Well we drew down massive fees for auditing but you didn’t actually expect us to audit them did you?
From the audit evidence obtained, much of which was on a sample basis, it appears reasonable to assume that the accounts are not materially misstated.
This is not a guarantee.
Well that was quite the interesting day
The BTFD crowd didn’t buy, and dead cats stayed dead, very dead.
VIX up to almost 40 after the close, should be an interesting day tomorrow.
What’s happening? Is the boom over already? I didn’t even get to party yet.
It’s over. The music has stopped.
Didn’t the markets recover in something like 3 months after the 2008 crash?
Equities will always make you money in the long term*.
*Unless they’re the kind that lose you money.
Shit just got real chaps.
No, 4 years to get back to the 2007 high.
I’m going to short something. Anything.
The short volatility crowd are getting ass fucked after hours. The most popular product XIV is down 70% since the close. This has been one of the most popular trades since 2009, but reality might bite tomorrow if the fund gets liquidated.
Going to be a long day tomorrow
Sell, sell everything
You are not considering shifting your AIB shares?
The smart ballsy guys are throwing their money towards Limousin maiden heifers
I’ve that money spent already Har
This is carnage. Dow down another 1,200 pts over night to 23,150. FTSE down 5%. Q/e ending, profit taking, bond rates rising, i/r rises, Q4 earnings misses - this will keep runnning below 22,000. Hong Kong down 5% overnight also. Ugh.
Q4 earnings were fine though, >10% YOY. The problem is the market went nuts since last August, up 20% with not a lot to justify it, and all the headwinds you mentioned. Interest rates are what are causing the scare and the fear that the Fed will have to raise rates more aggressively to combat inflation (based on one month of wage growth ). Anything can happen of course, but these kind of panic events generally don’t last too long unless there’s an actual earnings recession (2011, 2015/early 16 as examples).
We may get another few down days but I would be surprised if we go more than 15% down from the peak which would take us to about 2445 on the S&P. These short volatility products seem to be a major problem though, as a lot of market momentum strategies are based on them. I read somewhere there may be $100 billion of outflows tomorrow to cover margin calls, that could cause quite the wash out.
There was a truly scary stage today where the DOW was dropping 100 points a minute, and starting to look like October 1987. Can’t imagine what that was like, DOW down 30% in a few days… eek.