The Audacity of Dope

Last Friday the 27th, the markets closed at twelve year lows on the indexes.

Here's the YTD performances of the indexes through Feb. 27th.

QQQQ -7.4%
SPY -18%
IWM -20.7%
XLF -39%

GE cut their dividend to ten cents per share, the stock is now trading under $7. C filed a request to the U.S. Government to increase their ownership to 36% and the government stupidly agreed, the stock is now around $1.25. BAC trades under $4.

As of now the Dow is around 6750, and the S&P is at 695.

One of the most arrogant cases of "living in an ivory tower" I heard was yesterday at the grocery store when I overheard a conversation between two private fund clients stating their accounts were doing well by being "down only 8% for 2008". It's a sad day for the U.S. when people can delude themselves into thinking that losing less money is considered a reward.

YTD +1.2%