by Travis Johnson, Stock Gumshoe | September 12, 2008 9:37 am
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Well, thanks to this holding and my puts on the Russian index my portfolio hasn’t gone completely underwater — it’s been a long time since the S&P 500 went down 5% in one day (OK, 4.7%), I wonder whether we’ll keep bouncing around like crazy or if the shoes keep dropping and the only direction is down. I never thought I’d be happy to have a day when my portfolio went down “only” 2 or 3%.
And if you had told me a year ago that Bank of America would end up owning Countrywide and Merrill Lynch, and the shares would still be cut in half, I’d have called you crazy. Remember just over a year ago, when Bank of America and Citibank were dueling to see which would be the world’s largest bank, both with market capitalizations of around $250 billion? Now BAC is half of its former glory, even with those two big “rescue acquisitions,” and Citbank is down to a scant 80 billion.
Never a slow day, never a boring quarter.