Street advice on Wall Street is:
When your cab driver starts giving you tips it is time to sell. And when your cab driver turns out to be an ex-Wall Street analyst, it is time to buy stocks!
These days hedge funds are in a really bad shape. In order to make fast money, they hounded the sub-prime mortgage market but now have to sell off even the good investments to get square.
…. but you know the hedge fund market has come to its nadir…. when a hedge fund manager starts paying for his mistress’ (a stripper) breast augmentation surgery from the clients’ investment kittty! THAT is when it cannot get worse… and you know what Buffett means when he starts off on his tirade against these black holes!