Down goes the Dow

One month ago on BRK: “I believe that is only the 13F filling of public companies held. Does not include businesses completely owned: RC Whiley, Sees Candies, Shaw Carpet, GEICO, Dairy Queen, Brooks Shoes (or is it New Balance), and of course the cash. There are others, a railroad or two, Precision Cast Parts. All this is off the top of my head. Sure to lower the percentage by quite a bit.”

Asset managers like Blackrock will struggle with markets. You saw that in JPM this morning, and will be worse over the coming year.

The EV push is over? I don’t think so.

Government subsidies.

Yes that’s why I said “of brk’s public [company holdings]”. Was trying to be economical with words, typing on phone

Will only increase going forward.

No mo money😹

There has always been more money.

Pretty quiet around here, everybody burned out from the action?

Bought TSLA and RIVN at the highs. Praying for more more gov-ment handouts.

Seriously, the market will become increasingly frustrating for inexperienced investors. Over time they will become disinterested. At the point of collapse there will be alarm, and dismay. This thread will be largely abandoned for years.

Blue horseshoe loves Inhibikase.

Well Igy, we’ll always have each other.

Oh, god...😮

Yep. Of course none of that will happen if this is not the early phase of a severe bear market.

The ski area closed ten days ago. We have had more moisture and snow then all of February and March. Bogus Basin ski area is reopening for one day on Saturday. Coldest mid-April for my time in Boise. Hopefully that will slow the influx of folks from the coast.

Maserati and the idiot,

I was thinking of Canadians miler Ergas Leps and marathoner Orville Atkins. I had the pleasure of training with both so many decades ago. Orville wrote this piece on Canada’s first four minute mile, and features Ergas who hoped to be the first. Enjoy.

Igy

"As I drove along the highway from London, Canada to Cambridge on the afternoon
of Friday, June 18, 2004, I was thinking of the years between 1959 and 1965 when
I had trained with many of Canada's top milers. I thought of those fun times and
that I was about to see some of those former teammates after many years. I was
on the way to attend the First Annual Cambridge Classic Mile Runs in Cambridge,
Ontario. That evening a series of mile races were being run on a new red crushed
brick track which was similar to the tracks of years gone by.
The guest of honor was David Bailey. Special guests also in attendance were
Ergas Leps, Bruce Kidd, Bill Crothers, plus several other runners from the olden
days some of whom I had trained with over forty years before.
First of all, I found it interesting that after the elite mile was run that evening in
2004, it had became apparent that the current elite milers who had run that evening
had developed an additional respect for those guests who had not had the
opportunity to run on the tracks of today.
The evening set me to additional thinking of Canadian miling in the 1960s. I
remembered the numerous times that the guests mentioned above attempted to
run a mile under four minutes.
I remembered the mile won by East York Track Club star Bruce Kidd in Toronto on
July 21, 1962. Bruce ran a Canadian record 4:01.4 that evening. Bruce's run was
faster than the 4:04.6 Rich Ferguson ran to place third in the miracle mile run
between Roger Bannister and John Landy in Vancouver on August 7, 1954. In that
same race in Toronto in 1962, Bruce's teammate, 17 year old David Bailey, ran
4:07.7 to break Ron Clarke's world record for 17 year olds.
Over the next four years, there had been other Canadian runners who ran within
three seconds of the elusive goal of four minutes. Jim Irons of the Toronto Olympic
Club ran 4:01.9 in Toronto on July 12, 1963. Bill Crothers, another East Yorker,
ran 4:02.5 in Toronto on July 20, 1963. The West Coast of Canada got into the act
with John Valiant running 4:02.7 in Los Angeles on May 23, 1964.
On July 24, 1965, Bill Crothers ran 4:02.4 in Toronto. In that same race David
Bailey lowered his best mile time to 4:02.9.
On August 13, 1964, in Kingston, Jamaica, Ergas Leps of the Toronto Track Club,
lowered the Canadian record to 4:01.1.
And then, in June of 1966, Coach Fred Foot was scheduled to accompany some of
the East York Track Club team to a meet to be held in San Diego on June 11 Fred
knew that David Bailey was ready to challenge four minutes but he could not
obtain a plane ticket for him so the coach transferred his own plane ticket to
David.
In that race were two fine milers, Jim Grelle and Neil Duggan, plus others. Grelle
and Duggan took out the pace and went on to record times in the 3:56 range
setting up a perfect pace for David who finished in a Canadian record of 3:59.1 thus
becoming the first Canadian to run a mile in less than four minutes.
In Cambridge, Ergas Leps said that he was driving on the freeway in Toronto that
evening when he heard the news about David's historic run. Ergas said that he
then pulled over to the side of the road and cried.
Canada now had a four minute miler but there had yet to be a Canadian break that
barrier in Canada so, on July 22, 1967, another attempt was made in Toronto.
After the first three laps, David Bailey became inspired, received an additional shot
of adrenaline and got down to work. The result was a mile in 3:57.7. David had
broken his own Canadian record. He had also become the first Canadian to run a
mile under four minutes on Canadian soil.
As I drove back to London later on that evening in 2004, I had further thoughts of
those days, those races and those training buddies. I also thought that it was a
pleasure to know and to have trained with the great athletes who had shaped
Canadian running history."

True. I'm in a bunch of group chats which used to be very active everyday back in 2020-21. But now they're practically dead. People kept losing interest or got tired of losing money.

This volatility sure makes trading SPY fun though. When SPY rips for no reason, I buy a put. When it tanks, I buy a call. $30 here, $50 there. I'll keep doing this until it doesn't work.

Just checking in for the last half page of posts or so.

I've been putting my time in other things, getting lots done.

Market feeling range bound with a certain reluctance to overly commit. High on the volatility.

Good luck, all. Hoping for some commitment to a sustained rebound once the reality of the aggressive interest rate hikes sinks in and if no other significant bad news emerges.

Very interesting how the market initially spiked earlier this week when the high inflation numbers came out, like the market had sold-off on the rumor and felt okay buying in on the news, as it is wont to do.

In the aftermath of the Tech Bubble this was especially true. Housing bubble less so on account of the efforts to save banks, autos, and housing. The liabilities for losses were essentially absorbed by the tax payer (all of us in some form). I suspect this bubble burst will be far worse, since there will be reluctance to bail out an essentially morally corrupt system. That is, institutionalizing moral hazard. Besides the negatives of doing so are only now being felt.

If by "inexperienced investors" you mean day traders, I would agree.