April 13, 2016

Everyone talking on TV pretend to buy the lows and sell the highs

As I have written, buyers live higher and sellers live lower. But the fact of the matter is that few -- with the exception of Jimmy [Cramer], who did add stocks to his portfolio when stocks sold off and a small handful of others -- capitalized materially from the January/February swoon. Most were immobilized as they delivered a Cassandra-like message at the time of market weakness in early 2016.

As I wrote in mid-February -- about four days after the bottom -- when I was buying stocks, "Contrarian view on why markets could rally."

Most of the talking heads in the business media are filled with hubris (perhaps associated with virtual portfolios and/or the need to attract an audience) and seem always right in their decision making, as they are filled with snarky "I told you so's," "Of course I bought the lows," etc.

But they told no one -- certainly not to us -- on their platforms in the business media when stocks fell hard earlier in the year. Instead, they now feign past optimism and opportunism, though they are allies of neither (until recently).

As for me, I profited and made mistakes -- most transparently! I bought both the January and February lows at a time that many declared a "Bear Market," but sold into the subsequent rallies and shorted prematurely.

Stated simply, there are too many Fugazis out there who seem to have the need to create the impression that they never made an investment mistake and who never missed taking advantage of a dip to buy or a rip to sell. It is truly pathetic that these jokers think their audiences even believe their unparalleled and consistent string of successful trades and investments.

And I am very glad the Masters Tournament approaches us in a few days so I can switch the channel, because there are far too many Fugazis, liars and scoundrels crowding the airways these days.

Do they not think we have been listening?

via thestreet.com/story/13524743/1/allergan-tesla-and-ishares-nasdaq-biotechnology-doug-kass-views.html