Jim Rogers is supposed to have said I just sit around watching and when somebody leaves money on the table I go over and pick it up. What we want to know is how does he know that it’s really money and not bait on a trap? Anyway today they offered us BAC way down and on what looks like a reversal day so we bought a lottery ticket in it. Same with PFE. We wouldn’t do this at home without a trained brain surgeon standing by. But a stop 3% under the lows might keep the lottery ticket from turning into real money for someone else.
We think a lot of hand wringing goes on over BAC. Nationalize it? So. So we lose our lottery ticket. Same with Pfizer. Of course it does not pay to lose sight of the extreme peril of the crisis we are in. We are all betting that the world as we know it will not end.