Analysts Stink...Listen to Bloggers

I read several bloggers each day along with the mainstream media. Many bloggers have nailed specific stocks for well over a year while Wall St analyst have consistently been wrong. I have often said ‘they get paid for this?’...

When you get to the end of the Bloomberg report, they begin to interview Dick Bove, which is where I quit paying attention. Despite doing a great job in warning of the crash in financials early in 2007, he has been consistently wrong since Q4 2007 and his ‘generational buy of a lifetime’ prediction put out right after Bear Stearns went out of business will likely be responsible for his departure from Wall Street. As a matter of fact, he has already turned around much of his recent bullishness by downgrading the brokerages about a week ago…the very same brokerages that were a ‘generational buy of a lifetime’ two months ago. Dick is definitely the ‘Flip-Flop King of Wall Street’. By the way, my buddy Karl Denninger dismantled his March analysis. What a read! Come now, Dick!

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I still think the worst stock picker of all time when it comes down to the financials is Cramer. For months and months in 2007, he promised that there was nothing to see. In Aug of 2007, he was writing DSL (Downey Savings) across his knuckles saying it was going to $100. Unfortunately it never made it, but I was happily shorting at $75. As a matter of fact, I just covered my last 500 shares at about $10.