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Talking stocks, trading, and investing in general

Discussion in 'Business, Careers & Education' started by mikeman, Feb 2, 2011.

  1. Master-Classter

    Master-Classter Senior member

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    it's like TWTR on fast forward
     
  2. idfnl

    idfnl Senior member

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    It's worse. Would you let a 26 yr old kid that can never be fired run your business? Gimme a fucking break. Anyone owning shares in this terd is an idiot.
     
  3. stimulacra

    stimulacra Senior member

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    Third meh day in a row…
     
  4. Master-Classter

    Master-Classter Senior member

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    I'm seeing a lot of pull back on energy and REITs.

    Just bought into MPW, and my alert for GOV went off. CLDT is also nearly in my buying range too.
    I sold off NLY at 11.1 and my buy orders are at 10 and under.
     
    Last edited: Mar 8, 2017
  5. idfnl

    idfnl Senior member

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    I'm seeing all things medical on the upswing. I guess the market likes obamacare lite.
     
  6. brokencycle

    brokencycle Senior member

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    Or the idea of nothing being passed
     
  7. MSchapiro

    MSchapiro Senior member

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    I'm waiting for further pullback to increase my position in both asset classes.
     
  8. Concordia

    Concordia Senior member Dubiously Honored

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    Ooh, talk to me, baby! Will you be penetrating my resistance levels?
     
  9. jbarwick

    jbarwick Senior member

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    So I've helped my parents rebalance their retirement portfolios recently. My step-father was 100% in LOW stock since he worked for them. They recently returned to all-time highs which helped in the transition to a more retirement friendly portfolio at his age. My mother had to consolidate 401ks from an old job where the fees were just eating her returns alive. It's like she selected the investment options with the highest fees. Overall I am glad I know their financial health as it is better than expected. I didn't know if at some point they would have to move in due to not planning for the future but if they manage their expenses right, they should be ok.

    Rebalanced our portfolio as well as added our standard monthly Roth allocation. Volatility is still really low so I don't know what to think of this market. Is the Fed raising rates 25bps really going to change sentiment?
     
  10. idfnl

    idfnl Senior member

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    :facepalm:

    My fucking father... never bought a stock in his life. "I dont need that shit".

    He's a real estate investor, and only understands tangible assets. I fucked with him the other day and explained bitcoin and he cut me off and said " this bullshit talking". Goddam immigrants.

    I will never have the chance to rebalance his portfolio.
     
    Last edited: Mar 9, 2017
    1 person likes this.
  11. stimulacra

    stimulacra Senior member

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    There might be something to the immigrant aversion to financial markets… I wonder how shareholders of publicly traded German or Japanese corporations fared in the post-war era. Or the dozen of other failed nation-states since then, of whom the best and brightest come here… 

    My parents were part of the first wave of refugees immediately following the Vietnam War. They kept enough in their checking accounts to pay the bills but the family savings account was under the mattress or back of a closet in the 1980's. Home-invasion robberies were a very troubling trend in the 1990's because of this.

    Coming from that context, tangible assets, things you can hold, carry and barter with when shit hits the fan, has a very strong appeal.
     
    2 people like this.
  12. lawyerdad

    lawyerdad Senior member

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    That reminds me of a really interesting realization I had one time in the middle of a trial.*

    My clients were of Chinese ancestry but were living in Vietnam until Saigon fell. They made it out by the skin of their teeth, moved to the U.S., and built a very successful business here.
    I'll skip a lot of irrelevant backstory, but part of the trial involved the theft of significant (like, worth more than Pio makes in a year!!!) amounts of cash, expensive jewelry, Chanel dresses and shoes, some other shit like that by a housekeeper employed by my clients. The housekeeper, who had a gambling problem, admitted having stolen some stuff. But there was a dispute over whether she'd stolen as much as my clients said, or whether they'd exaggerated the amount.
    During closing arguments, the opposing lawyer basically argued that my clients' version of events wasn't credible because nobody who'd lost everything once and had to start over would keep so much jewelry and such hidden in sock drawers and whatnot at their house where it could potentially be stolen -- that if you had that much expensive gear you'd get a safe deposit box or something.
    On rebuttal, I argued that given my clients' past experience, it actually made a shit-ton (legal term of art) of sense. If you'd been through what they'd been through, you might not have a whole lot of faith in banks, institutions, etc. It would be a totally natural reaction to keep a significant part of your wealth in portable assets that you could throw in a pillow case and run to the car or train station with if everything started to go to hell.

    Not that this was some brilliant insight on my part - I was just struck that I hadn't really thought about that part of my clients' past experience until it was tee'd up by the lame-ass argument the other lawyer made.


    *Since I know some of you guys have watched Matlock and are legal eagles, I acknowledge that closing argument is not literally the "middle of trial" in most cases.
     
    Last edited: Mar 9, 2017
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  13. idfnl

    idfnl Senior member

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    So'd you win or what?
     
