist
"I have a confession to make.I seriously underestimated the depth of the current crisis."
"The collapse of America's fifth largest investment bank is a sign that the world has gone a bit mad in recent years. We have forgotten the simple truth that ultimately you can only spend what you earn." "This is my last column here for a while. I'm taking my fascination for the great game of investment to Fidelity. Thank you for reading."
Posted by andrew @ 09:10 AM (542 views) Add Comment
8 Comments
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1. techieman said...
I wonder if this kind of humility (well sort of) will be expressed by others that have profited but who have over-egged the pudding either through greed or stupidity or combination. There is a difference between the kind of person that says "yes i got it wrong" and the kind of person that says "i didnt get it wrong, it was x/y/zs fault". In the final analysis the latter are wedded to positions that cost them dear. When that position is in an illiquid asset....... When in doubt - get out!
2. paul said...
If only a few misty-eyed optimists writing for the Times would consider packing their bags.
3. sold 2 rent 1 said...
"The events of the past few days have shattered the illusion that the Federal Reserve can always ride to the rescue. One by one, Ben Bernanke fires his silver bullets and one by one they bounce off the advancing credit Terminator."
As I keep saying this economic termoil is only part of the reality that is unfolding before our eyes. The POWER structure is giving way to ETHICS.
4. bystander said...
Rats - absolutely right - he has made a profit and is now running away from running his mouth off and getting others up to their eyeballs in debt. He has talked the bubble up and is one of those multitude of shites, who will try to apologise without actually apologising, as he would open himself up to litigation, and then run for the hills with his own wealth intact, because he heeded the advise of others, yet didn't pass it on. Many would have listeded to his rhetoric and believed that all would be fine. He is as culpable as anyone of the wizzkids who designed the CDO's CDS's etc, and should be tried as a propganda criminal.
5. cyril said...
nobody likes a smart a+se
6. plato said...
"I have a confession to make."
"I seriously underestimated the depth of the current crisis."
Translation :
I either suffered from serious dellusions or totally misrepresented the facts possibly formed from various biases. Luckily I am not in a court of law.
7. geed said...
C'mon, show yourself, don't be modest..... true to the word. I have learn't much from the contributors of this site. Thanks to all.
Posted by Bob on March 18, 2008 8:49 AM
"My confession is qualified, however, by the simple fact that despite the apocalyptic headlines, I am no poorer than I was a year ago. My world, and I suspect those inhabited by many people reading this column, has not ended"...
Um.. it's only just started Tom.
I'm not an economist, do not work in the city and haven't got a clue about high finance. Yet, I have known what was coming for about the last 3 years by informing myself through websites like housepricecrash. These unpaid "amateurs" have accurately predicted everything that is now happening. Most city commentators and "experts" with the exception of Ambrose Evans Pritchard have just seemed deluded to me over the last couple of years, waffling on about petty little things, without looking over the horizon and seeing the bigger picture. "
8. Nemo said...
well said, bystander. Apparent humility is similar to damning with faint praise.