Fred sent me this link yesterday from the great Bob Lefsetz letter.
A rock star is not someone who takes the temperature, who gauges the marketplace before he creates his “art”. A rock star is someone who needs to create and is willing to tolerate the haters along with the fans. He’s someone who incites controversy just by existing. That’s what we lost in the dash for cash. Unique voices.
This crash is the end result of many things but you quickly realize how too many people are followers, in the same trades and that all markets are correlated at times.
One thing we should NOW know is there is NO SUCH THING as ‘Too Big Too Fail’. When I wrote my post last week entitled ‘Too Small to Fail ‘ it was more in mock response to the myth that has been busted. Now, I am working on a whole bunch of posts on the subject. Small will continue to be the NEW Big.
I spent the day walking the streets of New York on a glorious day with some good friends. Walking up Park Avenue at 8 AM with my pal Dr. P , one of my favorite go to minds, that although the panic is not over, that there was still no better place to be than the US and for that matter Manhatttan. In fact, it’s quite possible that global fear will finance the bailout and beyond.
As smoked as we are, check out the global markets. They are pretty much shut down. As for Gold going to the moon, for all the talk, it ain’t rushing. For all the talk of a dead dollar, it sure is exploding to the upside.
Markets are just not simple and confidence is RELATIVE.
That said, it is sad to see the panic spread from our supposed Rock Stars of Venture Capital and angel investing. At a time when their deep pockets should be leading, they are running scared.
It is sad to see our leaders use panic to force change without choice. Our banking system is forever changed. I for one, am not comfortable with completely removing investment banks from our landscape as has been done. I guess we will find out soon whether Paulson and Bernanke are ‘Rock Star’. I doubt it.
At a time when ‘small ball’ is needed, it seems like capital will be made harder to get with our new banking system.
You can’t fight the trend though so remember to concentrate on being ‘Too Small to Fail’. More like an ‘Indie’ Rock Star.