Hedgehog Slits Wrists, Dies
CNBC is reporting that the principal of a 1.4 billion dollar hedge
fund was found dead in his midtown Manhattan office this morning, after
apparently slitting his wrists. Both his clients’ and his own capital
were entirely invested with Bernie Madoff.
When they are
literally hanging black crepe on the market, it is a signature event of
catharsis. This moment will be remembered like the scene of the 1929
stock broker parked at the Wall Street curb in his posh Stutz Bearcat,
holding a sign saying ‘100 dollahs cash takes this car.’
would give about 50/50 odds that the bear market bottom was set in
November. The sentiment backdrop is certainly dark enough. Let’s call
it a necessary, but perhaps not sufficient, condition for a bottom. To
employ the morbid expression popularized by Sam Zell, maybe it’s time
for a little grave dancing.
Jeeze, you’d think he’d have waited for his portion of the bailout!
Seriously though, although I’m not in the markets I’ve been saying for years that this all couldn’t stand up. It never made any sense to me that people were buying what they were. I lived in BFK(ansas) for 6 years and I couldn’t understand why all the migrant workers at the slaughter houses and feed yards would live in 12′ X 40′ trailer homes and be driving brand new lowered pickups while the ‘lifers’ owned a 50+ year old place on acreage and drove beat up old stuff. I suppose the good news is that all us ‘simple’ folk will keep on keepin’ on and all the entitled can follow the above fellow to their fate. (Damn, might have to actually grow something on the south 40 this year when the government subsidy check for NOT growing anything bounces….)