Am I a sucker like Buffet and Lampert in going long the banks/financials?

Buy financials and lose money

 

I love watching these idiots from the big banks and ibanks talk about how Joe six pack in trouble. Actually the jokes on you because your business model is finished.

 

I am sortof in a similar boat but I just started adding small positions at these levels. Yesterday I bought some 200 shares in UYG Ultra Financials ETF and I also bought some 2010 calls in the XLF. I acknowledge I am buying a falling knife but Its about 25% of the full position I want to have and so I think if I start averaging long term holds at these levels it may not be a total catastrophe.

I think that some smart money has definitely started rummaging through the garbage bin that is financials. But I do not profess above average stock picking skills so I am playing the whole sector.

 

Start building position on KBE;

 

doh...i am dumb...when you said FMD for some reason my brain thought CFC. :eek:

 

Following Warren is never a bad idea but you better be prepared to hold for his trading time frame!

He uses a FOREVER chart !!!

 

Warren is long BAC at 54!!! I am long BAC at 34 and 29 respectively...

 

In 7 years from now when BAC is trading over 100 he will look like a genius.

 

Doubling your money in 7 years is not such a good deal.

 

Let me see if I have this right. You are buying what EVERYONE else is selling and you are calling the two of the greatest investors in history "suckers?" Oh gee, I really wish I could pull 80 Billion out of my ass so someone can call me a sucker LOL