Thursday, November 26, 2009
It's Thanksgiving today, which means heavily impaired liquidity and, thus far, large price swings. Before Macro Man starts to "cook" Thanksgiving dinner (i.e., put the turkey on the barbecue to roast while Mrs. Macro does everything else), he has time to once again count his blessings after what has been another eventful year:
1) First, and most importantly, that Mrs. Macro and the Macro Boys are healthy and happy.
2) That it was he, rather than they, that suffered a serious knee injury while skiing in February.
3) That he works in an industry that provides intellectual stimulation, indulges his competitive instincts, and offers plenty of fodder for his satiric side.
4) That just about everyone he knows from Lehman (hint: none of them were assemblers, traders, or sellers of packaged turds) has landed on their feet.
5) That despite being wrong in his big picture views for what seems like forever, Macro Man has managed to scratch out a bit of P/L this year.
6) That he has an open enough mind to hedge his bets and change his behaviour when he is wrong, even if the view is unchanged.
7) That his firm has a) been so supportive of his injury rehab efforts, and b) managed to cobble together another good year
8) That he has not taken a dime, directly or indirectly, from any taxpayers....
9) That he was not in any way invested in the December 2009 bonds of Nakheel, which have plunged over the last 24 hours on a restructuring announcement. They're currently trading around 70; a 40 point drop 3 weeks before the supposed maturity has gotta hurt...
10) That this space continues to attract a frankly baffling number of readers and a high calibre of interaction with other market punters and observers. Thanks for reading....
....and best of luck for the remainder of 2009.