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Bloomberg Elevates the Bozos

Bloomberg did a hit piece on Roubini today by one Whitney Kisling. The article also praised Laszlo Birinyi for getting the 1990s right, and quoted one money manager as saying we should only listen to money managers, and not analysts. As if those money managers aren’t publicly talking their book, using the media as a marketing platform to help unload their losing positions.

Needless to say, I was incensed (what else is new?), so I sent Mr.-Ms.? Kisling the following pleasantries.

Mr. or Ms. Kisling-

Let me try and get this straight. You are knocking Roubini, who has consistently gotten things right and saved his clients billions, for missing this rally which has recovered about a third of the money lost since 2007, to Birinyi the stopped bullish clock?

You write that Birinyi was the top dog in the 1990s. Gee, that took a lot of intellect, being permanently bullish in a bull market. You mention nothing about where he was is the most recent decade. For example, did he get his clients out of the market in 1999-2000 and stay out until 2003. Did he get his clients out of the market in 2007, or was he constantly screaming “Buy” all or most of the way down?

The hypocrisy of the media in giving a permanent platform for the same 95% of the professionals who got the biggest call in 75 years wrong is mind boggling. And then you have the nerve to elevate them to a status of honored observers once again when it was their blindness that was the cause of this mess in the first place.

The media, including writers like you, remains in bed with the criminals, an integral part of the problem, rather than part of the solution. Why not talk to the people who made the right calls over the last decade, who, had they been given the respect that they deserve all along, might have made a difference in helping to prevent this mess? (Continued below)

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Furthermore, you quoted a clown who said that since Roubini doesn’t invest money for clients we shouldn’t listen to him. Right. We shouldn’t listen to an unbiased observer who devotes himself to being a great analyst, and we should listen to portfolio managers whose greatest concern is to be sure to run with the crowd, even if it means losing half your capital or more, as long as you are doing what everyone else is, thereby insulating yourself from criticism. These idiots you talk to– have you ever thought of asking them what their track record is and reporting on that, so that we can judge their credibility. No. You give the podium to these Bozo the Clowns like Ablin as if what they said actually means something. The idea that a bunch of universal loser portfolio managers have anything important to say at all is a joke.

You just keep talking to the same old charlatans saying the same old thing, which only assures that, sooner or later, we will have the same result.

At which point no one will force you to eat crow. This is what the mainstream financial media does. It repeats the jokes of a bunch of clueless clowns cheering the market on.

Keep up the great cheerleading.

I wonder how you people can sleep at night.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 


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