Stever's blog

CNBC confirms Lehman CEO punched at gym: http://www.businessandmedia.org/printer/2008/20081006150152.aspx

Good, he gave a good one to the masses who took the brunt for this fuckup. It’s the damn Wall Street types of this world that created all this “derivative” bullshit. I don’t know about you guys, but my rule is “if I can’t understand what you’re selling me, I don’t want to buy it”. Sadly, you would think this is would be common sense, but many people actually don’t do this. I think when Lehman got liquidated, the whole derivatives thing eventually sold for 8 cents on the dollar or something insane like that.

But look at the bright side:
- Market fluctuations can be your friend! Especially when you look at it from a value-based investment perspective
- expect people to act irrationally now. We can profit off of this market folly instead of participating in it
- Yeah, there is panic selling going on now. But there will also be panic selling PRICES!
- bankruptcies are an economy’s way of flushing out the companies that deserve to be flushed (ie, companies that pay their CEOs $50 million to engage in shady accounting principles).
- You cannot tell me that in 5 or 10 years, we will all collectively be better off than we are now. Markets go in cycles, it’s inevitable. The rules of markets haven’t fundamentally changed.

Soon will be the time to invest and get rich!