2 weeks ago I wrote about Seeking Alpha being a business–not a service that should be used for anything more than an occasional ‘idea’. I follow some folks over there and will take any good idea I can find.
Unfortunately what we are seeing now is that all the folks that were ‘experts’, are now dogs–BUT still everyday they are writing articles on what to now buy. 1 of the most popular groups ‘pounded the table’ on an issue a while ago that is now liquidating with a massive loss–I’m talking a 80-90% loss. These experts will find, before the year is out, that when you lose 50% of your capital that it will take them years and years to gain it back–even with the dividends that some are so insistent is all they care about.
Anyway this is how investors are lost to future investing–they lose 50% of their stash–so the buy high and sell low, then back to cash for the next decade or so. Sad.
So today the futures are way down–we should expect that given the gains yesterday–unfortunately the elevator down goes much faster than going up. While we had gains yesterday we will likely lose all that gain plus more today.
Again we watch–if this continues, at some point all babies (so far it has just been some babies) will go out with the bath water–even ‘A’ CEF preferreds–I want to be there when that happens.