From our friend, G. C. Selden, :
the typical speculative cycle, which
runs its course over and over, year after
year, with infinite slight variations but
with substantial similarity, on every
stock exchange and in every speculative
market of the world and presumably
will continue to do so as long as
prices are fixed by the competition of
buyers and sellers, and as long as human
beings seek a profit and fear a loss.*
I was out for a lunch engagement today with a friend. The DOW was down in excess of 100 pts upon my leaving. Energy complex very wild. I've no big bets either way and my two DUG/DIG positions, though on the short side was winning when I left is dead even upon my return.
NG notes the amount of WS bonuses. The advice that is given is for hard working folks to "stay the course" and invest in the long term. It is merely advice to keep us in the market so that they can trade around the speculative cycle above and take our money and put it in their pockets. When it is in the form of compensation than they can take it home and keep it safe.
I see that GE has a lawsuit against SemGroup (thanks NG) for misallocating funds. Geez. I'm sure there is much to say, but not from me. I'm going to take the dogs for a swim.
Tomorrow is another day.