"I Just Ran Out of Bull-Sh*t."

I'm not really sure when it happened.  Maybe it was Goldman Sachs last earnings announcement. Maybe it was seeing a 29-year old compliance officer from Vampire Squid Inc. get named as the Chief Operating Officer of the SEC.  Perhaps it was the culmination of the last 9 months watching Barack Obama, his band of Wall Street toadies and the bottom-feeders known as the House and Senate Finance and Banking Committees make a complete mockery of real economic recovery and financial reform.  Perhaps it was reading FT today and seeing this Meriwether in New Fund

John Meriwether, the hedge fund manager and arbitrageur behind Long-Term Capital Management, is in the process of setting up a new hedge fund – his third.

The move comes barely three months after Mr Meriwether decided to close his second fund manager, JWM Partners, which was wound down after clients saw the value of their investments fall by more than 44 per cent over the course of the financial crisis.  JWM Partners was set up soon after the collapse in 1998 of Mr Meriwether’s first – and most infamous – fund, LTCM, which triggered a wave of panic across the world’s markets and prompted the US Federal Reserve to take thethen-unprecedented step of orchestrating a multi-billion dollar bail-out.

The man is deploying the same strategy that relies on leverage and small mispricings of liquid assets to make money, which is fine until the world blows up and he and his "Merri" men can't get back the now "panic" assets they have sold and can't get rid of the "mispriced" assets they have bought.  I'm sure he'll raise a $ billion in no time from fund of fund guys, dopey endowments and moronic pension funds.  I'm also sure he will lose.....again.

Whatever.  I used to be able to see the dark humor in all this.  It's not funny anymore, it really isn't. All writing about it and analyzing it does is get me depressed now.  There is a great scene (one of many actually) from the movie "Network" where depressed and disillusioned anchorman Howard Beale signs off for the last time (at least that is what he thinks).  He looks his audience in the eye and frankly states, "I don't have any bull-sh*t left.  I just ran out of it you see."  

Actually, I'm going to post the clip with the caveat that I believe in God, I don't think life is BS and my marriage is very good. However, I'm sure you'll get the point.  All the best.

Comments

[williambanzai7]

http://www.nakedcapitalism.com/2009/10/john-meriwether-is-back-risk-must-be-too.html

There really isn't much difference between investing with Meriwether and doing what that monkey is doing (figuratively speaking).

The fact that this clown is still operate is a testimonial to collective stupidity coupled with fly-by-nightism.

[eric]

the monkey

[williambanzai7]

The monkey or Meriwether's new fund?

[eric]

Ohhh. that is AWFUL Bill!!!

[williambanzai7]

BTW, have you ever actually seen a Meriwether investor: http://www.youtube.com/watch?v=6DBuk91phkI

[williambanzai7]

I reached mine last weekend, but I'm still here.

[williambanzai7]

Sounds like you've reached your high water mark.

[BoyScoutMarine]

Bonds, stocks, dollars, euros, yen, gold, silver - better stock up on brass, shells that is. If it comes down to relying on gold, your gonna need the brass (shells and balls) to back up the gold in your pocket . . . "No matter if it's heroin, cocaine, or hash, You've got to carry weapons 'cause you always carry cash"