Overheard at the DOTW Christmas party

As Macro Man was walking down the street yesterday, he passed a bar full of merrymakers engaged in raucous singing. Curious as to who could be the source of such a cacophany, he peered trough the window. Imagine his surprise when he saw a large banner which read "Dipbuyers of the World Christmas Party 2007"! The singing was badly off-key and had a slightly desperate tone to it. Curious as to what the DOTW could be singing, Macro Man stuck his head through the door. This is what he heard....

I’m long a CDO
The tranche is Triple A
What’s happ’ning? I don’t know
The bid has gone away!
My boss’s mobile rings
Something isn’t right
What will we do now the bleeding
Market’s gone to shite?

Oh, Jingle bells, credit smells
The bid has gone away
I cannot find a buyer
For my erstwhile Triple A (Hey!) (repeat)

A day or two ago
I bought some kiwi-yen
But then the S&P
Tanked three percent again!
And now my margin clerk
Is ringing night and day
That guy’s a frickin’ jerk
I wish he’d go away!

Oh jingle bells, the market sells
Whenever there’s a bid
But the price of all my short puts
Doesn’t seem to have a lid! (repeat)

A day or two ago
The story I must tell
I sold out my euro
Then got short as it fell
PBOC did a drive-by
It’s up two cents today
I tried to buy them back
But now the market’s run away!

Oh, jingle bells, subprime smells
My budget cannot cope
I need to tank my FICO
Then call 1-800-HOPE (repeat)

My P/L is red
I haven’t got a prayer
My bonus hopes are dead
My employer doesn’t care!
Why did I buy the dip
When circumstances changed?
Was it a dodgy trip
Or was I simply deranged?

Oh, jingle bells, credit smells
The market’s all one-way
I’m going to get the sack
If I can’t sell it out today!

Today is Macro Man's last day in the office before taking his Christmas holidays. He will continue posting occasionally throughout the holiday period, though his efforts may be somewhat less tactical than usual. Best wishes to all readers for a happy holiday season and a prosperous new year.

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11 comments

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Anonymous
admin
December 19, 2007 at 12:53 PM ×

Hilarious! You have to be one of the most entertaining financials bloggers anywhere.

As a new reader, one thing I would like to see you add is where you find (trade) some of your ideas. For example, I know where to buy futures, ETFs, and currencies, but where would I look for a "PAY SGD 1 YEAR SWAP" (and maybe you could describe what it is in a couple of sentences, too :) )? Thank you.

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Anonymous
admin
December 19, 2007 at 1:53 PM ×

Here's wishing you a Merry Crossmass and Alpabetanumeric New Year

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Jin
admin
December 19, 2007 at 2:25 PM ×

Merry Xmas and Happy New Year!

I love this song and probably will sing it all day!

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Dr. Dan
admin
December 19, 2007 at 5:30 PM ×

tomorrow is my last day at office as well.

Merry Christmas and happy hols.

Ditch the Golf and buy a Porsche ...take it for a spin you old fella.

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Anonymous
admin
December 19, 2007 at 5:35 PM ×

You kill me man. Market's gone to shite, gotta luv it.

Big John

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Macro Man
admin
December 19, 2007 at 7:49 PM ×

THanks to all. Anonymous # 1, the instrument you mnetion is an over-the-counter interest rate swap wherein one pays a fixed rate and earns a floating rate. The difference is cash settled.

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Jin
admin
December 19, 2007 at 8:27 PM ×

It seems that the traders in Morgan Stanley are singing this song right now:)

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EEngineer
admin
December 20, 2007 at 7:03 AM ×

Warming up for Tanta's Saturday rock blogging are we?

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December 20, 2007 at 8:18 AM ×

Merry Xmas and Happy New Year!
we hope for a new year full of health and money!!!!
Fabio

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t
admin
December 20, 2007 at 10:42 AM ×

Merry Christmas Macro Man and all. May CIC buy everything you want for xmas!

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Macro Man
admin
December 20, 2007 at 11:51 AM ×

T, I didn't fancy any Morgan Stanley shares!

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