November 29, 2007
I will be in the Caribbean for the next two weeks or so. So, you'll be getting a reprieve from all of my emails. I will be relying on you to ensure that the market doesn't fall apart while I'm gone. The roller coaster ride this month has been insane. That's why I haven't commented on it at all this month. What's to say???
The housing market is such a mess and it serves the big banks and financials and homebuilders right if they lose billions. Except a lot of people will lose their jobs that had nothing to do with this and our house values are going down with them, so it can get me really you know what!!! Plus $47 tonight to put 16 gallons of gas in my car! But hopefully in a couple of years, most of the truth will be out and it will be something else that will try to strangle us. It's always something, right?
I will do my best to get everything updated by tomorrow night but it takes me hours. So I may miss something before I leave on Saturday. Some of our stuff is so incredibly cheap and the dividends so high, that I have to hold myself back from loading up on things. But I try to stay diversified although today two of my biggest losers were Mens Wearhouse (down almost $7/share) because it forecasted lower earnings (it's retail right - so what's the surprise here?) and Principal Financial Group, the big insurer (down over $5/share because their earnings will be weaker in 2008). Both only pay a puny dividend. So it doesn't matter where you want to hide, the manipulators will take down even the best of companies.
I will be back around the 20th of December and if you email me, I will try my best to get back to you.
Have a super day tomorrow.
Pete Lipke
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