Tuesday, July 24, 2007

Correction to last post --- Television is the answer

On this miserable market day I switched on CNBC while eating a sandwich and realized that the prior post was mistaken when it said that individual investors now have more limited resources. I forgot. They have Jim Cramer, Eliot Spitzer's big supporter, good friend and college buddy.

On CNBC the Mad Money man Cramer was just spouting off about how he is totally against the financials and he'd been saying so, short JPM, forget the financials for now. As for Apple, anybody who held on to Apple after the recent run-up was a pig and pigs get slaughtered. For anyone with a memory, not over two months ago Cramer said that there was no question that investors should just buy the big five investment banks(Goldman, Morgan Stanley, Merrill, Lehman, Bear) and hold on for the long term. And as for Apple, at that time it was a core technology holding that everyone should own.

So don't trouble yourself with doubts about what you've accomplished Mr. Spitzer. The gap has been filled.

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