Warren is talking his banking bullshit again this weekend. He thinks a downgrade is not anything to fear because we can print money and so he has upgraded the USA to AAAA. That’s just what a banker would do.
As I always say – ‘Punch a Banker, Hug a Developer.’
The downgrade is expensive. He owns the other ratings agency that truly is worthless and so I guess he knows a little something about the nuances and importance of ratings agencies, but he for sure knows the collateral damage costs of a downgrade.
I know what it costs to get a credit downgrade. I just bought a house and found out that parking and speeding tickets as well as fights with bullshit healthcare bills add a shit load of time and cost to the borrowing process.
I have a feeling that there will be a few costs associated with this downgrade as well.
For some good depth on the S&P downgrade, not pith, head over to the Stocktwits Blog Network and spend some quality time. You will not be disappointed.
I am not sure what I will buy or sell tomorrow, if I buy likely some more $amzn and $rax and selling some $spy put premium. I am working up a bit of a gameplan in between naps (that’s what Warren does).
Are you still long 5000 RENN from $10.60?
no…check my stream sold it when it broke $10
http://stocktwits.com/howardlindzon/message/4633078
when I put on a trade on stocktwits, I also mention when I close it…looks like a good sell so far. but a loss all the same
I’ve personally downgraded Warren. No one is immune to senility.
Nice post, but you do have something in common with him: you both allocate your full daily carloric intake to hot fudge sundaes
Sure enough Warren Buffett knows what he is doing, Owning the other rating agencys, he has plan something really big seeing what was coming…