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screwball last won the day on November 12 2019

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  1. I got a kick out of this; great arbitrage This is a link from Mish who is talking about a WSJ link which is probably pay-walled. Don't really matter. The lesson is in the execution. Man Makes $300,000 Racking up $6.4 Million in Credit-Card Charges
  2. You have to be careful how you frame things. IOW, when I was saying currency, it could also be one of the crypto types. Remember when we first heard of ETFs? A financial innovation to give retail the opportunity to take positions in "securities" they could never hold before (energy for example). Then there were 87 gazillion ETFs. Now it is ways to play currencies. This stuff is Jeff Skilling Mt. Rushmore financial innovation, predatory financial gimmicks, book cooking brilliance, and most likely illegal all at the same time. The cryptos can only, at best, be a trading vehicle, as they will never be a sovereign currency. Soon as one of them look like they will go belly up, they will do the GME thing. And it's gone On the grand scale, no difference really. The US dollar and our big guns against the rest of the world. Why would they have any confidence in our currency? Other than our big guns. Until they don't. EDITED TO ADD: where is fiduciary duty in all this BS (for the trading stuff, sovereign currency does not apply)?
  3. Or, when people lose confidence in the currency itself
  4. What currency has value? In relation to what? What currency and/or specie, to use an ancient term, hasn't been manipulated, or been a target of? We are to the point we are making up new ways to describe fiat. What is the intrinsic value of our money at this point? What is money at this point? What will be used as valid transactions in the years going forward? "This note is legal tender for all debts, public and private" says the paper in our pocket. What does that even mean anymore? The history of money is fascinating and we are still writing new chapters. One thing I can tell you; at the end of the day a bunch of people are going to get ****ed.
  5. I forgot this part; the usual suspects
  6. I will say up front I haven't followed this, or done any math on the legitimacy of the IPO price or what it did today, so I'm going on a limited sniff test. From IBD: Bumble IPO Brings Home The Honey As Dating App Provider Takes Flight They raised 2.15 billion on expectations of this that and the other thing. Yada, yada. Then you get this; What makes Bumble different from a bevy of other dating apps is that women initiate the contact. Now there is some sound investing advise I have been looking forward to. Then hidden in the middle was the money line; For the first nine months of 2020, Bumble reported revenue of $413 million, according to the Bumble IPO filing. with a loss of $28 million. And it went up like 60 some percent today (retail didn't get that in case anyone wonders - that's for the people in the big club). WTF?
  7. I assume the book since I've never heard of a movie. Great book. Do remember, written in 2015. Much has changed since then, and not for the better.
  8. Ain't he a complete hoot on Twitter? I get the biggest kick out of him. I didn't know I had a Twitter account until I went crazy not long ago. It's from 2014 no less. I haven't been kicked off yet, but blocked by some.
  9. I ran across this article on the GME stuff. I've posted things from this lady before. I've read some of her books. X-Wall Streeter so knows how it works. I think she's a sweetheart along with being smart and a good writer. I even talked to her via e-mail years ago. Getting played by the game: After the GameStop revolt, all should understand that Wall Street is fundamentally unfair
  10. Vlad is Vladimir Tenev, the founder of Robinhood
  11. Seems like we have more money than productive places to put it
  12. There is so much out there as what to believe you can't keep track of it all. Nuts, just plain nuking futs. I'm from the camp that NOBODY really has a handle on what is going on. But you can bet your sweet *** they are trying to find a body and a bus. This isn't the fuse that blows up the everything bubble. The banks still control the financial system (primary market) and this entire thing is overblown given the amount of damage (read money needed) these raiders are given credit for. And then to pick silver? That makes no sense either. From a tech company to a commodity? The buy side trading desks of the banks who have ticker symbols in the top 10 of the BKX are licking their chops. Of course they are always licking their chops; as the great financial writer Michael Lewis said - non-recourse leverage. Never could some people push positions to herd people to things they want to dump - NO NEVER. Turn on Bubblevision on any day - that is the business model. Wall Street is the house. They win no matter which way prices go, and skim every transaction and deal in between. They are the smartest guys in the room. Great book by that name by the way. The story of Enron (ENE). Jeff Skilling should be on the Mt. Rushmore of financial geniuses. Disclaimer: not a fan - he was a criminal who should still be locked up. But the everything bubble will eventually blow up, like they all do, and then the $hits going to get really real. There is an old saying in the market (so many of them I know); They don't ring a bell at the top. I don't see much to be optimistic about.
  13. That guy is a real hoot on Twitter I won't go to Reddit, or any of the other sites that have exploded recently (like WSB) but reading around looks like silver is to be targeted next
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