Daily Archives: November 22, 2010

Tuscon short sales

Home prices up because higher priced homes hitting the market at distressed prices. I’ll have to dig around our own statistics to see if that’s what’s happening in Greenwich, but I believe it is.

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Where, exactly is the harm in insider trading?

I’ve never quite bought into this crime, probably because I never believed Wall Street was a level playing field. It’s nice to imagine Jimmy Stewart digging deep in his jeans’ pocket to buy two shares of International Harvester on the same information that Mr.Potter had but if that was ever the case, which I doubt, the age has long passed. The day of the individual investor out-smarting Wall Street is over, and our best bet is to buy index funds and track the big boys. Win or lose, we’ll follow their fortunes.

I studied the first insider trading cases while in law school, and wasn’t persuaded by the SEC’s and the Supreme Court’s logic. As the definition of insider trading has been expanded, I find the argument ever-less persuasive. We don’t have a neutral market – not when traders can move into and out of a stock in mere seconds – and we aren’t going to have one again. Day trading at home was always a fool’s game, and it’s more of one now. So is betting against professional traders who all have some sort of “inside” information, some of which is good, some bad, but always, their trades are based on their best hunches and best information. In that way, it’s a level playing field for the institutional traders, but retail customers, who make up an infinitesimal share of trading volume, are just dumb out of luck, as they’ve always been. To pretend otherwise just perpetrates the fraud.

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He could’da been a contender

24-year-old Greenwich man, heroin junkie, arrested for posing as a hedge fund manager and stealing three pairs of sunglasses. Okay, it’s a long way from his petty scheming to a nice house on Round Hill, but perhaps he was anticipating the upcoming fire sale on that nice road.

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Greenwich hedge funds raided by FBI

Get out your checkbooks, there are houses coming up for sale on Rogue Hill Road.

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More TSA idiocy

Passenger arrested in San Diego for stripping down to his trou in TSA security check. According to the TSA, he refused to put his clothes back on so that they could do a full body grope and therefore was guilty of refusing to complete the security process. Another passenger was denied permission to baord her own flight because she videotaped the incident.

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A must-give present for every grandparent this Christmas

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From a reader who wishes to remain anonymous

Very funny, I think non-partisan video sure to appeal to Gilbert and Sullivan fans.

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I want one of these

Virginia proposes new license plate.

Bad link – fixed now. Sorry.

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