Further reflections on the election...
At least it is over. The election results leave not much changed at first glance. The stock market certainly reacted negatively. The bond market reacted positively, for those who think that virtually no interest rate cost has any value to our country's long term prospects.
Whether the stock market's results today are just a reflexive act based on certain hedge fund managers actions, or a real valuation attempt is something that we will see soon. No economic facts changed, and the discount rate for stock valuation now has an easier hurdle. Do institutional investors really think that McConnell and Boehner and Cantor and Ryan have a clue as to what valuations should be, and what factors go into investor's thoughts. Certainly not in the short term, but long term they have some serious concerns that Democrats need to come to terms with them on.
Certain influential hedge fund managers and market influencers who have no compunction about saying that they detest Obama have certainly been selling stocks today and encouraging others to do so. The two most outspoken have been Leon Cooperman, owner of Omega Advisors, and Ken Langone, a co-founder of Home Depot and a curmudgeon who is highly networked and on many corporate boards of directors. Cooperman was featured in an October 5 New Yorker piece, interview while attending a Las Vegas dinner for major divas of finance by Anthony Scaramucci, a New York home grown ego.
Cooperman is one of the two most repulsive people that we have ever met on Wall Street(Robert Raiff being the other). He curses out his secretary in the most vulgar language in front of guests and he has no integrity in what he does. He is a bully who has real clout, a former Goldman exec who started Omega in the early '90's and has a great track record. He made it clear that he detests Obama and pretty much forecast the end of civilization if he won. Langone is an interesting character and was one of the people who stood up to the unbelievably transparent illegal activities of Eliot Spitzer in his prosecution of innocent executives, ruining their careers for his political gain, most all of whom were eventually exonerated. He turned his energy toward Obama over the last two years, focused on things that we all see but for many don't see as unchangeable. Langone is a fine person, but is obsessed for whatever reason with a hatred of Obama, "the worst President that we have ever had" as he says.
Got a call earlier from a friend who voted like me I think and said that, based on the earlier post, "you voted for a person you liked who you hoped would think like a Republican". Maybe that's right. Maybe I just don't want him to think like a socialist.
Whether the stock market's results today are just a reflexive act based on certain hedge fund managers actions, or a real valuation attempt is something that we will see soon. No economic facts changed, and the discount rate for stock valuation now has an easier hurdle. Do institutional investors really think that McConnell and Boehner and Cantor and Ryan have a clue as to what valuations should be, and what factors go into investor's thoughts. Certainly not in the short term, but long term they have some serious concerns that Democrats need to come to terms with them on.
Certain influential hedge fund managers and market influencers who have no compunction about saying that they detest Obama have certainly been selling stocks today and encouraging others to do so. The two most outspoken have been Leon Cooperman, owner of Omega Advisors, and Ken Langone, a co-founder of Home Depot and a curmudgeon who is highly networked and on many corporate boards of directors. Cooperman was featured in an October 5 New Yorker piece, interview while attending a Las Vegas dinner for major divas of finance by Anthony Scaramucci, a New York home grown ego.
Cooperman is one of the two most repulsive people that we have ever met on Wall Street(Robert Raiff being the other). He curses out his secretary in the most vulgar language in front of guests and he has no integrity in what he does. He is a bully who has real clout, a former Goldman exec who started Omega in the early '90's and has a great track record. He made it clear that he detests Obama and pretty much forecast the end of civilization if he won. Langone is an interesting character and was one of the people who stood up to the unbelievably transparent illegal activities of Eliot Spitzer in his prosecution of innocent executives, ruining their careers for his political gain, most all of whom were eventually exonerated. He turned his energy toward Obama over the last two years, focused on things that we all see but for many don't see as unchangeable. Langone is a fine person, but is obsessed for whatever reason with a hatred of Obama, "the worst President that we have ever had" as he says.
Got a call earlier from a friend who voted like me I think and said that, based on the earlier post, "you voted for a person you liked who you hoped would think like a Republican". Maybe that's right. Maybe I just don't want him to think like a socialist.
posted by John Borden at 4:22 PM
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