Today, I do not have much new to report with regard to the markets. Of course, everyone is talking about The Bear Stearns Companies, Inc. (BSC). Obviously, the troubles running through some investment banks and mortgage related companies are severe. Are we near the bottom or a turning point? I have no idea, and I am not sure that anyone else does either. I watched Bill Fleckenstein on CNBC's Fast Money show. He made an excellent point that not only are we experiencing a meltdown in the mortgage markets, but we are also about to experience an employment correction because many of the jobs created over the past few years were housing related.
Speaking of Fast Money, it is one of my favorite television shows. Unfortunately, it is going downhill. Dylan Ratigan seems to feel the need to cut off his featured guests who are providing insightful and helpful information. Today's show with Bill Fleckenstein served as a good example where Ratigan cut Bill off before Bill could complete his thoughts. And Jeff Macke, a guy who I like and admire, seems intent on cranking up the volume, theatrics, and hysterics with every show. Soon, he will be throwing chairs across the stage and biting off the heads of puppets and other props. The camera and production crew must be on drugs because they keep switching away from the person that is talking and animated to one of the panelists who is caught not paying attention. Guy Adami raises his eyebrows to signal that yes, he is awake and paying attention, but the others often look like deer caught in the headlights. Why the camera and production folks just do not stay focused on the person speaking is beyond me. The production folks also keep bringing in television viewers using webcams. I got a news flash for them. Webcams on television do not work well. The last thing I want after a long day is to hear somebody with a muffled and chaotic voice with a blurry and erratic picture. And Dylan Ratigan seems intent on providing cool sound bites. My question is, why Dylan? You already have a cool show—do not screw it up by trying to be ultra cool and hip. Just provide some great insights to the markets by using your access to some of Wall Street's best talents and your show will continue to be a raging success.
Although the markets are turbulent and difficult to manage, I find these times interesting and exciting. I hold a diversified portfolio with a strong bias toward commodities. I am comfortable with my positions. Occasionally, I will make some small trades, but for the most part, I am taking in all the great action.
On 11 September 2005, I shot the above picture of Chateau Lake Louise in Banff National Park, Alberta. If you click on picture above, you will be taken to my Flickr site. Incidentally, a new interesting photography site worth investigating is ShotCritic. It is a site where photographers can post photographs and receive feedback. And for those who enjoy using Photoshop, I highly recommend Chromasia Photoshop Tutorials.
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