Born into a Big 5 investment banking family, I quit organized financial racketeering to go straight. MacDougal Irving is my Blogger Protection Identity, and I am a retired Certified Public Accountant and, like all of us, a badly misinformed investor. These are my observations on capital market cons as they were explained to me across the dinner table as a kid.
Prize
........... Recipient of the 2010 MacDougal Irving Prize for Truth in Market Manipulation ...........
July 8, 2015
China
The Shanghai Composite, held as comparable to our S & P 500 by the totally clueless, has tumbled 32% since June 12, including 6% yesterday after a late bounce from down 8% earlier in the session, while over in Shenzhen, that market, spoken of as their NASDAQ where complete imbeciles are want to run on with their imbecilic analogies, is down 41% over those 25 days. Around a quarter of the companies listing shares on the Shanghai have suspended trading in them, and government officials have announced an investigation into short-sellers.
Explanations for the bloodletting vary, but for years it's seemed to us that gambling over "common stock" in enterprises controlled by an arm of a communist government with the pinko mindset to build giant cities that nobody lives in may have something to do with the sense of urgency compelling those dice-rollers to get the hell outta Dodge now and again, and now will invariably look like a really, really good time whenever the question comes up.