miketranz
961 posts
msg #68863
- Ignore miketranz |
10/28/2008 4:22:22 PM
A vicious bear market rally.Everyone I talk to on mainstreet is so buried,they won't touch a stock if you gave it to them.What I want to know is,who's buying this sh**????????
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ham1198
174 posts
msg #68872
- Ignore ham1198 |
10/28/2008 9:35:10 PM
QUEBEC CITY (Reuters) - The chief executive of private equity firm Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz), Stephen Schwarzman, said on Tuesday the global financial crisis and tight credit had created golden opportunities to invest.
New York-based Blackstone, one of the world's biggest private equity firms, has been hammered as the crisis froze credit markets. Its stock is trading at about a quarter of its $31-a-share initial public offering price in June 2007. Blackstone's shares closed up 45 cents at $7.45 on Tuesday.
"There are now golden opportunities to buy assets in almost every asset class," Schwarzman said in a speech at an annual North American Venture Capital Summit.
Schwarzman called himself "a raging bull on private equity."
"This market is tailor made for making a fortune in the equity market," he said. "You can make phenomenal returns for very little investment."
He said consumer and investor panic, together with the beginnings of what he called a "normal" recession cycle, had driven down the prices of even blue-chip stocks.
He blamed the panic on failure of the U.S. Congress to pass the first bailout package. "Congress made a complete mess of this," he said. "It was like we'd set our house on fire and left to get an ice cream cone without calling the fire department."
He credited senior U.S. politicians, regulators and financiers, including himself, with winning passage of the $700 billion bailout package.
"It was absolutely essential to restoring the health of (the system)," said Schwarzman. Without it, he added, "forget venture capital, forget private equity. It was an end-of-the-world scenario."
But Schwarzman said consumers "remain scared out of their minds (and) are cutting back on their spending."
In particular, he said people are "scared of equity markets," adding that panic-driven selloffs have wiped out as much as $10 trillion from hedge funds.
Schwarzman said shares of equity companies, "even excellent ones," are selling at rock-bottom prices. "This is the easiest time to make money," he said.
"Consumers have all gone to one side of the boat (and) it risks tipping over. But once people realize that financial institutions are sound and that we're really just going through another recession, they will be back (to the equity markets) and liquidity will come back."
(Reporting by Mark Cardwell, additional reporting by Megan Davies in New York, editing by Matthew Lewis)
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miketranz
961 posts
msg #68874
- Ignore miketranz |
10/28/2008 11:54:56 PM
Interesting article.Here's another "investment advisor" pumping stocks.I'll guarantee you he's a net seller into market rallys.He just won't accept the fact,that the public is broke.After looking at their 401k statements,the last thing they are thinking about is buying stocks.The worst is yet to come.We're just seeing the tip of the iceburg.I'd like to see what he was preaching when the market was at it highs.An old man told me,stay away from doctors,lawyers and investment advisors and you'll be fine......
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chetron
2,817 posts
msg #68879
- Ignore chetron
modified |
10/29/2008 6:40:00 AM
sorry mike, it was me. as soon as wall street saw i was buying, cause they can see you coming you know, yesterday, late afternoon. i created the rally, but as soon as i saw what i did i sold, so today everything will go back to tanking, sorry agin for any inconvience. ; )
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luc1grunt
622 posts
msg #68880
- Ignore luc1grunt |
10/29/2008 6:55:10 AM
company 401ks are still buying.
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