Erosion, like rust, never sleeps…

Posted on Jun 23, 2009 by in Letters

We bailed on C and scaled out of most of FRE.  The ability to set a stop and honor it is what distinguishes successful investors from those people who lost 43% in the great Bush bear market.  The profits on these trades ranged from 10 to 73%.  As we said when we bought them they were lottery tickets.  The markets are looking iffy at this point which is another reason for exiting.  Meanwhile our trades in F and BAC and even AIG are scandalously profitable, and there is no reason to exit them.

This is only a preview. You must be a subscriber to access the full text of this letter.


Choose a Username*
Email *
First Name *
Last Name *
  * Required

Tags: , ,


You must be a subscriber to view and submit comments on this post.