I’m late to this. Google tells me it was posted 6 days ago. Mea Culpa.
Language warning in quote:
He torched his shareholders and lost billions of dollars juat as his fund had raised record levels of assets under management, a total shit-show. And yet, you read his just-released letter to investors and it almost reads like he’s saying “I wasn’t wrong, the market was.” It really is an astonishing piece of writing…
Earlier this week I was on CNBC’s Fast Money and they had the most ridiculous human being I’ve ever seen on financial television discuss his current short call on Apple stock – originally made two years ago. I know. But ACI Research CEO Edward Zabitsky is “sticking to his guns” and maintaining his $270 target (a 50% haircut from the current price above $450). His short thesis has now changed. Of course it has – the original one was invalidated. This guy just looks and sounds like a walking margin call. And then, unbelievably, someone says that “at least he has the convictions to stick with his call” and my fucking head almost explodes. “Conviction” is stupidity when new evidence presents itself or circumstances change.
LOL – what a great blog post.