Tuesday, March 3, 2009

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%

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