[lbo-talk] We have lift-off

[Tony Rolfe]

In my experience traders say this stuff all the time.  It's a badge of
honour to have deep seated suspicion and even anger at the way markets
are operating.  After all, traders have to take opposing positions
regularly to stay on top.  Such critiques seem like a necessary form
of conservatism, they may even help one do the job well.  You have to
be able to take a minority position to beat the market.

One of the most successful old school equity traders I know swears the
US jobs numbers are completely rigged (a la Jack Welch's tweets).

On 6/5/13, Doug Henwood <dhenwood at panix.com> wrote:
>
> On Jun 5, 2013, at 5:31 AM, Victor Friedlander <victor at kfar-hanassi.org.il>
> wrote:
>
>> National Financial Partners Corp. = NFP ->
>> https://www.google.com/finance?cid=685557
>>
>> When financial transaction is entirely the trading in financial
>> transactions, there is no necessary relation between the transactions and
>> the rest of the economy; production, transport, consumption, etc,
>> etc,...,
>> etc.
>
> Whereas utility valuations in the 1920s, conglomerates in the 1960s,
> dot.com's in the 1990s - all solidly tied to fundamentals.
>
> I don't see how the financial markets are unusually removed from reality
> today. Bond markets are afraid the Fed may withdraw QE sooner than had been
> expected so they're selling off. That's not at all irrational. The reason
> Friday's payroll number is so important is that the labor market had been
> improving at a rate faster than the Fed's QE timetable assumed. May's
> employment report will be key to assessing whether that continues to be the
> case, or we're experiencing another of those summer slowdowns we've seen in
> recent years.
>
> Doug
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