  14. lawyerdad

    lawyerdad Senior member

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    Yep. Winning always beats losing, but it wasn't the most satisfying victory ever. My clients got exactly what I told them they'd get if we won: an official-looking piece of paper saying they were owed a lot of money. They were convinced the housekeeper had their stuff hidden away somewhere and they'd eventually be able to use the judgment to pressure her into coughing it up. I never believed that. The gambling addiction story struck me as genuine, so I was pretty sure the stuff was gone. The housekeeper was also criminally convicted of the theft (she pled guilty), and it seemed like she'd pretty much ruined her life and her husband's as a result of her problem and behavior. Pretty shitty outcomes all around. (I still got paid, which is obviously good, but the whole thing just felt like a shitshow.)
     
    Last edited: Mar 9, 2017
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  15. idfnl

    idfnl Senior member

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    Makes you wonder what the point of the court system is when you cannot collect. Seems they are happy to throw around verdicts, but not willing to jail people to compel payment. Or jail people in the face of nonpayment.
     
  16. lawyerdad

    lawyerdad Senior member

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    Well, if my clients' suspicions were correct that might actually work. Sometimes people really are broke, though. The whole debtor's prison thing gave us some good literary chatacters though, so there's that.Sometimes folks pursue potentially uncomlectible jidgments for collateral reasons like tax or insurance considerations. Or the claims can be wrapped up with other claims with more practical import (injunction, invalidation of patent, monetary claims against other more solvent parties). But other times people just get bad business or legal advice, or ignore good advice, and waste money, time and energy chasing ultimately worthless judgments.

    I used to prosecute ponzi scheme cases, among others, for the government (on behalf of defrauded investors. Usually the defendants had pissed away or lost most of the money. I've "won" hunfreds of millions of dollars in empty judgments. I could make an inpessive looking professional scrapbook.
     
    Last edited: Mar 9, 2017
  17. idfnl

    idfnl Senior member

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    Its not debtors prison per se, more a choice... like the movie Colors: "I got more time than money, homes". This current setup just seems to encourage people to sue the rich.

    That gambling addict deserved a couple of years in jail. This all came up similarly in the OJ documentary, where the family had a judgement and the guy was partying away in Florida.
     
    Last edited: Mar 9, 2017
  18. lawyerdad

    lawyerdad Senior member

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    The housekeeper served some time. Probably less than a year, though, since she pled out
     
    Last edited: Mar 9, 2017
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  19. Concordia

    Concordia Senior member Dubiously Honored

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    My grandparents illustrate that split. One had a grandfather who founded a company, and had given him shares (along with a bunch of railroad bonds, etc.). As time went on, he saw which way success was coming from and stayed pretty much a stock guy, unless he was doing a favor for a classmate who was selling insurance. Well, a few other odds and ends, like petroleum royalties. But never real estate. Why add to the hassle? Anyway, he lived near New York, where rent control was a constant threat every time there was a war.

    The other side of the family was from Eastern European peasantry-- a clergyman and a teacher. They never bought anything resembling stock-- instead, they would get the crappiest house on a decent block in my grandfather's parish (or whatever Orthodox churches are based in), fix it up, and either move intentionally or wait until he got transferred. Any extra money would go into land, which could be a postage-stamp-sized lot in the Yukon.. Cash only. NEVER debt, even for the principal residence. After starting with nothing, they wound up living on the shore in West Vancouver, with a few different pensions to keep them going. Also, they had four acres of a farm in the middle of nowhere that ended up being near the center of a town after 40 years. No oil under it, or anything, but selling it off in pieces proved to be useful whenever a nicer house was desired after retirement.

    An extreme case you'll see with Russians today. Banks are crooked, stocks are a casino or a disaster waiting to happen, and capital controls can make the best-laid plans useless. So they buy stuff. I talked to the saleslady in Lattanzi on Madison Avenue, and she said Russian tourists will literally come in and ask what the most expensive shoes in the store are. And then buy them. I don't know if the women are expected to fit in them, or if they flog them on CraigsList back in Moscow. Russian joke: two businessmen. First one: "What did that tie cost." Second: "I paid $200." First: "You got ripped off. This one cost $400."

    While we're on Russian investing habits, one of my favorite stories of risk reduction came from Gary Graffman, the pianist. His father, a violinist, had married the heiress to a Jewish tea merchant business just before WWI, and-- this being Tsarist Russia-- therefore controlled all of her capital. His father thought long and hard about the problem. He was a musician, so didn't have time to be a landlord. The stock market was known to be a casino run by insiders. So he bought bonds. Not corporates-- government, sovereign debt. Now, he knew about inflation risk, so he bought bonds only of nations with authoritarian governments that wouldn't be forced by parliament to cheapen their currency. He also knew about geopolitical risk, so he diversified across the various treaty blocs. The result-- a conservative portfolio of German and Russian government bonds. Just the thing to be a millionaire with, in 1918. To make things worse, they emigrated to America across the Pacific after the Revolution. While in Hawaii, he turned down the chance to buy Waikiki Beach.
     
    Last edited: Mar 10, 2017
    1 person likes this.
  20. jbarwick

    jbarwick Senior member

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    You only hear about big Ponzi schemes in the news, are there tons of little ones out there still occurring today?
     

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