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No. of Recommendations: 0

In the name of shameless self-credit taking, I'm going to share with the fool community those of you that have missed my (now closed) BSC underperform call:

Underperform

Start Date: 8/1/07

Start Price:  117.82

Pitch by: DemonDoug 7/31/07 8:37 PM

Even though they have dropped 15% in the past couple of weeks, the news today (7/31/07) of a third fund going down is an ominous sign which is showing the BSC is likely to have more troubles ongoing. They will either lead the market down or if the market bounces back up then BSC will not be coming along with them as they get dragged down in the mud with the rest of the awful, fraudulent, greedy, unethical, horribly managed mortgage industry.

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I would now like to thank the 3 CAPS players that gave me a recommendation on this pitch.  I would further also like to thank SpecBear, who posted this blog in August of 2007.  Here is his predictions, and if you are wise you'll continue to follow his sensible advice:

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Bad money forces out good money, so almost everyone who's still playing the game at this point is in serious trouble.  The tech bubble was a minor event compared to what's coming.  And my view of what's coming is pretty dire.

- Most of lenders who deal in non-prime mortgages will die.
- Most of the residential builders will die.
- Several of the major investment banks will die.
- The collateral damage to other industries will be devastating.

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Incidentally this blog was posted the same day my BSC pick was given - neither of us influenced each other at least on that day, although his blog inspired me to put a thumbs down on other IB's that I collected some points on.  The credit I give to SpecBear is for the highlighted bullet point; IMO the lenders and builders dying off was a given, even back then, and other industries being hurt was also a strong possibility.  What I did not see, and many others didn't, was what SpecBear saw, which is the IB's going down in flames.

But in conclusion, I give myself credit for making the right pitch, at the right time, with the right call, I rock, bet against me and the other finance bears at your own peril.

PS - Shout out to dwot for ending up with the high score for BSC.  We all rock! 

 

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